“India, the emerging market equity darling right now, is showing the largest positive risk-adjusted return across regions and assets. Following the release of a government survey that called for “big-bang” reforms in Prime Minister Narendra Modi’s first full-year budget tomorrow, the various proxies that measure risk or sentiment are all cooperating–that is, the engineering and construction sector closed at a seven year high, equity volatility finally turned down ahead of this event, and the Indian rupee (INR) is showing the largest positive risk-adjusted return in FX as it is stronger relative to all G10 currencies,” said Rareview Macro founder Neil Azous in a note out Friday.

Volume has been steadily increasing in INDL. For the five days ending Feb. 26, INDL’s volume was, on average, 18.6% higher than the trailing 20-day average.

Although Indian stocks are often viewed as volatile, even by the standards of emerging markets equities, INDL has done a commendable job of not wildly deviating from three times the daily returns of the Indus India Index over the past month. Over that period, the difference between INDL’s performance and three times the Indus India Index is just -0.39%, according to Direxion data.

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