Neither fund offers much yield to help investors endure volatility. EPI reports a distribution yield of 1.63% and INDY comes in at 0.56%.

Another way in to India is through the EG Shares India Consumer ETF ( INCO). Consumer spending accounts for 70% of UD GDP but only 60% in India. Per capita income in India is slightly greater than $1200 per year with estimates that it will grow to $4200 by 2020. The combination of increasing as a percentage of GDP and income growth would be a powerful long term catalyst in INCO's favor but there are a lot of variables between here and a more prosperous Indian consumer.

For the trailing 12 months the prospects for India consumers have rewarded INCO with a 7% gain compared to an 8% decline for EPI and an 11% decline for INDY.

A time of heightened uncertainty and skepticism often make for a good entry point into a stock or fund and while there is reason for long term hope for India the nearer term is less certain. An investor interested in India right here needs to understand they will be in for a lot of volatility and need to be ready to take a large gain if it comes or remain disciplined to their preferred exit strategy.

At the time of publication the author held no positions in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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