No, it's not.
"Indexing" in NTFS means the same thing that it does in HFS+; it's a way of keeping tabs on files for search purposes. The properties which make an index useful for searches, though, make it useless -or even harmful- for journaling.
NTFS is a journaled filesystem, just as HFS+ can be. You don't hear as much abot it, because NTFS is always journaled; there is no "enabling" or "disabling" as there is in HFS+. Whether this is a Good Thing or a Bad Thing is up to debate.