- ISIN
- US3176094510
- CUSIP
- 317609451
- Issuer
- ALPS
- Inception Date
- Feb 13, 2011
- Category
- India Equities, Asia Pacific Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $5M
Share Price Chart
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Performance
INDAX Performance Chart
ALPS/Kotak India ESG Fund (INDAX) is down 9.2% since the beginning of the year. INDAX is currently trading at $14 per share. Investors who bought $1,000 worth of INDAX shares 5 years ago would now be looking at an investment worth $1,126.
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Returns By Period
ALPS/Kotak India ESG Fund (INDAX) has returned -9.24% so far this year and -8.56% over the past 12 months. Over the last ten years, INDAX has returned 6.58% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
ALPS/Kotak India ESG Fund
- 1D
- 0.56%
- 1M
- 1.12%
- 6M
- -4.37%
- YTD
- -9.24%
- 1Y
- -8.56%
- 3Y*
- 3.17%
- 5Y*
- 2.40%
- 10Y*
- 6.58%
- ALL TIME*
- 6.63%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
INDAX Monthly Returns History
Based on dividend-adjusted daily data since Feb 14, 2011, INDAX's average daily return is +0.03%, while the average monthly return is +0.71%. At this rate, an investment would double in approximately 8.2 years.
Historically, 58% of months were positive and 42% were negative. The best month was Jan 2012 with a return of +21.0%, while the worst month was Mar 2020 at -28.0%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.
On a daily basis, INDAX closed higher 52% of trading days. The best single day was Sep 20, 2019 with a return of +5.8%, while the worst single day was Mar 23, 2020 at -12.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -5.09% | 0.26% | -12.02% | 5.33% | -1.35% | 2.10% | 2.19% | -9.24% | |||||
| 2025 | -4.12% | -6.20% | 6.54% | 4.75% | 1.63% | 3.51% | -3.91% | -1.37% | -0.79% | 2.26% | 1.49% | -0.97% | 2.03% |
| 2024 | 1.46% | 1.26% | 0.91% | 1.80% | 1.21% | 6.55% | 1.18% | 0.86% | 2.51% | -5.34% | 1.50% | -3.02% | 10.94% |
| 2023 | -0.39% | -2.88% | 0.94% | 2.20% | 2.35% | 4.78% | 2.07% | -0.77% | 0.60% | -2.57% | 5.51% | 4.16% | 16.77% |
| 2022 | -0.67% | -6.03% | 1.20% | -1.13% | -6.95% | -5.22% | 7.68% | 1.01% | -3.69% | 2.40% | 4.37% | -5.25% | -12.62% |
| 2021 | 0.00% | 5.43% | 2.86% | -2.35% | 6.71% | 1.13% | 2.99% | 7.46% | -0.32% | -0.58% | -2.35% | 3.26% | 26.37% |
Benchmark Metrics
ALPS/Kotak India ESG Fund has an annualized alpha of 1.67%, beta of 0.51, and R2 of 0.24 versus S&P 500 Index. Calculated based on daily prices since February 14, 2011.
- This fund participated in 86.84% of S&P 500 Index downside but only 68.57% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.51 may look defensive, but with R2 of 0.24 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.24 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.67%
- Beta
- 0.51
- R²
- 0.24
- Upside Capture
- 68.57%
- Downside Capture
- 86.84%
Expense Ratio
INDAX has a high expense ratio of 1.33%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
INDAX ranks 1 for risk / return — above 1% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| INDAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 2.00 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.93 | 8.49 | -9.42 |
Dividends
Dividend History
ALPS/Kotak India ESG Fund provided a 6.19% dividend yield over the last twelve months, with an annual payout of $0.89 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.89 | $0.89 | $2.66 | $0.76 | $0.25 | $0.98 | $0.00 | $0.17 | $0.80 | $0.41 | $0.14 | $1.61 |
Dividend yield | 6.19% | 5.62% | 16.14% | 4.43% | 1.65% | 5.48% | 0.00% | 1.30% | 6.55% | 2.79% | 1.32% | 15.14% |
Monthly Dividends
The table displays the monthly dividend distributions for ALPS/Kotak India ESG Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.89 | $0.89 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.66 | $2.66 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.76 | $0.76 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.98 | $0.98 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ALPS/Kotak India ESG Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ALPS/Kotak India ESG Fund was 43.98%, occurring on Mar 23, 2020. Recovery took 179 trading sessions.
The current ALPS/Kotak India ESG Fund drawdown is 15.60%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-43.98%Mar 2020 | 2y 1mo | 8mo 16d | 2y 10moJan 2018 - Dec 2020 | COVID crash2020 |
-37.20%Aug 2013 | 2y 4mo | 8mo 18d | 3y 1moApr 2011 - May 2014 | — |
-28.09%Feb 2016 | 11mo 28d | 6mo 14d | 1y 6moMar 2015 - Sep 2016 | — |
-23.49%Mar 2026 | 1y 6mo | — | 1y 10moSep 2024 - now | — |
-22.76%Jun 2022 | 5mo 5d | 1y 7mo | 2y 25dJan 2022 - Feb 2024 | Bear market2022 |
Drawdown Indicators
| INDAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -56.78% | +12.80% |
Max Drawdown (1Y)Largest decline over 1 year | -19.70% | -9.10% | -10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -18.90% | -4.59% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -25.43% | +1.94% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -33.92% | -10.06% |
Current DrawdownCurrent decline from peak | -15.60% | -1.58% | -14.02% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -10.70% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.56% | 2.14% | +7.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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