FRIN.L vs. INDAX

Last updated Jun 5, 2026

FRIN.L (Franklin FTSE India UCITS ETF) and INDAX (ALPS/Kotak India ESG Fund) are both Asia Pacific Equities funds. Over the past 5 years, FRIN.L returned 5.47%/yr vs 2.75%/yr for INDAX. A 0.72 correlation means they provide meaningful diversification when combined. FRIN.L charges 0.19%/yr vs 1.33%/yr for INDAX.

Performance

FRIN.L vs. INDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Franklin FTSE India UCITS ETF (FRIN.L) and ALPS/Kotak India ESG Fund (INDAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FRIN.L is traded in GBP, while INDAX is traded in USD. To make them comparable, the INDAX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FRIN.L achieves a -10.53% return, which is significantly higher than INDAX's -14.80% return.

FRIN.L

• 1D: 1.44%
• 1M: -0.76%
• YTD: -10.53%
• 6M: -10.61%
• 1Y: -9.00%
• 3Y*: 3.96%
• 5Y*: 5.47%
• 10Y*: —

INDAX

• 1D: -0.53%
• 1M: -2.62%
• YTD: -14.80%
• 6M: -15.10%
• 1Y: -14.25%
• 3Y*: 0.24%
• 5Y*: 2.75%
• 10Y*: 7.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FRIN.L vs. INDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRIN.L Franklin FTSE India UCITS ETF	-10.53%	-4.08%	12.58%	14.76%	3.17%	26.55%	9.19%	-4.64%
INDAX ALPS/Kotak India ESG Fund	-14.80%	-5.23%	12.88%	10.94%	-2.23%	27.57%	11.31%	-3.03%

Correlation

The correlation between FRIN.L and INDAX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 1, 2019	0.72

The correlation between FRIN.L and INDAX has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

FRIN.L vs. INDAX - Sectors Allocation Comparison

Sectors	FRIN.L	INDAX
Financial Services	27.1%	32.9%
Consumer Cyclical	12.0%	14.8%
Industrials	10.3%	10.4%
Energy	9.5%	7.2%
Basic Materials	9.2%	5.5%
Technology	8.4%	8.7%
Healthcare	6.5%	5.8%
Consumer Defensive	5.8%	4.3%
Utilities	5.3%	-
Communication Services	4.6%	7.2%
Real Estate	1.3%	1.3%

Return for Risk

FRIN.L vs. INDAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRIN.L

FRIN.L Risk / Return Rank: 4
FRIN.L Sharpe Ratio Rank: 4
FRIN.L Sortino Ratio Rank: 4
FRIN.L Omega Ratio Rank: 4
FRIN.L Calmar Ratio Rank: 5
FRIN.L Martin Ratio Rank: 4

INDAX

INDAX Risk / Return Rank: 0
INDAX Sharpe Ratio Rank: 1
INDAX Sortino Ratio Rank: 0
INDAX Omega Ratio Rank: 1
INDAX Calmar Ratio Rank: 1
INDAX Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FRIN.L vs. INDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE India UCITS ETF (FRIN.L) and ALPS/Kotak India ESG Fund (INDAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FRIN.L	INDAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	-0.98	+0.34
Sortino ratio: Return per unit of downside risk	-0.84	-1.33	+0.49
Omega ratio: Gain probability vs. loss probability	0.91	0.85	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.50	-0.76	+0.26
Martin ratio: Return relative to average drawdown	-1.14	-1.68	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRIN.L vs. INDAX - Sharpe Ratio Comparison

The current FRIN.L Sharpe Ratio is -0.64, which is higher than the INDAX Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of FRIN.L and INDAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRIN.L	INDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.64	-0.98	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.18	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.41	-0.09

Drawdowns

FRIN.L vs. INDAX - Drawdown Comparison

The maximum FRIN.L drawdown since its inception was -36.20%, which is greater than INDAX's maximum drawdown of -34.16%. Use the drawdown chart below to compare losses from any high point for FRIN.L and INDAX.

Drawdown Indicators

	FRIN.L	INDAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-34.16%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-17.95%	-19.24%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-22.37%	-22.96%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-22.37%	-22.96%	+0.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-18.75%	-21.94%	+3.19%
Average Drawdown Average peak-to-trough decline	-7.14%	-8.76%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	8.73%	-0.82%

Volatility

FRIN.L vs. INDAX - Volatility Comparison

Franklin FTSE India UCITS ETF (FRIN.L) has a higher volatility of 5.74% compared to ALPS/Kotak India ESG Fund (INDAX) at 5.04%. This indicates that FRIN.L's price experiences larger fluctuations and is considered to be riskier than INDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIN.L	INDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	5.04%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	12.82%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	14.93%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	15.24%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	17.28%	+2.13%

FRIN.L vs. INDAX - Expense Ratio Comparison

FRIN.L has a 0.19% expense ratio, which is lower than INDAX's 1.33% expense ratio.

Dividends

FRIN.L vs. INDAX - Dividend Comparison

FRIN.L has not paid dividends to shareholders, while INDAX's dividend yield for the trailing twelve months is around 6.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIN.L Franklin FTSE India UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INDAX ALPS/Kotak India ESG Fund	6.63%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%

Frequently Asked Questions

Can I hold both FRIN.L and INDAX in my portfolio?

FRIN.L and INDAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.