INDAX vs. ETGIX
INDAX (ALPS/Kotak India ESG Fund) and ETGIX (Eaton Vance Greater India Fund) are both Asia Pacific Equities funds. Over the past 10 years, INDAX returned 7.47%/yr vs 7.68%/yr for ETGIX. Their correlation of 0.95 suggests significant overlap in exposure. INDAX charges 1.33%/yr vs 1.57%/yr for ETGIX.
Performance
INDAX vs. ETGIX - Performance Comparison
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Returns By Period
In the year-to-date period, INDAX achieves a -10.69% return, which is significantly lower than ETGIX's -9.52% return. Both investments have delivered pretty close results over the past 10 years, with INDAX having a 7.47% annualized return and ETGIX not far ahead at 7.68%.
INDAX
- 1D
- 0.64%
- 1M
- 3.20%
- YTD
- -10.69%
- 6M
- -11.35%
- 1Y
- -10.92%
- 3Y*
- 4.22%
- 5Y*
- 2.88%
- 10Y*
- 7.47%
ETGIX
- 1D
- 0.52%
- 1M
- 2.92%
- YTD
- -9.52%
- 6M
- -10.18%
- 1Y
- -10.98%
- 3Y*
- 6.58%
- 5Y*
- 2.93%
- 10Y*
- 7.68%
INDAX vs. ETGIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -10.69% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
ETGIX Eaton Vance Greater India Fund | -9.52% | -2.06% | 17.55% | 20.60% | -19.86% | 25.74% | 17.64% | 10.52% | -12.14% | 44.79% |
Correlation
The correlation between INDAX and ETGIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011 | 0.95 |
The correlation between INDAX and ETGIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
INDAX vs. ETGIX — Risk / Return Rank
INDAX
ETGIX
INDAX vs. ETGIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Eaton Vance Greater India Fund (ETGIX). 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.
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 | ETGIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.88 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.49 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.05 | -0.08 |
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Drawdowns
INDAX vs. ETGIX - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum ETGIX drawdown of -73.62%. Use the drawdown chart below to compare losses from any high point for INDAX and ETGIX.
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Drawdown Indicators
| INDAX | ETGIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -73.62% | +29.64% |
Max Drawdown (1Y)Largest decline over 1 year | -20.85% | -22.03% | +1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -27.22% | +3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -29.84% | +6.35% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -42.71% | -1.27% |
Current DrawdownCurrent decline from peak | -16.95% | -19.76% | +2.81% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -26.85% | +16.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.59% | 10.22% | -0.63% |
Volatility
INDAX vs. ETGIX - Volatility Comparison
ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 4.39% compared to Eaton Vance Greater India Fund (ETGIX) at 3.51%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than ETGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | ETGIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 3.51% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.89% | 12.29% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.85% | 14.14% | +0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.15% | 15.15% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 17.65% | -0.77% |
INDAX vs. ETGIX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is lower than ETGIX's 1.57% expense ratio.
Dividends
INDAX vs. ETGIX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.30%, less than ETGIX's 15.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETGIX Eaton Vance Greater India Fund | 15.99% | 14.47% | 4.07% | 4.85% | 21.62% | 8.60% | 0.24% | 2.79% | 1.17% | 3.32% | 0.56% | 0.79% |
INDAX ALPS/Kotak India ESG Fund | 6.30% | 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
With a correlation of 0.93, INDAX and ETGIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
INDAX has higher volatility (4.39%) compared to ETGIX (3.51%). In terms of maximum drawdown, INDAX dropped -43.98% vs ETGIX's -73.62%.
INDAX currently has the higher Sharpe Ratio (-0.73 vs -0.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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