INDAX vs. ETGIX

Last updated Jun 4, 2026

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 6.87%/yr vs 7.13%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Kotak India ESG Fund (INDAX) and Eaton Vance Greater India Fund (ETGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDAX achieves a -14.39% return, which is significantly lower than ETGIX's -13.00% return. Both investments have delivered pretty close results over the past 10 years, with INDAX having a 6.87% annualized return and ETGIX not far ahead at 7.13%.

INDAX

• 1D: -0.44%
• 1M: -2.78%
• YTD: -14.39%
• 6M: -13.28%
• 1Y: -14.47%
• 3Y*: 3.08%
• 5Y*: 1.85%
• 10Y*: 6.87%

ETGIX

• 1D: -0.10%
• 1M: -1.10%
• YTD: -13.00%
• 6M: -12.25%
• 1Y: -14.36%
• 3Y*: 5.51%
• 5Y*: 1.99%
• 10Y*: 7.13%

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

INDAX vs. ETGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDAX ALPS/Kotak India ESG Fund	-14.39%	2.03%	10.94%	16.77%	-12.62%	26.37%	14.68%	8.41%	-12.51%	39.77%
ETGIX Eaton Vance Greater India Fund	-13.00%	-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 15, 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.

Return for Risk

INDAX vs. ETGIX — Risk / Return Rank

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

INDAX

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

ETGIX

ETGIX Risk / Return Rank: 0
ETGIX Sharpe Ratio Rank: 0
ETGIX Sortino Ratio Rank: 0
ETGIX Omega Ratio Rank: 0
ETGIX Calmar Ratio Rank: 1
ETGIX 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.

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.

	INDAX	ETGIX	Difference
Sharpe ratio Return per unit of total volatility	-1.04	-1.09	+0.05
Sortino ratio Return per unit of downside risk	-1.45	-1.54	+0.09
Omega ratio Gain probability vs. loss probability	0.83	0.83	+0.01
Calmar ratio Return relative to maximum drawdown	-0.73	-0.69	-0.03
Martin ratio Return relative to average drawdown	-1.72	-1.60	-0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDAX vs. ETGIX - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -1.04, which is comparable to the ETGIX Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of INDAX and ETGIX, 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

	INDAX	ETGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	-1.09	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.13	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.41	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.26	+0.09

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.

Drawdown Indicators

	INDAX	ETGIX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-20.39%	-22.84%	+2.45%
Average Drawdown Average peak-to-trough decline	-10.76%	-26.86%	+16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	9.50%	-0.70%

Volatility

INDAX vs. ETGIX - Volatility Comparison

ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.14% compared to Eaton Vance Greater India Fund (ETGIX) at 4.72%. 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.

Volatility by Period

	INDAX	ETGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	4.72%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	12.09%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	13.99%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	15.10%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	17.64%	-0.79%

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 6.57%, less than ETGIX's 16.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETGIX Eaton Vance Greater India Fund	16.63%	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	6.57%	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 INDAX and ETGIX in my portfolio?

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.

Which is riskier, INDAX or ETGIX?

INDAX has higher volatility (5.14%) compared to ETGIX (4.72%). In terms of maximum drawdown, INDAX dropped -43.98% vs ETGIX's -73.62%.

Which has better risk-adjusted returns?

INDAX currently has the higher Sharpe Ratio (-1.04 vs -1.09), 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.