INDAX vs. INDF

Last updated Jun 23, 2026

INDAX (ALPS/Kotak India ESG Fund) and INDF (Nifty India Financials ETF) are both funds - INDAX is a Asia Pacific Equities fund managed by ALPS, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. A 0.71 correlation means they provide meaningful diversification when combined. INDAX charges 1.33%/yr vs 0.75%/yr for INDF.

Performance

INDAX vs. INDF - Performance Comparison

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

Returns By Period

INDAX

• 1D: 0.43%
• 1M: 2.54%
• YTD: -11.25%
• 6M: -11.75%
• 1Y: -11.38%
• 3Y*: 3.63%
• 5Y*: 2.77%
• 10Y*: 7.18%

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INDAX vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDAX ALPS/Kotak India ESG Fund	-11.25%	2.03%	10.94%	16.77%	-12.62%	26.37%	14.50%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%

Correlation

The correlation between INDAX and INDF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.71

Over the past year, the correlation between INDAX and INDF has dropped to 0.15 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

INDAX vs. INDF - Sectors Allocation Comparison

Sectors	INDAX	INDF
Financial Services	32.9%	100.0%
Consumer Cyclical	14.8%	-
Industrials	10.4%	-
Technology	8.7%	-
Energy	7.2%	-
Communication Services	7.2%	-
Healthcare	5.8%	-
Basic Materials	5.5%	-
Consumer Defensive	4.3%	-
Real Estate	1.3%	-
Utilities	-	-

Return for Risk

INDAX vs. INDF — Risk / Return Rank

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

INDAX

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

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Nifty India Financials ETF (INDF). 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	INDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	—	—
Sortino ratio: Return per unit of downside risk	-1.02	—	—
Omega ratio: Gain probability vs. loss probability	0.88	—	—
Calmar ratio: Return relative to maximum drawdown	-0.54	—	—
Martin ratio: Return relative to average drawdown	-1.17	—	—

Drawdowns

Drawdown Indicators

	INDAX	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.98%	—	—
Current Drawdown Current decline from peak	-17.47%	—	—
Average Drawdown Average peak-to-trough decline	-10.79%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.55%	—	—

Volatility

Volatility by Period

	INDAX	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	—	—

INDAX vs. INDF - Expense Ratio Comparison

INDAX has a 1.33% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

INDAX vs. INDF - Dividend Comparison

INDAX's dividend yield for the trailing twelve months is around 6.34%, while INDF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDAX ALPS/Kotak India ESG Fund	6.34%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDAX and INDF in my portfolio?

INDAX and INDF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.