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INDAX vs. JCRAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDAX vs. JCRAX

Last updated Jun 4, 2026

INDAX (ALPS/Kotak India ESG Fund) and JCRAX (ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund) are both mutual funds - INDAX is a Asia Pacific Equities fund managed by ALPS, while JCRAX is a Commodities fund managed by ALPS. Over the past 10 years, INDAX returned 6.87%/yr vs 8.53%/yr for JCRAX. At a 0.28 correlation, their price movements are largely independent. INDAX charges 1.33%/yr vs 1.36%/yr for JCRAX.

Performance

INDAX vs. JCRAX - Performance Comparison

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

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Returns By Period

In the year-to-date period, INDAX achieves a -14.39% return, which is significantly lower than JCRAX's 24.94% return. Over the past 10 years, INDAX has underperformed JCRAX with an annualized return of 6.87%, while JCRAX has yielded a comparatively higher 8.53% annualized return.

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%

JCRAX

1D
0.90%
1M
-0.78%
YTD
24.94%
6M
26.10%
1Y
45.59%
3Y*
17.82%
5Y*
11.92%
10Y*
8.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDAX vs. JCRAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
JCRAX
ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund		24.94%25.30%1.32%-7.37%12.82%29.21%2.15%11.00%-14.54%4.58%

Correlation

The correlation between INDAX and JCRAX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2011

0.28

The correlation between INDAX and JCRAX shifts across timeframes, from -0.08 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

INDAX vs. JCRAX - Sectors Allocation Comparison

Sectors
INDAX
JCRAX

Financial Services

32.9%

-

Consumer Cyclical

14.8%
1.1%

Industrials

10.4%
9.7%

Technology

8.7%
4.4%

Energy

7.2%
33.1%

Communication Services

7.2%

-

Healthcare

5.8%

-

Basic Materials

5.5%
33.3%

Consumer Defensive

4.3%
11.9%

Real Estate

1.3%

-

Utilities

-

6.5%

Financial Services

INDAX
32.9%
JCRAX

-

Consumer Cyclical

INDAX
14.8%
JCRAX
1.1%

Industrials

INDAX
10.4%
JCRAX
9.7%

Technology

INDAX
8.7%
JCRAX
4.4%

Energy

INDAX
7.2%
JCRAX
33.1%

Communication Services

INDAX
7.2%
JCRAX

-

Healthcare

INDAX
5.8%
JCRAX

-

Basic Materials

INDAX
5.5%
JCRAX
33.3%

Consumer Defensive

INDAX
4.3%
JCRAX
11.9%

Real Estate

INDAX
1.3%
JCRAX

-

Utilities

INDAX

-

JCRAX
6.5%

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ALPS/Kotak India ESG Fund

ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund

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INDAX vs. INDFINDAX vs. FRIN.LINDAX vs. FLININDAX vs. ^GSPCINDAX vs. SPYINDAX vs. SPHDINDAX vs. VOO
Often compared with JCRAX:
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Return for Risk

INDAX vs. JCRAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDAX
INDAX Risk / Return Rank: 00
Overall Rank
INDAX Sharpe Ratio Rank: 00
Sharpe Ratio Rank
INDAX Sortino Ratio Rank: 00
Sortino Ratio Rank
INDAX Omega Ratio Rank: 11
Omega Ratio Rank
INDAX Calmar Ratio Rank: 11
Calmar Ratio Rank
INDAX Martin Ratio Rank: 00
Martin Ratio Rank
JCRAX
JCRAX Risk / Return Rank: 9292
Overall Rank
JCRAX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
JCRAX Sortino Ratio Rank: 8787
Sortino Ratio Rank
JCRAX Omega Ratio Rank: 8484
Omega Ratio Rank
JCRAX Calmar Ratio Rank: 9898
Calmar Ratio Rank
JCRAX Martin Ratio Rank: 9797
Martin Ratio Rank
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. JCRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX). 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.

INDAXJCRAXDifference
Sharpe ratioReturn per unit of total volatility
-1.04
3.33

-4.38

Sortino ratioReturn per unit of downside risk
-1.45
4.15

-5.60

Omega ratioGain probability vs. loss probability

0.83

1.56

-0.73

Calmar ratioReturn relative to maximum drawdown

-0.73

7.71

-8.44

Martin ratioReturn relative to average drawdown

-1.72

27.87

-29.59

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. JCRAX - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -1.04, which is lower than the JCRAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of INDAX and JCRAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

INDAXJCRAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.04

3.33

-4.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.58

-0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.47

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.23

+0.12

Drawdowns

INDAX vs. JCRAX - Drawdown Comparison

The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum JCRAX drawdown of -62.03%. Use the drawdown chart below to compare losses from any high point for INDAX and JCRAX.

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Drawdown Indicators

INDAXJCRAXDifference

Max Drawdown

Largest peak-to-trough decline

-43.98%

-62.03%

+18.05%

Max Drawdown (1Y)

Largest decline over 1 year

-20.85%

-6.04%

-14.81%

Max Drawdown (3Y)

Largest decline over 3 years

-23.49%

-11.86%

-11.63%

Max Drawdown (5Y)

Largest decline over 5 years

-23.49%

-26.60%

+3.11%

Max Drawdown (10Y)

Largest decline over 10 years

-43.98%

-43.14%

-0.84%

Current Drawdown

Current decline from peak

-20.39%

-2.50%

-17.89%

Average Drawdown

Average peak-to-trough decline

-10.76%

-26.39%

+15.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.80%

1.67%

+7.13%

Volatility

INDAX vs. JCRAX - Volatility Comparison

ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.14% compared to ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) at 4.26%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than JCRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDAXJCRAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.14%

4.26%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.46%

11.36%

+1.10%

Volatility (1Y)

Calculated over the trailing 1-year period

14.51%

14.08%

+0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

20.66%

-5.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.85%

18.11%

-1.26%

INDAX vs. JCRAX - Expense Ratio Comparison

INDAX has a 1.33% expense ratio, which is lower than JCRAX's 1.36% expense ratio.

Dividends

INDAX vs. JCRAX - Dividend Comparison

INDAX's dividend yield for the trailing twelve months is around 6.57%, less than JCRAX's 7.05% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
JCRAX
ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund		7.05%8.80%2.80%3.29%7.08%22.43%0.29%0.90%3.26%2.44%0.05%0.00%

Frequently Asked Questions

INDAX and JCRAX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDAX has higher volatility (5.14%) compared to JCRAX (4.26%). In terms of maximum drawdown, INDAX dropped -43.98% vs JCRAX's -62.03%.

JCRAX currently has the higher Sharpe Ratio (3.33 vs -1.04), 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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