INDAX vs. JCRAX

Last updated Jun 24, 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 7.47%/yr vs 7.68%/yr for JCRAX. At a 0.27 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.

Returns By Period

In the year-to-date period, INDAX achieves a -10.69% return, which is significantly lower than JCRAX's 15.31% return. Both investments have delivered pretty close results over the past 10 years, with INDAX having a 7.47% annualized return and JCRAX 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%

JCRAX

• 1D: -0.21%
• 1M: -7.52%
• YTD: 15.31%
• 6M: 14.32%
• 1Y: 31.42%
• 3Y*: 14.13%
• 5Y*: 10.52%
• 10Y*: 7.68%

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

INDAX vs. JCRAX - 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%
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	15.31%	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 -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011	0.27

The correlation between INDAX and JCRAX shifts across timeframes, from -0.10 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

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: 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

JCRAX

JCRAX Risk / Return Rank: 59
JCRAX Sharpe Ratio Rank: 59
JCRAX Sortino Ratio Rank: 48
JCRAX Omega Ratio Rank: 49
JCRAX Calmar Ratio Rank: 67
JCRAX Martin Ratio Rank: 72

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.

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	JCRAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	2.08	-2.81
Sortino ratio: Return per unit of downside risk	-0.98	2.69	-3.67
Omega ratio: Gain probability vs. loss probability	0.89	1.35	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.52	3.00	-3.52
Martin ratio: Return relative to average drawdown	-1.13	12.93	-14.06

INDAX vs. JCRAX - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -0.73, which is lower than the JCRAX Sharpe Ratio of 2.08. 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.

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.

Drawdown Indicators

	INDAX	JCRAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	-62.03%	+18.05%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-10.02%	-10.83%
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	-16.95%	-10.02%	-6.93%
Average Drawdown Average peak-to-trough decline	-10.79%	-26.33%	+15.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.59%	2.34%	+7.25%

Volatility

INDAX vs. JCRAX - Volatility Comparison

ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 4.39% compared to ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) at 4.14%. 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.

Volatility by Period

	INDAX	JCRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.14%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	11.79%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	14.48%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	20.67%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	18.11%	-1.23%

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 6.30%, less than JCRAX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JCRAX ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund	7.63%	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

Can I hold both INDAX and JCRAX in my portfolio?

INDAX and JCRAX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDAX or JCRAX?

INDAX has higher volatility (4.39%) compared to JCRAX (4.14%). In terms of maximum drawdown, INDAX dropped -43.98% vs JCRAX's -62.03%.

Which has better risk-adjusted returns?

JCRAX currently has the higher Sharpe Ratio (2.08 vs -0.73), 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.