INDAX vs. JCRAX
INDAX (ALPS/Kotak India ESG Fund) and JCRAX (ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund) are both mutual funds - INDAX is a India Equities fund managed by ALPS, while JCRAX is a Commodities fund managed by ALPS. Over the past 10 years, INDAX returned 6.68%/yr vs 8.29%/yr for JCRAX. Their 0.27 correlation means their historical movements had little consistent relationship. INDAX charges 1.33%/yr vs 1.36%/yr for JCRAX.
Performance
INDAX vs. JCRAX - Performance Comparison
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Returns By Period
In the year-to-date period, INDAX achieves a -8.61% return, which is significantly lower than JCRAX's 18.52% return. Over the past 10 years, INDAX has underperformed JCRAX with an annualized return of 6.68%, while JCRAX has yielded a comparatively higher 8.29% annualized return.
INDAX
- 1D
- 0.69%
- 1M
- 1.82%
- 6M
- -5.28%
- YTD
- -8.61%
- 1Y
- -7.92%
- 3Y*
- 3.47%
- 5Y*
- 2.54%
- 10Y*
- 6.68%
- ALL TIME*
- 6.68%
JCRAX
- 1D
- -0.21%
- 1M
- 5.61%
- 6M
- 10.22%
- YTD
- 18.52%
- 1Y
- 37.93%
- 3Y*
- 12.94%
- 5Y*
- 10.62%
- 10Y*
- 8.29%
- ALL TIME*
- 3.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
INDAX vs. JCRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -8.61% | 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 | 18.52% | 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 -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
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 -0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDAX vs. JCRAX — Risk / Return Rank
INDAX
JCRAX
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 ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.43 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.86 | -3.27 |
| Martin ratioReturn relative to average drawdown | -0.85 | 9.42 | -10.26 |
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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
| INDAX | JCRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -62.03% | +18.05% |
Max Drawdown (1Y)Largest decline over 1 year | -19.70% | -13.01% | -6.69% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -13.01% | -10.48% |
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 DrawdownCurrent decline from peak | -15.02% | -7.51% | -7.51% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -26.21% | +15.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.58% | 3.94% | +5.64% |
Volatility
INDAX vs. JCRAX - Volatility Comparison
ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.55% compared to ALPS/CoreCommodity Management CompleteCommoditiesSM Strategy Fund (JCRAX) at 4.03%. 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
| INDAX | JCRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 4.03% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 11.63% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 14.79% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 20.66% | -5.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 18.07% | -1.16% |
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 6.15%, less than JCRAX's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.15% | 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 | 7.43% | 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 -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDAX has higher volatility (5.55%) compared to JCRAX (4.03%). In terms of maximum drawdown, INDAX dropped -43.98% vs JCRAX's -62.03%.
JCRAX currently has the higher Sharpe Ratio (2.53 vs -0.52), 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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