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INDAX vs. LPEFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDAX vs. LPEFX

Last updated Jun 4, 2026

INDAX (ALPS/Kotak India ESG Fund) and LPEFX (ALPS/Red Rocks Global Opportunity Fund) are both mutual funds - INDAX is a Asia Pacific Equities fund managed by ALPS, while LPEFX is a Global Equities fund managed by ALPS. Over the past 10 years, INDAX returned 6.87%/yr vs 9.16%/yr for LPEFX. At a 0.46 correlation, their price movements are largely independent. INDAX charges 1.33%/yr vs 1.46%/yr for LPEFX.

Performance

INDAX vs. LPEFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Kotak India ESG Fund (INDAX) and ALPS/Red Rocks Global Opportunity Fund (LPEFX). 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 LPEFX's -6.33% return. Over the past 10 years, INDAX has underperformed LPEFX with an annualized return of 6.87%, while LPEFX has yielded a comparatively higher 9.16% 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%

LPEFX

1D
-0.19%
1M
3.09%
YTD
-6.33%
6M
-3.52%
1Y
-4.86%
3Y*
9.52%
5Y*
2.52%
10Y*
9.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDAX vs. LPEFX - 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%
LPEFX
ALPS/Red Rocks Global Opportunity Fund		-6.33%1.25%17.78%28.31%-28.82%23.70%9.35%49.57%-12.60%27.02%

Correlation

The correlation between INDAX and LPEFX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.35

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

0.46

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

0.45

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

0.46

The correlation between INDAX and LPEFX shifts across timeframes, from 0.29 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

INDAX vs. LPEFX - Sectors Allocation Comparison

Sectors
INDAX
LPEFX

Financial Services

32.9%
69.2%

Consumer Cyclical

14.8%
4.5%

Industrials

10.4%
9.9%

Technology

8.7%
11.7%

Energy

7.2%

-

Communication Services

7.2%
1.9%

Healthcare

5.8%

-

Basic Materials

5.5%

-

Consumer Defensive

4.3%
2.8%

Real Estate

1.3%

-

Utilities

-

-

Financial Services

INDAX
32.9%
LPEFX
69.2%

Consumer Cyclical

INDAX
14.8%
LPEFX
4.5%

Industrials

INDAX
10.4%
LPEFX
9.9%

Technology

INDAX
8.7%
LPEFX
11.7%

Energy

INDAX
7.2%
LPEFX

-

Communication Services

INDAX
7.2%
LPEFX
1.9%

Healthcare

INDAX
5.8%
LPEFX

-

Basic Materials

INDAX
5.5%
LPEFX

-

Consumer Defensive

INDAX
4.3%
LPEFX
2.8%

Real Estate

INDAX
1.3%
LPEFX

-

Utilities

INDAX

-

LPEFX

-

Compare stocks, funds, or ETFs

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ALPS/Kotak India ESG Fund

ALPS/Red Rocks Global Opportunity Fund

Often compared with INDAX:
INDAX vs. INDFINDAX vs. FRIN.LINDAX vs. FLININDAX vs. ^GSPCINDAX vs. SPYINDAX vs. SPHDINDAX vs. VOO
Often compared with LPEFX:
LPEFX vs. PSPLPEFX vs. ALIBXLPEFX vs. RLIIXLPEFX vs. JCRAXLPEFX vs. SMCVXLPEFX vs. AVPEXLPEFX vs. SMRSX

Return for Risk

INDAX vs. LPEFX — 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
LPEFX
LPEFX Risk / Return Rank: 22
Overall Rank
LPEFX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
LPEFX Sortino Ratio Rank: 22
Sortino Ratio Rank
LPEFX Omega Ratio Rank: 22
Omega Ratio Rank
LPEFX Calmar Ratio Rank: 22
Calmar Ratio Rank
LPEFX Martin Ratio Rank: 22
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. LPEFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and ALPS/Red Rocks Global Opportunity Fund (LPEFX). 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.

INDAXLPEFXDifference
Sharpe ratioReturn per unit of total volatility
-1.04
-0.28

-0.76

Sortino ratioReturn per unit of downside risk
-1.45
-0.28

-1.17

Omega ratioGain probability vs. loss probability

0.83

0.97

-0.13

Calmar ratioReturn relative to maximum drawdown

-0.73

-0.23

-0.50

Martin ratioReturn relative to average drawdown

-1.72

-0.54

-1.17

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. LPEFX - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -1.04, which is lower than the LPEFX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of INDAX and LPEFX, 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

INDAXLPEFXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.04

-0.28

-0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.10

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.40

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.19

+0.16

Drawdowns

INDAX vs. LPEFX - Drawdown Comparison

The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum LPEFX drawdown of -77.00%. Use the drawdown chart below to compare losses from any high point for INDAX and LPEFX.

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Drawdown Indicators

INDAXLPEFXDifference

Max Drawdown

Largest peak-to-trough decline

-43.98%

-77.00%

+33.02%

Max Drawdown (1Y)

Largest decline over 1 year

-20.85%

-22.00%

+1.15%

Max Drawdown (3Y)

Largest decline over 3 years

-23.49%

-22.00%

-1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-23.49%

-49.19%

+25.70%

Max Drawdown (10Y)

Largest decline over 10 years

-43.98%

-49.19%

+5.21%

Current Drawdown

Current decline from peak

-20.39%

-18.14%

-2.25%

Average Drawdown

Average peak-to-trough decline

-10.76%

-22.76%

+12.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.80%

9.25%

-0.45%

Volatility

INDAX vs. LPEFX - Volatility Comparison

ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.14% compared to ALPS/Red Rocks Global Opportunity Fund (LPEFX) at 4.13%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than LPEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDAXLPEFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.14%

4.13%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

12.46%

14.15%

-1.69%

Volatility (1Y)

Calculated over the trailing 1-year period

14.51%

17.69%

-3.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

24.50%

-9.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.85%

22.87%

-6.02%

INDAX vs. LPEFX - Expense Ratio Comparison

INDAX has a 1.33% expense ratio, which is lower than LPEFX's 1.46% expense ratio.

Dividends

INDAX vs. LPEFX - Dividend Comparison

INDAX's dividend yield for the trailing twelve months is around 6.57%, less than LPEFX's 16.41% 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%
LPEFX
ALPS/Red Rocks Global Opportunity Fund		16.41%15.38%15.95%5.56%0.00%26.79%3.96%21.96%4.58%13.29%1.55%8.21%

Frequently Asked Questions

INDAX and LPEFX have a correlation of 0.29, 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 LPEFX (4.13%). In terms of maximum drawdown, INDAX dropped -43.98% vs LPEFX's -77.00%.

LPEFX currently has the higher Sharpe Ratio (-0.28 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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