INDAX vs. MAPTX
INDAX (ALPS/Kotak India ESG Fund) and MAPTX (Matthews Pacific Tiger Fund) are both Asia Pacific Equities funds. Over the past 10 years, INDAX returned 7.47%/yr vs 7.36%/yr for MAPTX. A 0.58 correlation means they provide meaningful diversification when combined. INDAX charges 1.33%/yr vs 1.09%/yr for MAPTX.
Performance
INDAX vs. MAPTX - Performance Comparison
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Returns By Period
In the year-to-date period, INDAX achieves a -10.69% return, which is significantly lower than MAPTX's 38.53% return. Both investments have delivered pretty close results over the past 10 years, with INDAX having a 7.47% annualized return and MAPTX not far behind at 7.36%.
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%
MAPTX
- 1D
- 0.84%
- 1M
- 9.12%
- YTD
- 38.53%
- 6M
- 40.60%
- 1Y
- 68.37%
- 3Y*
- 21.81%
- 5Y*
- 2.00%
- 10Y*
- 7.36%
INDAX vs. MAPTX - 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% |
MAPTX Matthews Pacific Tiger Fund | 38.53% | 30.07% | 3.25% | -4.82% | -20.69% | -17.92% | 28.88% | 10.75% | -11.05% | 39.94% |
Correlation
The correlation between INDAX and MAPTX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011 | 0.58 |
Over the past year, the correlation between INDAX and MAPTX has dropped to 0.37 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.
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Return for Risk
INDAX vs. MAPTX — Risk / Return Rank
INDAX
MAPTX
INDAX vs. MAPTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Matthews Pacific Tiger Fund (MAPTX). 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 | MAPTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.78 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.63 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 5.12 | -5.64 |
| Martin ratioReturn relative to average drawdown | -1.13 | 18.58 | -19.71 |
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Drawdowns
INDAX vs. MAPTX - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum MAPTX drawdown of -69.79%. Use the drawdown chart below to compare losses from any high point for INDAX and MAPTX.
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Drawdown Indicators
| INDAX | MAPTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -69.79% | +25.81% |
Max Drawdown (1Y)Largest decline over 1 year | -20.85% | -14.03% | -6.82% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -22.23% | -1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -48.55% | +25.06% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -52.31% | +8.33% |
Current DrawdownCurrent decline from peak | -16.95% | 0.00% | -16.95% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -17.42% | +6.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.59% | 3.81% | +5.78% |
Volatility
INDAX vs. MAPTX - Volatility Comparison
The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 4.39%, while Matthews Pacific Tiger Fund (MAPTX) has a volatility of 12.64%. This indicates that INDAX experiences smaller price fluctuations and is considered to be less risky than MAPTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | MAPTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 12.64% | -8.25% |
Volatility (6M)Calculated over the trailing 6-month period | 12.89% | 20.22% | -7.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.85% | 22.31% | -7.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.15% | 20.59% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 18.53% | -1.65% |
INDAX vs. MAPTX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than MAPTX's 1.09% expense ratio.
Dividends
INDAX vs. MAPTX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.30%, more than MAPTX's 1.68% 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% |
MAPTX Matthews Pacific Tiger Fund | 1.68% | 2.33% | 8.93% | 2.93% | 8.52% | 4.85% | 5.74% | 3.44% | 4.78% | 1.25% | 2.61% | 11.18% |
Frequently Asked Questions
INDAX and MAPTX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAPTX has higher volatility (12.64%) compared to INDAX (4.39%). In terms of maximum drawdown, INDAX dropped -43.98% vs MAPTX's -69.79%.
MAPTX currently has the higher Sharpe Ratio (3.22 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.
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