INDAX vs. MAPTX
INDAX (ALPS/Kotak India ESG Fund) and MAPTX (Matthews Pacific Tiger Fund) are both mutual funds - INDAX is a India Equities fund managed by ALPS, while MAPTX is a Asia Pacific Equities fund managed by Matthews. Over the past 10 years, INDAX returned 6.68%/yr vs 5.16%/yr for MAPTX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. 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 -8.61% return, which is significantly lower than MAPTX's 21.02% return. Over the past 10 years, INDAX has outperformed MAPTX with an annualized return of 6.68%, while MAPTX has yielded a comparatively lower 5.16% 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%
MAPTX
- 1D
- 1.46%
- 1M
- -3.79%
- 6M
- 12.88%
- YTD
- 21.02%
- 1Y
- 40.28%
- 3Y*
- 14.22%
- 5Y*
- 0.26%
- 10Y*
- 5.16%
- ALL TIME*
- 7.59%
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. MAPTX - 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% |
MAPTX Matthews Pacific Tiger Fund | 21.02% | 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 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
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 0.32 - 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 | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.30 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.28 | -2.70 |
| Martin ratioReturn relative to average drawdown | -0.85 | 7.43 | -8.28 |
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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 | -19.70% | -17.30% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -22.23% | -1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -46.23% | +22.74% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -52.31% | +8.33% |
Current DrawdownCurrent decline from peak | -15.02% | -12.64% | -2.38% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -17.40% | +6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.58% | 5.24% | +4.34% |
Volatility
INDAX vs. MAPTX - Volatility Comparison
The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 5.55%, while Matthews Pacific Tiger Fund (MAPTX) has a volatility of 9.98%. 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 | 5.55% | 9.98% | -4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 23.57% | -10.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 25.42% | -9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 21.18% | -5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 18.89% | -1.98% |
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 6.15%, more than MAPTX's 1.92% 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% |
MAPTX Matthews Pacific Tiger Fund | 1.92% | 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 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAPTX has higher volatility (9.98%) compared to INDAX (5.55%). In terms of maximum drawdown, INDAX dropped -43.98% vs MAPTX's -69.79%.
MAPTX currently has the higher Sharpe Ratio (1.55 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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