INDAX vs. MASGX
INDAX (ALPS/Kotak India ESG Fund) and MASGX (Matthews Asia ESG Fund) are both mutual funds - INDAX is a India Equities fund managed by ALPS, while MASGX is a Asia Pacific Equities fund managed by Matthews. Over the past 10 years, INDAX returned 6.68%/yr vs 11.03%/yr for MASGX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. INDAX charges 1.33%/yr vs 1.24%/yr for MASGX.
Performance
INDAX vs. MASGX - 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 MASGX's 31.19% return. Over the past 10 years, INDAX has underperformed MASGX with an annualized return of 6.68%, while MASGX has yielded a comparatively higher 11.03% 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%
MASGX
- 1D
- 1.85%
- 1M
- -7.72%
- 6M
- 18.29%
- YTD
- 31.19%
- 1Y
- 49.61%
- 3Y*
- 13.59%
- 5Y*
- 6.07%
- 10Y*
- 11.03%
- ALL TIME*
- 10.99%
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. MASGX - 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% |
MASGX Matthews Asia ESG Fund | 31.19% | 22.83% | -2.51% | 7.99% | -14.37% | 5.33% | 42.90% | 12.56% | -9.70% | 33.75% |
Correlation
The correlation between INDAX and MASGX is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.54 |
The correlation between INDAX and MASGX shifts across timeframes, from 0.37 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDAX vs. MASGX — Risk / Return Rank
INDAX
MASGX
INDAX vs. MASGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Matthews Asia ESG Fund (MASGX). 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 | MASGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -2.94 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.32 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.47 | -2.88 |
| Martin ratioReturn relative to average drawdown | -0.85 | 8.90 | -9.75 |
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Drawdowns
INDAX vs. MASGX - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, which is greater than MASGX's maximum drawdown of -36.34%. Use the drawdown chart below to compare losses from any high point for INDAX and MASGX.
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Drawdown Indicators
| INDAX | MASGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -36.34% | -7.64% |
Max Drawdown (1Y)Largest decline over 1 year | -19.70% | -19.80% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -24.94% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -36.34% | +12.85% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -36.34% | -7.64% |
Current DrawdownCurrent decline from peak | -15.02% | -14.93% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -11.18% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.58% | 5.49% | +4.09% |
Volatility
INDAX vs. MASGX - Volatility Comparison
The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 5.55%, while Matthews Asia ESG Fund (MASGX) has a volatility of 10.98%. This indicates that INDAX experiences smaller price fluctuations and is considered to be less risky than MASGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | MASGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 10.98% | -5.43% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 25.32% | -11.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 27.62% | -12.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 22.04% | -6.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 19.43% | -2.52% |
INDAX vs. MASGX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than MASGX's 1.24% expense ratio.
Dividends
INDAX vs. MASGX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.15%, more than MASGX's 4.26% 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% |
MASGX Matthews Asia ESG Fund | 4.26% | 5.58% | 2.58% | 7.52% | 5.39% | 2.60% | 5.66% | 1.36% | 4.52% | 3.70% | 1.47% | 0.00% |
Frequently Asked Questions
INDAX and MASGX 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.
MASGX has higher volatility (10.98%) compared to INDAX (5.55%). In terms of maximum drawdown, INDAX dropped -43.98% vs MASGX's -36.34%.
MASGX currently has the higher Sharpe Ratio (1.77 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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