INDAX vs. MINDX
INDAX (ALPS/Kotak India ESG Fund) and MINDX (Matthews India Fund) are both India Equities funds. Over the past 10 years, INDAX returned 6.76%/yr vs 5.71%/yr for MINDX. Their correlation of 0.91 suggests significant overlap in exposure. INDAX charges 1.33%/yr vs 1.15%/yr for MINDX.
Performance
INDAX vs. MINDX - Performance Comparison
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Returns By Period
In the year-to-date period, INDAX achieves a -10.87% return, which is significantly lower than MINDX's -8.14% return. Over the past 10 years, INDAX has outperformed MINDX with an annualized return of 6.76%, while MINDX has yielded a comparatively lower 5.71% annualized return.
INDAX
- 1D
- 1.00%
- 1M
- 0.57%
- 6M
- -9.28%
- YTD
- -10.87%
- 1Y
- -13.27%
- 3Y*
- 2.82%
- 5Y*
- 2.31%
- 10Y*
- 6.76%
MINDX
- 1D
- 0.77%
- 1M
- 2.03%
- 6M
- -6.07%
- YTD
- -8.14%
- 1Y
- -7.72%
- 3Y*
- 4.12%
- 5Y*
- 3.77%
- 10Y*
- 5.71%
INDAX vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -10.87% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
MINDX Matthews India Fund | -8.14% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
Correlation
The correlation between INDAX and MINDX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011 | 0.91 |
The correlation between INDAX and MINDX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
INDAX vs. MINDX — Risk / Return Rank
INDAX
MINDX
INDAX vs. MINDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Matthews India Fund (MINDX). 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 | MINDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.93 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | -0.36 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.37 | -0.82 | -0.55 |
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Drawdowns
INDAX vs. MINDX - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum MINDX drawdown of -72.18%. Use the drawdown chart below to compare losses from any high point for INDAX and MINDX.
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Drawdown Indicators
| INDAX | MINDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -72.18% | +28.20% |
Max Drawdown (1Y)Largest decline over 1 year | -20.07% | -21.96% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -26.51% | +3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -26.51% | +3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -48.46% | +4.48% |
Current DrawdownCurrent decline from peak | -17.12% | -16.11% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -10.81% | -14.96% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 9.53% | 0.00% |
Volatility
INDAX vs. MINDX - Volatility Comparison
ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 4.82% compared to Matthews India Fund (MINDX) at 4.29%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than MINDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | MINDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 4.29% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 13.67% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.19% | 16.08% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.25% | 16.04% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 17.48% | -0.60% |
INDAX vs. MINDX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than MINDX's 1.15% expense ratio.
Dividends
INDAX vs. MINDX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.31%, less than MINDX's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.31% | 5.62% | 16.14% | 4.43% | 1.65% | 5.48% | 0.00% | 1.30% | 6.55% | 2.79% | 1.32% | 15.14% |
MINDX Matthews India Fund | 7.36% | 6.76% | 15.03% | 3.07% | 15.30% | 9.87% | 3.03% | 12.04% | 16.50% | 0.00% | 0.00% | 0.99% |
Frequently Asked Questions
INDAX and MINDX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDAX has higher volatility (4.82%) compared to MINDX (4.29%). In terms of maximum drawdown, INDAX dropped -43.98% vs MINDX's -72.18%.
MINDX currently has the higher Sharpe Ratio (-0.49 vs -0.86), 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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