INDAX vs. MINDX
Compare and contrast key facts about ALPS/Kotak India ESG Fund (INDAX) and Matthews India Fund (MINDX).
INDAX is managed by ALPS. It was launched on Feb 13, 2011. MINDX is managed by Matthews. It was launched on Oct 30, 2005.
Performance
INDAX vs. MINDX - Performance Comparison
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INDAX vs. MINDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -17.72% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
MINDX Matthews India Fund | -19.53% | 1.61% | 9.99% | 23.14% | -9.87% | 17.87% | 16.46% | -0.79% | -9.80% | 33.76% |
Returns By Period
In the year-to-date period, INDAX achieves a -17.72% return, which is significantly higher than MINDX's -19.53% return. Over the past 10 years, INDAX has outperformed MINDX with an annualized return of 6.97%, while MINDX has yielded a comparatively lower 5.11% annualized return.
INDAX
- 1D
- -1.80%
- 1M
- -13.54%
- YTD
- -17.72%
- 6M
- -15.44%
- 1Y
- -12.38%
- 3Y*
- 3.65%
- 5Y*
- 2.06%
- 10Y*
- 6.97%
MINDX
- 1D
- -1.97%
- 1M
- -13.99%
- YTD
- -19.53%
- 6M
- -16.55%
- 1Y
- -12.76%
- 3Y*
- 3.95%
- 5Y*
- 2.71%
- 10Y*
- 5.11%
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INDAX vs. MINDX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than MINDX's 1.15% expense ratio.
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.
| INDAX | MINDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.83 | -0.83 | -0.01 |
Sortino ratioReturn per unit of downside risk | -1.10 | -1.10 | 0.00 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.87 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.61 | -0.52 | -0.08 |
Martin ratioReturn relative to average drawdown | -2.14 | -2.00 | -0.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INDAX | MINDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.83 | -0.83 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.17 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.30 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.39 | -0.05 |
Correlation
The correlation between INDAX and MINDX is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
INDAX vs. MINDX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.83%, less than MINDX's 8.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.83% | 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 | 8.40% | 6.76% | 15.03% | 3.07% | 15.30% | 9.87% | 3.03% | 12.04% | 16.50% | 0.00% | 0.00% | 0.99% |
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 | -20.85% | -21.96% | +1.11% |
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 | -23.49% | -26.51% | +3.02% |
Average DrawdownAverage peak-to-trough decline | -10.67% | -14.90% | +4.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.92% | 5.75% | +0.17% |
Volatility
INDAX vs. MINDX - Volatility Comparison
ALPS/Kotak India ESG Fund (INDAX) and Matthews India Fund (MINDX) have volatilities of 6.24% and 6.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 6.24% | 6.20% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.28% | 10.72% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.65% | 15.66% | -1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 15.78% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.75% | 17.28% | -0.53% |