INDAX vs. MSAQX
INDAX (ALPS/Kotak India ESG Fund) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both mutual funds - INDAX is a India Equities fund managed by ALPS, while MSAQX is a Asia Pacific Equities fund managed by Morgan Stanley. Over the past 10 years, INDAX returned 6.68%/yr vs 9.85%/yr for MSAQX. Their 0.45 correlation means their historical movements had little consistent relationship. INDAX charges 1.33%/yr vs 1.10%/yr for MSAQX.
Performance
INDAX vs. MSAQX - 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 MSAQX's 12.64% return. Over the past 10 years, INDAX has underperformed MSAQX with an annualized return of 6.68%, while MSAQX has yielded a comparatively higher 9.85% 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%
MSAQX
- 1D
- 1.41%
- 1M
- 0.53%
- 6M
- 10.36%
- YTD
- 12.64%
- 1Y
- 8.60%
- 3Y*
- 7.55%
- 5Y*
- -1.05%
- 10Y*
- 9.85%
- ALL TIME*
- 10.01%
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. MSAQX - 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% |
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio | 12.64% | 2.06% | 19.71% | -6.83% | -22.01% | -20.52% | 52.55% | 44.74% | -13.64% | 76.83% |
Correlation
The correlation between INDAX and MSAQX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.45 |
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Return for Risk
INDAX vs. MSAQX — Risk / Return Rank
INDAX
MSAQX
INDAX vs. MSAQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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 | MSAQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.07 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 0.28 | -0.69 |
| Martin ratioReturn relative to average drawdown | -0.85 | 0.69 | -1.54 |
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Drawdowns
INDAX vs. MSAQX - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum MSAQX drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for INDAX and MSAQX.
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Drawdown Indicators
| INDAX | MSAQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -61.11% | +17.13% |
Max Drawdown (1Y)Largest decline over 1 year | -19.70% | -23.57% | +3.87% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -23.57% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -46.68% | +23.19% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -61.11% | +17.13% |
Current DrawdownCurrent decline from peak | -15.02% | -35.12% | +20.10% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -24.58% | +13.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.58% | 9.43% | +0.15% |
Volatility
INDAX vs. MSAQX - Volatility Comparison
The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 5.55%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 8.24%. This indicates that INDAX experiences smaller price fluctuations and is considered to be less risky than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | MSAQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 8.24% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 22.02% | -8.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 24.92% | -9.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 24.84% | -9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 22.71% | -5.80% |
INDAX vs. MSAQX - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than MSAQX's 1.10% expense ratio.
Dividends
INDAX vs. MSAQX - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.15%, while MSAQX has not paid dividends to shareholders.
| 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% |
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio | 0.00% | 0.00% | 1.82% | 0.26% | 0.00% | 0.88% | 1.06% | 0.05% | 0.69% | 1.12% | 2.24% | 0.00% |
Frequently Asked Questions
INDAX and MSAQX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSAQX has higher volatility (8.24%) compared to INDAX (5.55%). In terms of maximum drawdown, INDAX dropped -43.98% vs MSAQX's -61.11%.
MSAQX currently has the higher Sharpe Ratio (0.26 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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