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INDAX vs. SMCVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDAX vs. SMCVX

Last updated Jul 15, 2026
Documentation

INDAX (ALPS/Kotak India ESG Fund) and SMCVX (ALPS/Smith Credit Opportunities Fund) are both mutual funds - INDAX is a India Equities fund managed by ALPS, while SMCVX is a Multisector Bonds fund managed by ALPS. Over the past 5 years, INDAX returned 2.29%/yr vs 0.89%/yr for SMCVX. At a 0.27 correlation, their price movements are largely independent. INDAX charges 1.33%/yr vs 1.17%/yr for SMCVX.

Performance

INDAX vs. SMCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Kotak India ESG Fund (INDAX) and ALPS/Smith Credit Opportunities Fund (SMCVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, INDAX achieves a -10.87% return, which is significantly lower than SMCVX's 1.06% return.

INDAX

1D
-1.18%
1M
2.38%
6M
-9.22%
YTD
-10.87%
1Y
-12.66%
3Y*
2.82%
5Y*
2.29%
10Y*
6.76%

SMCVX

1D
-0.11%
1M
-0.13%
6M
0.95%
YTD
1.06%
1Y
4.27%
3Y*
5.26%
5Y*
0.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDAX vs. SMCVX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
INDAX
ALPS/Kotak India ESG Fund		-10.87%2.03%10.94%16.77%-12.62%26.37%14.07%
SMCVX
ALPS/Smith Credit Opportunities Fund		1.06%5.21%4.93%7.29%-12.95%2.62%4.69%

Correlation

The correlation between INDAX and SMCVX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2020

0.27

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ALPS/Kotak India ESG Fund

ALPS/Smith Credit Opportunities Fund

Often compared with INDAX:
INDAX vs. INDFINDAX vs. FRIN.LINDAX vs. FLININDAX vs. ^GSPCINDAX vs. SPYINDAX vs. SPHDINDAX vs. VOO
Often compared with SMCVX:
SMCVX vs. AVPEXSMCVX vs. LPEFXSMCVX vs. SMRSXSMCVX vs. SMTRXSMCVX vs. JCRAXSMCVX vs. ALIBXSMCVX vs. RLIIX

Return for Risk

INDAX vs. SMCVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDAX
INDAX Risk / Return Rank: 11
Overall Rank
INDAX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
INDAX Sortino Ratio Rank: 11
Sortino Ratio Rank
INDAX Omega Ratio Rank: 11
Omega Ratio Rank
INDAX Calmar Ratio Rank: 11
Calmar Ratio Rank
INDAX Martin Ratio Rank: 00
Martin Ratio Rank
SMCVX
SMCVX Risk / Return Rank: 4040
Overall Rank
SMCVX Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SMCVX Sortino Ratio Rank: 4040
Sortino Ratio Rank
SMCVX Omega Ratio Rank: 4848
Omega Ratio Rank
SMCVX Calmar Ratio Rank: 2828
Calmar Ratio Rank
SMCVX Martin Ratio Rank: 4141
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INDAX vs. SMCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and ALPS/Smith Credit Opportunities Fund (SMCVX). 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.

INDAXSMCVXDifference
Sharpe ratioReturn per unit of total volatility
-0.83
1.43

-2.26

Sortino ratioReturn per unit of downside risk
-1.12
2.00

-3.13

Omega ratioGain probability vs. loss probability

0.87

1.28

-0.41

Calmar ratioReturn relative to maximum drawdown

-0.63

1.50

-2.12

Martin ratioReturn relative to average drawdown

-1.33

6.91

-8.24

INDAX vs. SMCVX - Sharpe Ratio Comparison

The current INDAX Sharpe Ratio is -0.83, which is lower than the SMCVX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of INDAX and SMCVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDAX vs. SMCVX - Drawdown Comparison

The maximum INDAX drawdown since its inception was -43.98%, which is greater than SMCVX's maximum drawdown of -16.11%. Use the drawdown chart below to compare losses from any high point for INDAX and SMCVX.

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Drawdown Indicators

INDAXSMCVXDifference

Max Drawdown

Largest peak-to-trough decline

-43.98%

-16.11%

-27.87%

Max Drawdown (1Y)

Largest decline over 1 year

-20.07%

-2.71%

-17.36%

Max Drawdown (3Y)

Largest decline over 3 years

-23.49%

-3.73%

-19.76%

Max Drawdown (5Y)

Largest decline over 5 years

-23.49%

-16.11%

-7.38%

Max Drawdown (10Y)

Largest decline over 10 years

-43.98%

—

—

Current Drawdown

Current decline from peak

-17.12%

-0.44%

-16.68%

Average Drawdown

Average peak-to-trough decline

-10.81%

-4.91%

-5.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.44%

0.59%

+8.85%

Volatility

INDAX vs. SMCVX - Volatility Comparison

ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.28% compared to ALPS/Smith Credit Opportunities Fund (SMCVX) at 0.71%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than SMCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDAXSMCVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.28%

0.71%

+4.57%

Volatility (6M)

Calculated over the trailing 6-month period

13.26%

2.37%

+10.89%

Volatility (1Y)

Calculated over the trailing 1-year period

15.16%

2.85%

+12.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.24%

4.17%

+11.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.88%

4.00%

+12.88%

INDAX vs. SMCVX - Expense Ratio Comparison

INDAX has a 1.33% expense ratio, which is higher than SMCVX's 1.17% expense ratio.

Dividends

INDAX vs. SMCVX - Dividend Comparison

INDAX's dividend yield for the trailing twelve months is around 6.31%, more than SMCVX's 4.90% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SMCVX
ALPS/Smith Credit Opportunities Fund		4.90%4.74%4.60%4.15%2.21%2.40%0.75%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

INDAX and SMCVX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INDAX has higher volatility (5.28%) compared to SMCVX (0.71%). In terms of maximum drawdown, INDAX dropped -43.98% vs SMCVX's -16.11%.

SMCVX currently has the higher Sharpe Ratio (1.43 vs -0.83), 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.

Portfolio Optimizer

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