INDAX vs. SPHD
INDAX (ALPS/Kotak India ESG Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both funds - INDAX is a India Equities fund managed by ALPS, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Over the past 10 years, INDAX returned 6.58%/yr vs 7.28%/yr for SPHD. Their 0.32 correlation means their historical movements had little consistent relationship. INDAX charges 1.33%/yr vs 0.30%/yr for SPHD.
Performance
INDAX vs. SPHD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INDAX achieves a -9.24% return, which is significantly lower than SPHD's 12.28% return. Over the past 10 years, INDAX has underperformed SPHD with an annualized return of 6.58%, while SPHD has yielded a comparatively higher 7.28% annualized return.
INDAX
- 1D
- 0.56%
- 1M
- 1.12%
- 6M
- -4.37%
- YTD
- -9.24%
- 1Y
- -8.56%
- 3Y*
- 3.17%
- 5Y*
- 2.40%
- 10Y*
- 6.58%
- ALL TIME*
- 6.63%
SPHD
- 1D
- -0.19%
- 1M
- 0.89%
- 6M
- 6.75%
- YTD
- 12.28%
- 1Y
- 15.51%
- 3Y*
- 12.02%
- 5Y*
- 8.00%
- 10Y*
- 7.28%
- ALL TIME*
- 9.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $45.09M | $45.47M | $42.29M |
INDAX vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -9.24% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 12.28% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between INDAX and SPHD is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.32 |
Over the past year, the correlation between INDAX and SPHD has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
INDAX vs. SPHD — Risk / Return Rank
INDAX
SPHD
INDAX vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 2.08 | -2.53 |
| Martin ratioReturn relative to average drawdown | -0.93 | 5.19 | -6.12 |
Loading charts...
Drawdowns
INDAX vs. SPHD - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for INDAX and SPHD.
Loading charts...
Drawdown Indicators
| INDAX | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -41.39% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -19.70% | -7.33% | -12.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -13.29% | -10.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -19.50% | -3.99% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -41.39% | -2.59% |
Current DrawdownCurrent decline from peak | -15.60% | -2.24% | -13.36% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -4.66% | -6.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.56% | 2.93% | +6.63% |
Volatility
INDAX vs. SPHD - Volatility Comparison
ALPS/Kotak India ESG Fund (INDAX) has a higher volatility of 5.52% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.63%. This indicates that INDAX's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| INDAX | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.52% | 4.63% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 13.41% | 9.12% | +4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 11.81% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 14.24% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 17.67% | -0.76% |
INDAX vs. SPHD - Expense Ratio Comparison
INDAX has a 1.33% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
INDAX vs. SPHD - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.19%, more than SPHD's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.19% | 5.62% | 16.14% | 4.43% | 1.65% | 5.48% | 0.00% | 1.30% | 6.55% | 2.79% | 1.32% | 15.14% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.56% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
INDAX and SPHD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDAX has higher volatility (5.52%) compared to SPHD (4.63%). In terms of maximum drawdown, INDAX dropped -43.98% vs SPHD's -41.39%.
SPHD currently has the higher Sharpe Ratio (1.30 vs -0.57), 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.
Find the right allocation for INDAX and SPHD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer