INDAX vs. TWN
INDAX (ALPS/Kotak India ESG Fund) and TWN (The Taiwan Fund Inc.) are both Asia Pacific Equities funds. Over the past 10 years, INDAX returned 7.47%/yr vs 29.35%/yr for TWN. At a 0.36 correlation, their price movements are largely independent.
Performance
INDAX vs. TWN - Performance Comparison
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Returns By Period
In the year-to-date period, INDAX achieves a -10.69% return, which is significantly lower than TWN's 78.55% return. Over the past 10 years, INDAX has underperformed TWN with an annualized return of 7.47%, while TWN has yielded a comparatively higher 29.35% annualized return.
INDAX
- 1D
- 0.64%
- 1M
- 3.20%
- YTD
- -10.69%
- 6M
- -11.35%
- 1Y
- -10.92%
- 3Y*
- 4.22%
- 5Y*
- 2.88%
- 10Y*
- 7.47%
TWN
- 1D
- -5.65%
- 1M
- 1.47%
- YTD
- 78.55%
- 6M
- 81.17%
- 1Y
- 150.01%
- 3Y*
- 59.72%
- 5Y*
- 32.06%
- 10Y*
- 29.35%
INDAX vs. TWN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | -10.69% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
TWN The Taiwan Fund Inc. | 78.55% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
Correlation
The correlation between INDAX and TWN is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2011 | 0.36 |
Over the past year, the correlation between INDAX and TWN has dropped to 0.13 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
INDAX vs. TWN — Risk / Return Rank
INDAX
TWN
INDAX vs. TWN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Kotak India ESG Fund (INDAX) and The Taiwan Fund Inc. (TWN). 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 | TWN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.03 | ||
| Sortino ratioReturn per unit of downside risk | -6.46 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.77 | -0.89 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 16.25 | -16.77 |
| Martin ratioReturn relative to average drawdown | -1.13 | 49.22 | -50.35 |
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Drawdowns
INDAX vs. TWN - Drawdown Comparison
The maximum INDAX drawdown since its inception was -43.98%, smaller than the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for INDAX and TWN.
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Drawdown Indicators
| INDAX | TWN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -79.52% | +35.54% |
Max Drawdown (1Y)Largest decline over 1 year | -20.85% | -9.29% | -11.56% |
Max Drawdown (3Y)Largest decline over 3 years | -23.49% | -29.97% | +6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.49% | -51.72% | +28.23% |
Max Drawdown (10Y)Largest decline over 10 years | -43.98% | -51.72% | +7.74% |
Current DrawdownCurrent decline from peak | -16.95% | -6.13% | -10.82% |
Average DrawdownAverage peak-to-trough decline | -10.79% | -37.36% | +26.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.59% | 3.06% | +6.53% |
Volatility
INDAX vs. TWN - Volatility Comparison
The current volatility for ALPS/Kotak India ESG Fund (INDAX) is 4.39%, while The Taiwan Fund Inc. (TWN) has a volatility of 14.11%. This indicates that INDAX experiences smaller price fluctuations and is considered to be less risky than TWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INDAX | TWN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 14.11% | -9.72% |
Volatility (6M)Calculated over the trailing 6-month period | 12.89% | 25.07% | -12.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.85% | 28.51% | -13.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.15% | 24.33% | -9.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 22.75% | -5.87% |
Dividends
INDAX vs. TWN - Dividend Comparison
INDAX's dividend yield for the trailing twelve months is around 6.30%, less than TWN's 6.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.30% | 5.62% | 16.14% | 4.43% | 1.65% | 5.48% | 0.00% | 1.30% | 6.55% | 2.79% | 1.32% | 15.14% |
TWN The Taiwan Fund Inc. | 6.51% | 11.62% | 19.14% | 1.26% | 0.00% | 7.78% | 12.91% | 8.26% | 11.27% | 3.16% | 0.00% | 0.00% |
Frequently Asked Questions
INDAX and TWN have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWN has higher volatility (14.11%) compared to INDAX (4.39%). In terms of maximum drawdown, INDAX dropped -43.98% vs TWN's -79.52%.
TWN currently has the higher Sharpe Ratio (5.30 vs -0.73), 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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