INDF vs. INDAX

Last updated Jun 23, 2026

INDF (Nifty India Financials ETF) and INDAX (ALPS/Kotak India ESG Fund) are both funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while INDAX is a Asia Pacific Equities fund managed by ALPS. A 0.71 correlation means they provide meaningful diversification when combined. INDF charges 0.75%/yr vs 1.33%/yr for INDAX.

Performance

INDF vs. INDAX - Performance Comparison

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

Returns By Period

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDAX

• 1D: 0.43%
• 1M: 2.54%
• YTD: -11.25%
• 6M: -11.75%
• 1Y: -11.38%
• 3Y*: 3.63%
• 5Y*: 2.77%
• 10Y*: 7.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INDF vs. INDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%
INDAX ALPS/Kotak India ESG Fund	-11.25%	2.03%	10.94%	16.77%	-12.62%	26.37%	14.50%

Correlation

The correlation between INDF and INDAX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.71

Over the past year, the correlation between INDF and INDAX has dropped to 0.15 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

INDF vs. INDAX - Sectors Allocation Comparison

Sectors	INDF	INDAX
Financial Services	100.0%	32.9%
Basic Materials	-	5.5%
Communication Services	-	7.2%
Consumer Cyclical	-	14.8%
Consumer Defensive	-	4.3%
Energy	-	7.2%
Healthcare	-	5.8%
Industrials	-	10.4%
Real Estate	-	1.3%
Technology	-	8.7%
Utilities	-	-

Return for Risk

INDF vs. INDAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

INDAX

INDAX Risk / Return Rank: 1
INDAX Sharpe Ratio Rank: 1
INDAX Sortino Ratio Rank: 1
INDAX Omega Ratio Rank: 1
INDAX Calmar Ratio Rank: 1
INDAX Martin Ratio Rank: 1

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.

INDF vs. INDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) and ALPS/Kotak India ESG Fund (INDAX). 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.

	INDF	INDAX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.75	—
Sortino ratio: Return per unit of downside risk	—	-1.02	—
Omega ratio: Gain probability vs. loss probability	—	0.88	—
Calmar ratio: Return relative to maximum drawdown	—	-0.54	—
Martin ratio: Return relative to average drawdown	—	-1.17	—

Drawdowns

Drawdown Indicators

	INDF	INDAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-43.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-20.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-23.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.98%	—
Current Drawdown Current decline from peak	—	-17.47%	—
Average Drawdown Average peak-to-trough decline	—	-10.79%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.55%	—

Volatility

Volatility by Period

	INDF	INDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	15.15%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.87%	—

INDF vs. INDAX - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is lower than INDAX's 1.33% expense ratio.

Dividends

INDF vs. INDAX - Dividend Comparison

INDF has not paid dividends to shareholders, while INDAX's dividend yield for the trailing twelve months is around 6.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDAX ALPS/Kotak India ESG Fund	6.34%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDF and INDAX in my portfolio?

INDF and INDAX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.