INDF vs. INDAX

Last updated Apr 2, 2026

Compare and contrast key facts about Nifty India Financials ETF (INDF) and ALPS/Kotak India ESG Fund (INDAX).

INDF is a passively managed fund by Exchange Traded Concepts that tracks the performance of the Nifty Financial Services 25/50 Index. It was launched on Oct 20, 2020. INDAX is managed by ALPS. It was launched on Feb 13, 2011.

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.

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%	23.97%
INDAX ALPS/Kotak India ESG Fund	-16.28%	2.03%	10.94%	16.77%	-12.62%	26.37%	14.59%

Returns By Period

INDF

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

INDAX

• 1D: 1.76%
• 1M: -10.24%
• YTD: -16.28%
• 6M: -14.63%
• 1Y: -10.28%
• 3Y*: 4.26%
• 5Y*: 2.20%
• 10Y*: 7.15%

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

INDF vs. INDAX - Expense Ratio Comparison

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

INDAX

ALPS/Kotak India ESG Fund

INDF

Nifty India Financials ETF

Return for Risk

INDF vs. INDAX — Risk / Return Rank

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

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.

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

Sharpe Ratios by Period

	INDF	INDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.74	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.35	—

Correlation

The correlation between INDF and INDAX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

INDF vs. INDAX - Dividend Comparison

INDF's dividend yield for the trailing twelve months is around 21.29%, more than INDAX's 6.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
INDAX ALPS/Kotak India ESG Fund	6.72%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%

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 (5Y) Largest decline over 5 years	—	-23.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.98%	—
Current Drawdown Current decline from peak	—	-22.15%	—
Average Drawdown Average peak-to-trough decline	—	-10.68%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.05%	—

Volatility

Volatility by Period

	INDF	INDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.73%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.99%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.75%	—