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LPEFX vs. INDAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LPEFX vs. INDAX

Last updated Jun 4, 2026

LPEFX (ALPS/Red Rocks Global Opportunity Fund) and INDAX (ALPS/Kotak India ESG Fund) are both mutual funds - LPEFX is a Global Equities fund managed by ALPS, while INDAX is a Asia Pacific Equities fund managed by ALPS. Over the past 10 years, LPEFX returned 9.16%/yr vs 6.87%/yr for INDAX. At a 0.46 correlation, their price movements are largely independent. LPEFX charges 1.46%/yr vs 1.33%/yr for INDAX.

Performance

LPEFX vs. INDAX - Performance Comparison

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

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Returns By Period

In the year-to-date period, LPEFX achieves a -6.33% return, which is significantly higher than INDAX's -14.39% return. Over the past 10 years, LPEFX has outperformed INDAX with an annualized return of 9.16%, while INDAX has yielded a comparatively lower 6.87% annualized return.

LPEFX

1D
-0.19%
1M
3.09%
YTD
-6.33%
6M
-3.52%
1Y
-4.86%
3Y*
9.52%
5Y*
2.52%
10Y*
9.16%

INDAX

1D
-0.44%
1M
-2.78%
YTD
-14.39%
6M
-13.28%
1Y
-14.47%
3Y*
3.08%
5Y*
1.85%
10Y*
6.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LPEFX vs. INDAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LPEFX
ALPS/Red Rocks Global Opportunity Fund		-6.33%1.25%17.78%28.31%-28.82%23.70%9.35%49.57%-12.60%27.02%
INDAX
ALPS/Kotak India ESG Fund		-14.39%2.03%10.94%16.77%-12.62%26.37%14.68%8.41%-12.51%39.77%

Correlation

The correlation between LPEFX and INDAX 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

0.29

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

0.35

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

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2011

0.46

The correlation between LPEFX and INDAX shifts across timeframes, from 0.29 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

LPEFX vs. INDAX - Sectors Allocation Comparison

Sectors
LPEFX
INDAX

Financial Services

69.2%
32.9%

Technology

11.7%
8.7%

Industrials

9.9%
10.4%

Consumer Cyclical

4.5%
14.8%

Consumer Defensive

2.8%
4.3%

Communication Services

1.9%
7.2%

Basic Materials

-

5.5%

Energy

-

7.2%

Healthcare

-

5.8%

Real Estate

-

1.3%

Utilities

-

-

Financial Services

LPEFX
69.2%
INDAX
32.9%

Technology

LPEFX
11.7%
INDAX
8.7%

Industrials

LPEFX
9.9%
INDAX
10.4%

Consumer Cyclical

LPEFX
4.5%
INDAX
14.8%

Consumer Defensive

LPEFX
2.8%
INDAX
4.3%

Communication Services

LPEFX
1.9%
INDAX
7.2%

Basic Materials

LPEFX

-

INDAX
5.5%

Energy

LPEFX

-

INDAX
7.2%

Healthcare

LPEFX

-

INDAX
5.8%

Real Estate

LPEFX

-

INDAX
1.3%

Utilities

LPEFX

-

INDAX

-

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ALPS/Red Rocks Global Opportunity Fund

ALPS/Kotak India ESG Fund

Often compared with LPEFX:
LPEFX vs. PSPLPEFX vs. ALIBXLPEFX vs. RLIIXLPEFX vs. JCRAXLPEFX vs. AVPEXLPEFX vs. SMCVXLPEFX vs. SMRSX
Often compared with INDAX:
INDAX vs. INDFINDAX vs. FRIN.LINDAX vs. FLININDAX vs. ^GSPCINDAX vs. SPYINDAX vs. SPHDINDAX vs. VOO

Return for Risk

LPEFX vs. INDAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LPEFX
LPEFX Risk / Return Rank: 22
Overall Rank
LPEFX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
LPEFX Sortino Ratio Rank: 22
Sortino Ratio Rank
LPEFX Omega Ratio Rank: 22
Omega Ratio Rank
LPEFX Calmar Ratio Rank: 22
Calmar Ratio Rank
LPEFX Martin Ratio Rank: 22
Martin Ratio Rank
INDAX
INDAX Risk / Return Rank: 00
Overall Rank
INDAX Sharpe Ratio Rank: 00
Sharpe Ratio Rank
INDAX Sortino Ratio Rank: 00
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
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.

LPEFX vs. INDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Red Rocks Global Opportunity Fund (LPEFX) 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.

LPEFXINDAXDifference
Sharpe ratioReturn per unit of total volatility
-0.28
-1.04

+0.76

Sortino ratioReturn per unit of downside risk
-0.28
-1.45

+1.17

Omega ratioGain probability vs. loss probability

0.97

0.83

+0.13

Calmar ratioReturn relative to maximum drawdown

-0.23

-0.73

+0.50

Martin ratioReturn relative to average drawdown

-0.54

-1.72

+1.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LPEFX vs. INDAX - Sharpe Ratio Comparison

The current LPEFX Sharpe Ratio is -0.28, which is higher than the INDAX Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of LPEFX and INDAX, 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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Sharpe Ratios by Period

LPEFXINDAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.28

-1.04

+0.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.12

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.41

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.35

-0.16

Drawdowns

LPEFX vs. INDAX - Drawdown Comparison

The maximum LPEFX drawdown since its inception was -77.00%, which is greater than INDAX's maximum drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for LPEFX and INDAX.

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Drawdown Indicators

LPEFXINDAXDifference

Max Drawdown

Largest peak-to-trough decline

-77.00%

-43.98%

-33.02%

Max Drawdown (1Y)

Largest decline over 1 year

-22.00%

-20.85%

-1.15%

Max Drawdown (3Y)

Largest decline over 3 years

-22.00%

-23.49%

+1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-49.19%

-23.49%

-25.70%

Max Drawdown (10Y)

Largest decline over 10 years

-49.19%

-43.98%

-5.21%

Current Drawdown

Current decline from peak

-18.14%

-20.39%

+2.25%

Average Drawdown

Average peak-to-trough decline

-22.76%

-10.76%

-12.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.25%

8.80%

+0.45%

Volatility

LPEFX vs. INDAX - Volatility Comparison

The current volatility for ALPS/Red Rocks Global Opportunity Fund (LPEFX) is 4.13%, while ALPS/Kotak India ESG Fund (INDAX) has a volatility of 5.14%. This indicates that LPEFX experiences smaller price fluctuations and is considered to be less risky than INDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LPEFXINDAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.13%

5.14%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

14.15%

12.46%

+1.69%

Volatility (1Y)

Calculated over the trailing 1-year period

17.69%

14.51%

+3.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.50%

15.08%

+9.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.87%

16.85%

+6.02%

LPEFX vs. INDAX - Expense Ratio Comparison

LPEFX has a 1.46% expense ratio, which is higher than INDAX's 1.33% expense ratio.

Dividends

LPEFX vs. INDAX - Dividend Comparison

LPEFX's dividend yield for the trailing twelve months is around 16.41%, more than INDAX's 6.57% yield.

PositionTTM20252024202320222021202020192018201720162015
INDAX
ALPS/Kotak India ESG Fund		6.57%5.62%16.14%4.43%1.65%5.48%0.00%1.30%6.55%2.79%1.32%15.14%
LPEFX
ALPS/Red Rocks Global Opportunity Fund		16.41%15.38%15.95%5.56%0.00%26.79%3.96%21.96%4.58%13.29%1.55%8.21%

Frequently Asked Questions

LPEFX and INDAX 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 (5.14%) compared to LPEFX (4.13%). In terms of maximum drawdown, LPEFX dropped -77.00% vs INDAX's -43.98%.

LPEFX currently has the higher Sharpe Ratio (-0.28 vs -1.04), 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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