MATFX vs. INDAX

Last updated Jun 4, 2026

MATFX (Matthews Asia Innovators Fund) and INDAX (ALPS/Kotak India ESG Fund) are both Asia Pacific Equities funds. Over the past 10 years, MATFX returned 16.28%/yr vs 6.87%/yr for INDAX. At a 0.48 correlation, their price movements are largely independent. MATFX charges 1.18%/yr vs 1.33%/yr for INDAX.

Performance

MATFX vs. INDAX - Performance Comparison

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

Returns By Period

In the year-to-date period, MATFX achieves a 64.51% return, which is significantly higher than INDAX's -14.39% return. Over the past 10 years, MATFX has outperformed INDAX with an annualized return of 16.28%, while INDAX has yielded a comparatively lower 6.87% annualized return.

MATFX

• 1D: -0.29%
• 1M: 16.96%
• YTD: 64.51%
• 6M: 66.89%
• 1Y: 101.02%
• 3Y*: 35.59%
• 5Y*: 11.22%
• 10Y*: 16.28%

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)

MATFX vs. INDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MATFX Matthews Asia Innovators Fund	64.51%	30.22%	16.47%	-1.77%	-24.66%	-5.90%	86.75%	29.60%	-18.59%	52.78%
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 MATFX and INDAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 15, 2011	0.48

The correlation between MATFX and INDAX shifts across timeframes, from 0.35 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MATFX vs. INDAX — Risk / Return Rank

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

MATFX

MATFX Risk / Return Rank: 97
MATFX Sharpe Ratio Rank: 99
MATFX Sortino Ratio Rank: 96
MATFX Omega Ratio Rank: 95
MATFX Calmar Ratio Rank: 98
MATFX Martin Ratio Rank: 97

INDAX

INDAX Risk / Return Rank: 0
INDAX Sharpe Ratio Rank: 0
INDAX Sortino Ratio Rank: 0
INDAX Omega Ratio Rank: 1
INDAX Calmar Ratio Rank: 1
INDAX Martin Ratio Rank: 0

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.

MATFX vs. INDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Fund (MATFX) 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.

	MATFX	INDAX	Difference
Sharpe ratio Return per unit of total volatility	4.68	-1.04	+5.72
Sortino ratio Return per unit of downside risk	5.50	-1.45	+6.95
Omega ratio Gain probability vs. loss probability	1.80	0.83	+0.97
Calmar ratio Return relative to maximum drawdown	9.33	-0.73	+10.05
Martin ratio Return relative to average drawdown	26.06	-1.72	+27.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MATFX vs. INDAX - Sharpe Ratio Comparison

The current MATFX Sharpe Ratio is 4.68, which is higher than the INDAX Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of MATFX 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.

Sharpe Ratios by Period

	MATFX	INDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.68	-1.04	+5.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.12	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.41	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.35	-0.03

Drawdowns

MATFX vs. INDAX - Drawdown Comparison

The maximum MATFX drawdown since its inception was -76.88%, which is greater than INDAX's maximum drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for MATFX and INDAX.

Drawdown Indicators

	MATFX	INDAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.88%	-43.98%	-32.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-20.85%	+9.52%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-23.49%	+5.30%
Max Drawdown (5Y) Largest decline over 5 years	-45.33%	-23.49%	-21.84%
Max Drawdown (10Y) Largest decline over 10 years	-52.42%	-43.98%	-8.44%
Current Drawdown Current decline from peak	-0.43%	-20.39%	+19.96%
Average Drawdown Average peak-to-trough decline	-28.17%	-10.76%	-17.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	8.80%	-4.81%

Volatility

MATFX vs. INDAX - Volatility Comparison

Matthews Asia Innovators Fund (MATFX) has a higher volatility of 10.46% compared to ALPS/Kotak India ESG Fund (INDAX) at 5.14%. This indicates that MATFX's price experiences larger fluctuations and is considered to be riskier than INDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MATFX	INDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	5.14%	+5.32%
Volatility (6M) Calculated over the trailing 6-month period	19.23%	12.46%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	22.62%	14.51%	+8.11%
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	22.64%	16.85%	+5.79%

MATFX vs. INDAX - Expense Ratio Comparison

MATFX has a 1.18% expense ratio, which is lower than INDAX's 1.33% expense ratio.

Dividends

MATFX vs. INDAX - Dividend Comparison

MATFX has not paid dividends to shareholders, while INDAX's dividend yield for the trailing twelve months is around 6.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MATFX Matthews Asia Innovators Fund	0.00%	0.00%	0.00%	0.00%	26.54%	31.07%	1.67%	0.29%	2.63%	8.44%	0.00%	15.24%

Frequently Asked Questions

Can I hold both MATFX and INDAX in my portfolio?

MATFX and INDAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MATFX or INDAX?

MATFX has higher volatility (10.46%) compared to INDAX (5.14%). In terms of maximum drawdown, MATFX dropped -76.88% vs INDAX's -43.98%.

Which has better risk-adjusted returns?

MATFX currently has the higher Sharpe Ratio (4.68 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.