PAAOX vs. INDAX
PAAOX (T. Rowe Price Asia Opportunities Fund) and INDAX (ALPS/Kotak India ESG Fund) are both mutual funds - PAAOX is a Asia Pacific Equities fund managed by T. Rowe Price, while INDAX is a India Equities fund managed by ALPS. Over the past 10 years, PAAOX returned 8.34%/yr vs 6.74%/yr for INDAX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. PAAOX charges 1.25%/yr vs 1.33%/yr for INDAX.
Performance
PAAOX vs. INDAX - Performance Comparison
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Returns By Period
In the year-to-date period, PAAOX achieves a 7.13% return, which is significantly higher than INDAX's -7.23% return. Over the past 10 years, PAAOX has outperformed INDAX with an annualized return of 8.34%, while INDAX has yielded a comparatively lower 6.74% annualized return.
PAAOX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.34%
- YTD
- 7.13%
- 1Y
- 21.55%
- 3Y*
- 13.57%
- 5Y*
- 2.73%
- 10Y*
- 8.34%
- ALL TIME*
- 7.63%
INDAX
- 1D
- 1.51%
- 1M
- 3.36%
- 6M
- -5.08%
- YTD
- -7.23%
- 1Y
- -6.59%
- 3Y*
- 4.32%
- 5Y*
- 2.53%
- 10Y*
- 6.74%
- ALL TIME*
- 6.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PAAOX vs. INDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAOX T. Rowe Price Asia Opportunities Fund | 7.13% | 27.78% | 11.30% | -1.00% | -19.33% | -5.50% | 26.57% | 24.86% | -11.26% | 43.07% |
INDAX ALPS/Kotak India ESG Fund | -7.23% | 2.03% | 10.94% | 16.77% | -12.62% | 26.37% | 14.68% | 8.41% | -12.51% | 39.77% |
Correlation
The correlation between PAAOX and INDAX is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 23, 2014 | 0.51 |
Over the past year, the correlation between PAAOX and INDAX has dropped to 0.30 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
PAAOX vs. INDAX — Risk / Return Rank
PAAOX
INDAX
PAAOX vs. INDAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Asia Opportunities Fund (PAAOX) 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.
| PAAOX | INDAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.94 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.33 | +2.05 |
| Martin ratioReturn relative to average drawdown | 5.12 | -0.68 | +5.81 |
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Drawdowns
PAAOX vs. INDAX - Drawdown Comparison
The maximum PAAOX drawdown since its inception was -43.02%, roughly equal to the maximum INDAX drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for PAAOX and INDAX.
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Drawdown Indicators
| PAAOX | INDAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.02% | -43.98% | +0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -13.70% | -19.70% | +6.00% |
Max Drawdown (3Y)Largest decline over 3 years | -18.78% | -23.49% | +4.71% |
Max Drawdown (5Y)Largest decline over 5 years | -38.08% | -23.49% | -14.59% |
Max Drawdown (10Y)Largest decline over 10 years | -43.02% | -43.98% | +0.96% |
Current DrawdownCurrent decline from peak | -5.51% | -13.73% | +8.22% |
Average DrawdownAverage peak-to-trough decline | -13.02% | -10.83% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 9.60% | -5.01% |
Volatility
PAAOX vs. INDAX - Volatility Comparison
The current volatility for T. Rowe Price Asia Opportunities Fund (PAAOX) is 0.00%, while ALPS/Kotak India ESG Fund (INDAX) has a volatility of 5.69%. This indicates that PAAOX 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
| PAAOX | INDAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 5.69% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 12.60% | 13.51% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 15.58% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.93% | 15.32% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.56% | 16.92% | +0.64% |
PAAOX vs. INDAX - Expense Ratio Comparison
PAAOX has a 1.25% expense ratio, which is lower than INDAX's 1.33% expense ratio.
Dividends
PAAOX vs. INDAX - Dividend Comparison
PAAOX's dividend yield for the trailing twelve months is around 3.21%, less than INDAX's 6.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDAX ALPS/Kotak India ESG Fund | 6.06% | 5.62% | 16.14% | 4.43% | 1.65% | 5.48% | 0.00% | 1.30% | 6.55% | 2.79% | 1.32% | 15.14% |
PAAOX T. Rowe Price Asia Opportunities Fund | 3.21% | 0.64% | 0.00% | 1.55% | 1.51% | 7.43% | 1.33% | 0.62% | 0.61% | 0.13% | 2.12% | 0.89% |
Frequently Asked Questions
PAAOX and INDAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDAX has higher volatility (5.69%) compared to PAAOX (0.00%). In terms of maximum drawdown, PAAOX dropped -43.02% vs INDAX's -43.98%.
PAAOX currently has the higher Sharpe Ratio (1.44 vs -0.42), 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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