SMTRX vs. INDAX

Last updated Jun 25, 2026

SMTRX (ALPS/Smith Total Return Bond Fund) and INDAX (ALPS/Kotak India ESG Fund) are both mutual funds - SMTRX is a Intermediate Core-Plus Bond fund managed by ALPS, while INDAX is a Asia Pacific Equities fund managed by ALPS. At a 0.35 correlation, their price movements are largely independent. SMTRX charges 0.99%/yr vs 1.33%/yr for INDAX.

Performance

SMTRX vs. INDAX - Performance Comparison

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

Returns By Period

SMTRX

• 1D: 0.10%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

INDAX

• 1D: -1.06%
• 1M: 2.11%
• YTD: -11.63%
• 6M: -12.07%
• 1Y: -13.05%
• 3Y*: 3.85%
• 5Y*: 2.48%
• 10Y*: 7.35%

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

SMTRX vs. INDAX - Yearly Performance Comparison

	2026 (YTD)
SMTRX ALPS/Smith Total Return Bond Fund	0.10%
INDAX ALPS/Kotak India ESG Fund	1.44%

Correlation

The correlation between SMTRX and INDAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.35

Return for Risk

SMTRX vs. INDAX — Risk / Return Rank

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

SMTRX

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.

SMTRX vs. INDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Smith Total Return Bond Fund (SMTRX) 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.

	SMTRX	INDAX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.80	—
Sortino ratio: Return per unit of downside risk	—	-1.09	—
Omega ratio: Gain probability vs. loss probability	—	0.88	—
Calmar ratio: Return relative to maximum drawdown	—	-0.57	—
Martin ratio: Return relative to average drawdown	—	-1.23	—

Drawdowns

SMTRX vs. INDAX - Drawdown Comparison

The maximum SMTRX drawdown since its inception was -0.62%, smaller than the maximum INDAX drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for SMTRX and INDAX.

Drawdown Indicators

	SMTRX	INDAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.62%	-43.98%	+43.36%
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	-0.21%	-17.82%	+17.61%
Average Drawdown Average peak-to-trough decline	-0.18%	-10.79%	+10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.63%	—

Volatility

Volatility by Period

	SMTRX	INDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	14.85%	-11.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	15.16%	-11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	16.86%	-13.30%

SMTRX vs. INDAX - Expense Ratio Comparison

SMTRX has a 0.99% expense ratio, which is lower than INDAX's 1.33% expense ratio.

Dividends

SMTRX vs. INDAX - Dividend Comparison

SMTRX's dividend yield for the trailing twelve months is around 0.36%, less than INDAX's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDAX ALPS/Kotak India ESG Fund	6.36%	5.62%	16.14%	4.43%	1.65%	5.48%	0.00%	1.30%	6.55%	2.79%	1.32%	15.14%
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMTRX and INDAX in my portfolio?

SMTRX 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.