TWN vs. INDAX
TWN (The Taiwan Fund Inc.) and INDAX (ALPS/Kotak India ESG Fund) are both Asia Pacific Equities funds. Over the past 10 years, TWN returned 29.91%/yr vs 6.87%/yr for INDAX. At a 0.36 correlation, their price movements are largely independent.
Performance
TWN vs. INDAX - Performance Comparison
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Returns By Period
In the year-to-date period, TWN achieves a 86.31% return, which is significantly higher than INDAX's -14.39% return. Over the past 10 years, TWN has outperformed INDAX with an annualized return of 29.91%, while INDAX has yielded a comparatively lower 6.87% annualized return.
TWN
- 1D
- -1.94%
- 1M
- 6.24%
- YTD
- 86.31%
- 6M
- 99.02%
- 1Y
- 193.19%
- 3Y*
- 65.09%
- 5Y*
- 34.56%
- 10Y*
- 29.91%
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%
TWN vs. INDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWN The Taiwan Fund Inc. | 86.31% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
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 TWN and INDAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2011 | 0.36 |
Over the past year, the correlation between TWN and INDAX has dropped to 0.13 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
TWN vs. INDAX — Risk / Return Rank
TWN
INDAX
TWN vs. INDAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) 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.
| TWN | INDAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.28 | ||
| Sortino ratioReturn per unit of downside risk | +8.75 | ||
| Omega ratioGain probability vs. loss probability | 2.00 | 0.83 | +1.17 |
| Calmar ratioReturn relative to maximum drawdown | 21.40 | -0.73 | +22.12 |
| Martin ratioReturn relative to average drawdown | 69.94 | -1.72 | +71.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TWN | INDAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.24 | -1.04 | +8.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.46 | 0.12 | +1.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.33 | 0.41 | +0.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.35 | -0.11 |
Drawdowns
TWN vs. INDAX - Drawdown Comparison
The maximum TWN drawdown since its inception was -79.52%, which is greater than INDAX's maximum drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for TWN and INDAX.
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Drawdown Indicators
| TWN | INDAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.52% | -43.98% | -35.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.09% | -20.85% | +11.76% |
Max Drawdown (3Y)Largest decline over 3 years | -29.97% | -23.49% | -6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -51.72% | -23.49% | -28.23% |
Max Drawdown (10Y)Largest decline over 10 years | -51.72% | -43.98% | -7.74% |
Current DrawdownCurrent decline from peak | -2.05% | -20.39% | +18.34% |
Average DrawdownAverage peak-to-trough decline | -37.41% | -10.76% | -26.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 8.80% | -6.03% |
Volatility
TWN vs. INDAX - Volatility Comparison
The Taiwan Fund Inc. (TWN) has a higher volatility of 12.08% compared to ALPS/Kotak India ESG Fund (INDAX) at 5.14%. This indicates that TWN'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.
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Volatility by Period
| TWN | INDAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.08% | 5.14% | +6.94% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 12.46% | +10.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.91% | 14.51% | +12.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.89% | 15.08% | +8.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.53% | 16.85% | +5.68% |
Dividends
TWN vs. INDAX - Dividend Comparison
TWN's dividend yield for the trailing twelve months is around 6.23%, less than INDAX's 6.57% yield.
| 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% |
TWN The Taiwan Fund Inc. | 6.23% | 11.62% | 19.14% | 1.26% | 0.00% | 7.78% | 12.91% | 8.26% | 11.27% | 3.16% | 0.00% | 0.00% |
Frequently Asked Questions
TWN and INDAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWN has higher volatility (12.08%) compared to INDAX (5.14%). In terms of maximum drawdown, TWN dropped -79.52% vs INDAX's -43.98%.
TWN currently has the higher Sharpe Ratio (7.24 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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