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 29.46%/yr vs 7.35%/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 80.07% return, which is significantly higher than INDAX's -11.63% return. Over the past 10 years, TWN has outperformed INDAX with an annualized return of 29.46%, while INDAX has yielded a comparatively lower 7.35% annualized return.
TWN
- 1D
- 0.85%
- 1M
- 2.33%
- YTD
- 80.07%
- 6M
- 83.02%
- 1Y
- 145.72%
- 3Y*
- 60.17%
- 5Y*
- 32.03%
- 10Y*
- 29.46%
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%
TWN vs. INDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWN The Taiwan Fund Inc. | 80.07% | 54.11% | 32.76% | 51.73% | -38.54% | 58.14% | 40.71% | 47.00% | -19.15% | 33.80% |
INDAX ALPS/Kotak India ESG Fund | -11.63% | 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 14, 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.
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.
| TWN | INDAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.96 | ||
| Sortino ratioReturn per unit of downside risk | +6.47 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 0.88 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 15.78 | -0.57 | +16.36 |
| Martin ratioReturn relative to average drawdown | 47.53 | -1.23 | +48.76 |
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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 | -9.29% | -20.85% | +11.56% |
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 | -5.33% | -17.82% | +12.49% |
Average DrawdownAverage peak-to-trough decline | -37.36% | -10.79% | -26.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 9.63% | -6.55% |
Volatility
TWN vs. INDAX - Volatility Comparison
The Taiwan Fund Inc. (TWN) has a higher volatility of 13.58% compared to ALPS/Kotak India ESG Fund (INDAX) at 4.55%. 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 | 13.58% | 4.55% | +9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 25.08% | 12.92% | +12.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.50% | 14.85% | +13.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.33% | 15.16% | +9.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.75% | 16.86% | +5.89% |
Dividends
TWN vs. INDAX - Dividend Comparison
TWN's dividend yield for the trailing twelve months is around 6.45%, more 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% |
TWN The Taiwan Fund Inc. | 6.45% | 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 (13.58%) compared to INDAX (4.55%). In terms of maximum drawdown, TWN dropped -79.52% vs INDAX's -43.98%.
TWN currently has the higher Sharpe Ratio (5.16 vs -0.80), 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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