ADIV vs. INCO

Last updated Jul 22, 2026

ADIV (SmartETFs Asia Pacific Dividend Builder ETF) and INCO (Columbia India Consumer ETF) are both exchange-traded funds - ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management, while INCO is a India Equities fund tracking the Indxx India Consumer Index. ADIV is actively managed, while INCO is passively managed. Over the past 5 years, ADIV returned 7.13%/yr vs 6.72%/yr for INCO. At a 0.39 correlation, their price movements are largely independent. ADIV charges 0.78%/yr vs 0.75%/yr for INCO.

Performance

ADIV vs. INCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and Columbia India Consumer ETF (INCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADIV achieves a 8.15% return, which is significantly higher than INCO's -8.71% return.

ADIV

• 1D: 1.07%
• 1M: 0.34%
• 6M: 6.45%
• YTD: 8.15%
• 1Y: 10.02%
• 3Y*: 16.87%
• 5Y*: 7.13%
• 10Y*: —
• ALL TIME*: 6.66%

INCO

• 1D: 0.55%
• 1M: -1.11%
• 6M: -4.14%
• YTD: -8.71%
• 1Y: -7.94%
• 3Y*: 6.40%
• 5Y*: 6.72%
• 10Y*: 8.08%
• ALL TIME*: 9.20%

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

ADIV vs. INCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.15%	21.86%	14.47%	12.28%	-18.00%	1.41%
INCO Columbia India Consumer ETF	-8.71%	0.59%	12.70%	34.63%	-7.01%	12.70%

Correlation

The correlation between ADIV and INCO 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	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 29, 2021	0.39

ADIV vs. INCO - Sectors Allocation Comparison

Sectors	ADIV	INCO
Financial Services	32.2%	-
Technology	25.8%	0.8%
Consumer Cyclical	15.9%	61.2%
Real Estate	8.1%	-
Healthcare	5.2%	2.0%
Consumer Defensive	4.8%	36.0%
Communication Services	3.5%	-
Industrials	2.5%	1.4%
Utilities	2.0%	-
Basic Materials	-	-
Energy	-	-

Return for Risk

ADIV vs. INCO — Risk / Return Rank

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

ADIV

ADIV Risk / Return Rank: 27
ADIV Sharpe Ratio Rank: 27
ADIV Sortino Ratio Rank: 26
ADIV Omega Ratio Rank: 26
ADIV Calmar Ratio Rank: 27
ADIV Martin Ratio Rank: 30

INCO

INCO Risk / Return Rank: 6
INCO Sharpe Ratio Rank: 6
INCO Sortino Ratio Rank: 5
INCO Omega Ratio Rank: 5
INCO Calmar Ratio Rank: 7
INCO Martin Ratio Rank: 6

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.

ADIV vs. INCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and Columbia India Consumer ETF (INCO). 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.

	ADIV	INCO	Difference
Sharpe ratio: Return per unit of total volatility	0.71	-0.47	+1.18
Sortino ratio: Return per unit of downside risk	1.08	-0.58	+1.66
Omega ratio: Gain probability vs. loss probability	1.13	0.94	+0.20
Calmar ratio: Return relative to maximum drawdown	0.99	-0.37	+1.36
Martin ratio: Return relative to average drawdown	3.06	-0.84	+3.90

ADIV vs. INCO - Sharpe Ratio Comparison

The current ADIV Sharpe Ratio is 0.71, which is higher than the INCO Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of ADIV and INCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ADIV vs. INCO - Drawdown Comparison

The maximum ADIV drawdown since its inception was -31.55%, smaller than the maximum INCO drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for ADIV and INCO.

Drawdown Indicators

	ADIV	INCO	Difference
Max Drawdown Largest peak-to-trough decline	-31.55%	-47.69%	+16.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-21.37%	+11.22%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-29.98%	+11.45%
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	-29.98%	-1.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.69%	—
Current Drawdown Current decline from peak	-1.06%	-22.25%	+21.19%
Average Drawdown Average peak-to-trough decline	-8.31%	-10.67%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	9.47%	-6.19%

Volatility

ADIV vs. INCO - Volatility Comparison

SmartETFs Asia Pacific Dividend Builder ETF (ADIV) has a higher volatility of 4.41% compared to Columbia India Consumer ETF (INCO) at 3.35%. This indicates that ADIV's price experiences larger fluctuations and is considered to be riskier than INCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADIV	INCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.35%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	14.42%	-2.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	17.08%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	16.98%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	20.29%	-3.92%

ADIV vs. INCO - Expense Ratio Comparison

ADIV has a 0.78% expense ratio, which is higher than INCO's 0.75% expense ratio.

Dividends

ADIV vs. INCO - Dividend Comparison

ADIV's dividend yield for the trailing twelve months is around 2.91%, while INCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.91%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%
INCO Columbia India Consumer ETF	0.00%	0.00%	2.88%	3.81%	10.57%	6.25%	0.34%	0.28%	0.12%	0.05%	0.09%

Frequently Asked Questions

Can I hold both ADIV and INCO in my portfolio?

ADIV and INCO 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, ADIV or INCO?

ADIV has higher volatility (4.41%) compared to INCO (3.35%). In terms of maximum drawdown, ADIV dropped -31.55% vs INCO's -47.69%.

Which ETF is better, ADIV or INCO?

On 5-year performance, ADIV leads with 7.13% vs 6.72% for INCO. On fees, INCO is cheaper at 0.75% per year. On volatility, INCO has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADIV or INCO?

Over the 5-year period, ADIV has performed better with a 7.13% return vs 6.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADIV or INCO?

INCO is cheaper with a 0.75% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, ADIV or INCO?

ADIV has the higher dividend yield at 2.91%, compared with 0.00% for INCO.

What is the main difference between ADIV and INCO?

ADIV is categorized as Asia Pacific Equities, while INCO is India Equities. They also come from different issuers: Guinness Atkinson Asset Management and Ameriprise Financial. Their fees differ too: 0.78% for ADIV and 0.75% for INCO.

Which has better risk-adjusted returns?

ADIV currently has the higher Sharpe Ratio (0.71 vs -0.47), 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.