BPAY vs. INRO

Last updated Jun 5, 2026

BPAY (BlackRock Future Financial and Technology ETF) and INRO (Blackrock U.S. Industry Rotation ETF) are both exchange-traded funds - BPAY is a Financials Equities fund actively managed by BlackRock, while INRO is a Large Cap Blend Equities fund actively managed by BlackRock. Both are actively managed. Over the past year, BPAY returned -9.61% vs 32.02% for INRO. A 0.70 correlation means they provide meaningful diversification when combined. BPAY charges 0.70%/yr vs 0.42%/yr for INRO.

Performance

BPAY vs. INRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Future Financial and Technology ETF (BPAY) and Blackrock U.S. Industry Rotation ETF (INRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPAY achieves a -10.58% return, which is significantly lower than INRO's 13.69% return.

BPAY

• 1D: 2.12%
• 1M: -1.68%
• YTD: -10.58%
• 6M: -13.16%
• 1Y: -9.61%
• 3Y*: 9.60%
• 5Y*: —
• 10Y*: —

INRO

• 1D: 0.42%
• 1M: 5.74%
• YTD: 13.69%
• 6M: 13.53%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BPAY vs. INRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BPAY BlackRock Future Financial and Technology ETF	-10.58%	8.54%	6.85%
INRO Blackrock U.S. Industry Rotation ETF	13.69%	16.67%	10.88%

Correlation

The correlation between BPAY and INRO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.70

The correlation between BPAY and INRO has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

BPAY vs. INRO - Sectors Allocation Comparison

Sectors	BPAY	INRO
Financial Services	53.0%	10.1%
Technology	36.4%	38.4%
Consumer Cyclical	6.0%	11.3%
Industrials	4.6%	9.7%
Real Estate	2.2%	0.6%
Basic Materials	-	1.5%
Communication Services	-	10.4%
Consumer Defensive	-	6.4%
Energy	-	3.7%
Healthcare	-	7.9%
Utilities	-	0.0%

Return for Risk

BPAY vs. INRO — Risk / Return Rank

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

BPAY

BPAY Risk / Return Rank: 6
BPAY Sharpe Ratio Rank: 6
BPAY Sortino Ratio Rank: 6
BPAY Omega Ratio Rank: 6
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

INRO

INRO Risk / Return Rank: 77
INRO Sharpe Ratio Rank: 79
INRO Sortino Ratio Rank: 77
INRO Omega Ratio Rank: 77
INRO Calmar Ratio Rank: 70
INRO Martin Ratio Rank: 82

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.

BPAY vs. INRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) and Blackrock U.S. Industry Rotation ETF (INRO). 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.

	BPAY	INRO	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	2.51	-2.88
Sortino ratio: Return per unit of downside risk	-0.35	3.42	-3.77
Omega ratio: Gain probability vs. loss probability	0.96	1.45	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.29	3.44	-3.72
Martin ratio: Return relative to average drawdown	-0.56	15.99	-16.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BPAY vs. INRO - Sharpe Ratio Comparison

The current BPAY Sharpe Ratio is -0.37, which is lower than the INRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of BPAY and INRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BPAY	INRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	2.51	-2.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.14	-1.06

Drawdowns

BPAY vs. INRO - Drawdown Comparison

The maximum BPAY drawdown since its inception was -33.62%, which is greater than INRO's maximum drawdown of -20.02%. Use the drawdown chart below to compare losses from any high point for BPAY and INRO.

Drawdown Indicators

	BPAY	INRO	Difference
Max Drawdown Largest peak-to-trough decline	-33.62%	-20.02%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-33.62%	-9.36%	-24.26%
Max Drawdown (3Y) Largest decline over 3 years	-33.62%	—	—
Current Drawdown Current decline from peak	-24.46%	-0.24%	-24.22%
Average Drawdown Average peak-to-trough decline	-10.55%	-2.60%	-7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.05%	2.01%	+15.04%

Volatility

BPAY vs. INRO - Volatility Comparison

BlackRock Future Financial and Technology ETF (BPAY) has a higher volatility of 7.26% compared to Blackrock U.S. Industry Rotation ETF (INRO) at 3.61%. This indicates that BPAY's price experiences larger fluctuations and is considered to be riskier than INRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPAY	INRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	3.61%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	18.84%	9.95%	+8.89%
Volatility (1Y) Calculated over the trailing 1-year period	26.06%	12.82%	+13.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.36%	17.08%	+7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.36%	17.08%	+7.28%

BPAY vs. INRO - Expense Ratio Comparison

BPAY has a 0.70% expense ratio, which is higher than INRO's 0.42% expense ratio.

Dividends

BPAY vs. INRO - Dividend Comparison

BPAY's dividend yield for the trailing twelve months is around 7.25%, more than INRO's 0.65% yield.

Position	TTM	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	7.25%	6.49%	0.48%	1.18%	0.18%
INRO Blackrock U.S. Industry Rotation ETF	0.65%	0.68%	0.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BPAY and INRO in my portfolio?

BPAY and INRO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPAY or INRO?

BPAY has higher volatility (7.26%) compared to INRO (3.61%). In terms of maximum drawdown, BPAY dropped -33.62% vs INRO's -20.02%.

Which ETF is better, BPAY or INRO?

On 1-year performance, INRO leads with 32.02% vs -9.61% for BPAY. On fees, INRO is cheaper at 0.42% per year. On volatility, INRO has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BPAY or INRO?

Over the 1-year period, INRO has performed better with a 32.02% return vs -9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BPAY or INRO?

INRO is cheaper with a 0.42% expense ratio, compared with 0.70% for BPAY.

Which ETF pays a higher dividend yield, BPAY or INRO?

BPAY has the higher dividend yield at 7.25%, compared with 0.65% for INRO.

What is the main difference between BPAY and INRO?

BPAY is categorized as Financials Equities, while INRO is Large Cap Blend Equities. Their fees differ too: 0.70% for BPAY and 0.42% for INRO.

Which has better risk-adjusted returns?

INRO currently has the higher Sharpe Ratio (2.51 vs -0.37), 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.