GIND vs. INCO

Last updated Jul 16, 2026

GIND (Goldman Sachs India Equity ETF) and INCO (Columbia India Consumer ETF) are both India Equities funds. GIND is actively managed, while INCO is passively managed. Over the past year, GIND returned -11.49% vs -8.11% for INCO. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

GIND vs. INCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs India Equity ETF (GIND) 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, GIND achieves a -8.22% return, which is significantly higher than INCO's -9.29% return.

GIND

• 1D: -0.03%
• 1M: 0.54%
• 6M: -6.25%
• YTD: -8.22%
• 1Y: -11.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INCO

• 1D: 0.39%
• 1M: -0.61%
• 6M: -7.77%
• YTD: -9.29%
• 1Y: -8.11%
• 3Y*: 5.74%
• 5Y*: 6.72%
• 10Y*: 8.08%

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

GIND vs. INCO - Yearly Performance Comparison

	2026 (YTD)	2025
GIND Goldman Sachs India Equity ETF	-8.22%	4.70%
INCO Columbia India Consumer ETF	-9.29%	6.56%

Correlation

The correlation between GIND and INCO is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.87

The correlation between GIND and INCO has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

GIND vs. INCO - Sectors Allocation Comparison

Sectors	GIND	INCO
Financial Services	29.7%	-
Consumer Cyclical	16.1%	60.5%
Industrials	12.0%	1.4%
Basic Materials	7.9%	-
Healthcare	7.4%	2.1%
Technology	6.8%	0.8%
Consumer Defensive	5.5%	36.6%
Utilities	3.6%	-
Energy	3.1%	-
Communication Services	2.2%	-
Real Estate	1.5%	-

Return for Risk

GIND vs. INCO — Risk / Return Rank

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

GIND

GIND Risk / Return Rank: 4
GIND Sharpe Ratio Rank: 4
GIND Sortino Ratio Rank: 4
GIND Omega Ratio Rank: 4
GIND Calmar Ratio Rank: 5
GIND Martin Ratio Rank: 3

INCO

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

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.

GIND vs. INCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs India Equity ETF (GIND) 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.

	GIND	INCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-0.48	-0.21
Sortino ratio: Return per unit of downside risk	-0.92	-0.59	-0.33
Omega ratio: Gain probability vs. loss probability	0.90	0.93	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.38	-0.14
Martin ratio: Return relative to average drawdown	-1.16	-0.87	-0.29

GIND vs. INCO - Sharpe Ratio Comparison

The current GIND Sharpe Ratio is -0.69, which is lower than the INCO Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of GIND 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

GIND vs. INCO - Drawdown Comparison

The maximum GIND drawdown since its inception was -22.97%, smaller than the maximum INCO drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for GIND and INCO.

Drawdown Indicators

	GIND	INCO	Difference
Max Drawdown Largest peak-to-trough decline	-22.97%	-47.69%	+24.72%
Max Drawdown (1Y) Largest decline over 1 year	-22.27%	-21.37%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.69%	—
Current Drawdown Current decline from peak	-12.98%	-22.75%	+9.77%
Average Drawdown Average peak-to-trough decline	-7.42%	-10.66%	+3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	9.34%	+0.54%

Volatility

GIND vs. INCO - Volatility Comparison

Goldman Sachs India Equity ETF (GIND) has a higher volatility of 4.88% compared to Columbia India Consumer ETF (INCO) at 4.38%. This indicates that GIND'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

	GIND	INCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.38%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	14.45%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	17.12%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	16.99%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	20.29%	-3.20%

GIND vs. INCO - Expense Ratio Comparison

Both GIND and INCO have an expense ratio of 0.75%.

Dividends

GIND vs. INCO - Dividend Comparison

Neither GIND nor INCO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GIND Goldman Sachs India Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 GIND and INCO in my portfolio?

GIND and INCO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIND or INCO?

GIND has higher volatility (4.88%) compared to INCO (4.38%). In terms of maximum drawdown, GIND dropped -22.97% vs INCO's -47.69%.

Which ETF is better, GIND or INCO?

On 1-year performance, INCO leads with -8.11% vs -11.49% for GIND. Both ETFs have the same 0.75% expense ratio. On volatility, INCO has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIND or INCO?

Over the 1-year period, INCO has performed better with a -8.11% return vs -11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIND or INCO?

GIND and INCO have the same expense ratio: 0.75% per year.

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

GIND and INCO have nearly identical dividend yields, around 0.00%.

What is the main difference between GIND and INCO?

They also come from different issuers: Goldman Sachs and Ameriprise Financial.

Which has better risk-adjusted returns?

INCO currently has the higher Sharpe Ratio (-0.48 vs -0.69), 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.