IMVP vs. INCO

Last updated Jun 4, 2026

IMVP (Invesco India ETF) and INCO (Columbia India Consumer ETF) are both exchange-traded funds - IMVP is a Emerging Markets Equities fund tracking the FTSE India Quality and Yield Select Index, while INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index. Both are passively managed. Over the past 10 years, IMVP returned 8.19%/yr vs 8.19%/yr for INCO. A 0.77 correlation means they provide meaningful diversification when combined. IMVP charges 0.78%/yr vs 0.75%/yr for INCO.

Performance

IMVP vs. INCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco India ETF (IMVP) 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, IMVP achieves a -16.08% return, which is significantly lower than INCO's -12.27% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: IMVP at 8.19% and INCO at 8.19%.

IMVP

• 1D: -2.11%
• 1M: -2.53%
• YTD: -16.08%
• 6M: -14.80%
• 1Y: -16.87%
• 3Y*: 2.95%
• 5Y*: 2.42%
• 10Y*: 8.19%

INCO

• 1D: -1.56%
• 1M: -2.34%
• YTD: -12.27%
• 6M: -10.65%
• 1Y: -11.02%
• 3Y*: 6.36%
• 5Y*: 5.56%
• 10Y*: 8.19%

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

IMVP vs. INCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMVP Invesco India ETF	-16.08%	1.30%	9.07%	22.82%	-9.35%	23.68%	18.41%	14.26%	-7.55%	38.51%
INCO Columbia India Consumer ETF	-12.27%	0.59%	12.70%	34.63%	-7.01%	19.28%	14.55%	-4.22%	-10.81%	53.28%

Correlation

The correlation between IMVP and INCO is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 11, 2011	0.77

The correlation between IMVP and INCO has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

IMVP vs. INCO — Risk / Return Rank

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

IMVP

IMVP Risk / Return Rank: 1
IMVP Sharpe Ratio Rank: 1
IMVP Sortino Ratio Rank: 2
IMVP Omega Ratio Rank: 2
IMVP Calmar Ratio Rank: 2
IMVP Martin Ratio Rank: 0

INCO

INCO Risk / Return Rank: 3
INCO Sharpe Ratio Rank: 3
INCO Sortino Ratio Rank: 3
INCO Omega Ratio Rank: 3
INCO Calmar Ratio Rank: 4
INCO Martin Ratio Rank: 2

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.

IMVP vs. INCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) 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.

	IMVP	INCO	Difference
Sharpe ratio Return per unit of total volatility	-1.05	-0.66	-0.39
Sortino ratio Return per unit of downside risk	-1.46	-0.87	-0.59
Omega ratio Gain probability vs. loss probability	0.83	0.90	-0.07
Calmar ratio Return relative to maximum drawdown	-0.79	-0.52	-0.27
Martin ratio Return relative to average drawdown	-1.84	-1.33	-0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMVP vs. INCO - Sharpe Ratio Comparison

The current IMVP Sharpe Ratio is -1.05, which is lower than the INCO Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of IMVP 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.

Sharpe Ratios by Period

	IMVP	INCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	-0.66	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.33	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.40	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.42	-0.30

Drawdowns

IMVP vs. INCO - Drawdown Comparison

The maximum IMVP drawdown since its inception was -64.54%, which is greater than INCO's maximum drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for IMVP and INCO.

Drawdown Indicators

	IMVP	INCO	Difference
Max Drawdown Largest peak-to-trough decline	-64.54%	-47.69%	-16.85%
Max Drawdown (1Y) Largest decline over 1 year	-21.44%	-21.37%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-25.80%	-29.98%	+4.18%
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	-29.98%	+4.18%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-47.69%	+8.00%
Current Drawdown Current decline from peak	-23.71%	-25.29%	+1.58%
Average Drawdown Average peak-to-trough decline	-16.70%	-10.57%	-6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.16%	8.30%	+0.86%

Volatility

IMVP vs. INCO - Volatility Comparison

Invesco India ETF (IMVP) and Columbia India Consumer ETF (INCO) have volatilities of 6.00% and 5.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMVP	INCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	5.78%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.16%	14.29%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	16.78%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	16.89%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	20.31%	-0.72%

IMVP vs. INCO - Expense Ratio Comparison

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

Dividends

IMVP vs. INCO - Dividend Comparison

IMVP's dividend yield for the trailing twelve months is around 8.81%, while INCO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMVP Invesco India ETF	8.81%	7.39%	8.48%	2.08%	14.07%	6.95%	0.72%	36.35%	0.96%	1.01%	1.18%	0.61%
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%	0.00%

Frequently Asked Questions

Can I hold both IMVP and INCO in my portfolio?

IMVP and INCO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMVP or INCO?

IMVP has higher volatility (6.00%) compared to INCO (5.78%). In terms of maximum drawdown, IMVP dropped -64.54% vs INCO's -47.69%.

Which ETF is better, IMVP or INCO?

On 10-year performance, INCO leads with 8.19% vs 8.19% for IMVP. On fees, INCO is cheaper at 0.75% per year. On volatility, INCO has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMVP or INCO?

Over the 10-year period, INCO has performed better with a 8.19% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMVP or INCO?

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

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

IMVP has the higher dividend yield at 8.81%, compared with 0.00% for INCO.

What is the main difference between IMVP and INCO?

IMVP is categorized as Emerging Markets Equities, while INCO is Asia Pacific Equities. IMVP tracks FTSE India Quality and Yield Select Index, while INCO tracks Indxx India Consumer Index. They also come from different issuers: Invesco and Ameriprise Financial. Their fees differ too: 0.78% for IMVP and 0.75% for INCO.

Which has better risk-adjusted returns?

INCO currently has the higher Sharpe Ratio (-0.66 vs -1.05), 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.