INCO vs. BNO
INCO (Columbia India Consumer ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, INCO returned 8.34%/yr vs 13.13%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 0.90%/yr for BNO.
Performance
INCO vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -10.75% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, INCO has underperformed BNO with an annualized return of 8.34%, while BNO has yielded a comparatively higher 13.13% annualized return.
INCO
- 1D
- 1.72%
- 1M
- -2.34%
- YTD
- -10.75%
- 6M
- -9.88%
- 1Y
- -9.38%
- 3Y*
- 7.06%
- 5Y*
- 5.92%
- 10Y*
- 8.34%
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
INCO vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -10.75% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | -10.81% | 53.28% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between INCO and BNO is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2011 | 0.12 |
The correlation between INCO and BNO shifts across timeframes, from -0.40 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. BNO — Risk / Return Rank
INCO
BNO
INCO vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and United States Brent Oil Fund LP (BNO). 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.
| INCO | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.37 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.36 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 4.99 | -5.43 |
| Martin ratioReturn relative to average drawdown | -1.13 | 9.39 | -10.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INCO | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.15 | -2.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.67 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.36 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.14 | +0.29 |
Drawdowns
INCO vs. BNO - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for INCO and BNO.
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Drawdown Indicators
| INCO | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -87.06% | +39.37% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -17.87% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -23.75% | -6.23% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -33.70% | +3.72% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -75.18% | +27.49% |
Current DrawdownCurrent decline from peak | -24.00% | -12.72% | -11.28% |
Average DrawdownAverage peak-to-trough decline | -10.58% | -40.16% | +29.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 9.48% | -1.13% |
Volatility
INCO vs. BNO - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 5.78%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCO | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 14.12% | -8.34% |
Volatility (6M)Calculated over the trailing 6-month period | 14.38% | 36.21% | -21.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.86% | 41.56% | -24.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 35.40% | -18.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 36.69% | -16.38% |
INCO vs. BNO - Expense Ratio Comparison
INCO has a 0.75% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
INCO vs. BNO - Dividend Comparison
Neither INCO nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 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
INCO and BNO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (14.12%) compared to INCO (5.78%). In terms of maximum drawdown, INCO dropped -47.69% vs BNO's -87.06%.
On 10-year performance, BNO leads with 13.13% vs 8.34% for INCO. 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.
Over the 10-year period, BNO has performed better with a 13.13% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCO is cheaper with a 0.75% expense ratio, compared with 0.90% for BNO.
INCO and BNO have nearly identical dividend yields, around 0.00%.
INCO is categorized as Asia Pacific Equities, while BNO is Oil & Gas. INCO tracks Indxx India Consumer Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Ameriprise Financial and Concierge Technologies. Their fees differ too: 0.75% for INCO and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.15 vs -0.56), 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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