INCO vs. DBO
INCO (Columbia India Consumer ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - INCO is a India Equities fund tracking the Indxx India Consumer Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, INCO returned 8.23%/yr vs 12.59%/yr for DBO. Their 0.13 correlation means their historical movements had little consistent relationship. INCO charges 0.75%/yr vs 0.78%/yr for DBO.
Performance
INCO vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -5.05% return, which is significantly lower than DBO's 76.48% return. Over the past 10 years, INCO has underperformed DBO with an annualized return of 8.23%, while DBO has yielded a comparatively higher 12.59% annualized return.
INCO
- 1D
- -0.53%
- 1M
- 1.94%
- 6M
- 0.46%
- YTD
- -5.05%
- 1Y
- -3.01%
- 3Y*
- 7.79%
- 5Y*
- 7.56%
- 10Y*
- 8.23%
- ALL TIME*
- 9.46%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $2.47M | $2.13M | $2.03M |
INCO vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -5.05% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | -10.81% | 53.28% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between INCO and DBO is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.37 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011 | 0.13 |
The correlation between INCO and DBO shifts across timeframes, from -0.37 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. DBO — Risk / Return Rank
INCO
DBO
INCO vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and Invesco DB Oil Fund (DBO). 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.
| INCO | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 2.01 | -2.09 |
| Martin ratioReturn relative to average drawdown | -0.19 | 6.09 | -6.28 |
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Drawdowns
INCO vs. DBO - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for INCO and DBO.
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Drawdown Indicators
| INCO | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -90.18% | +42.49% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -27.73% | +6.36% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -28.20% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -37.68% | +7.70% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -61.69% | +14.00% |
Current DrawdownCurrent decline from peak | -19.14% | -53.56% | +34.42% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -62.20% | +51.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.66% | 9.96% | -0.30% |
Volatility
INCO vs. DBO - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 3.96%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCO | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 17.75% | -13.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.48% | 33.77% | -19.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.24% | 38.53% | -21.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 33.35% | -16.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 32.20% | -11.90% |
INCO vs. DBO - Expense Ratio Comparison
INCO has a 0.75% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
INCO vs. DBO - Dividend Comparison
INCO has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 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 DBO have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to INCO (3.96%). In terms of maximum drawdown, INCO dropped -47.69% vs DBO's -90.18%.
On 10-year performance, DBO leads with 12.59% vs 8.23% for INCO. On fees, INCO is cheaper at 0.75% per year. On volatility, INCO has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBO has performed better with a 12.59% return vs 8.23%. 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 0.78% for DBO.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for INCO.
INCO is categorized as India Equities, while DBO is Oil & Gas. INCO tracks Indxx India Consumer Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Ameriprise Financial and Invesco. Their fees differ too: 0.75% for INCO and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 vs -0.11), 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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