INCO vs. GIND

Last updated Jul 18, 2026

INCO (Columbia India Consumer ETF) and GIND (Goldman Sachs India Equity ETF) are both India Equities funds. INCO is passively managed, while GIND is actively managed. Over the past year, INCO returned -8.78% vs -11.78% for GIND. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

INCO vs. GIND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and Goldman Sachs India Equity ETF (GIND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCO achieves a -9.23% return, which is significantly lower than GIND's -8.10% return.

INCO

• 1D: 0.44%
• 1M: -0.41%
• 6M: -6.56%
• YTD: -9.23%
• 1Y: -8.78%
• 3Y*: 6.06%
• 5Y*: 6.74%
• 10Y*: 8.10%

GIND

• 1D: 0.21%
• 1M: 1.21%
• 6M: -5.44%
• YTD: -8.10%
• 1Y: -11.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INCO vs. GIND - Yearly Performance Comparison

	2026 (YTD)	2025
INCO Columbia India Consumer ETF	-9.23%	6.56%
GIND Goldman Sachs India Equity ETF	-8.10%	4.70%

Correlation

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

INCO vs. GIND - Sectors Allocation Comparison

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

Return for Risk

INCO vs. GIND — Risk / Return Rank

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

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

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

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.

INCO vs. GIND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and Goldman Sachs India Equity ETF (GIND). 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	GIND	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-0.71	+0.19
Sortino ratio: Return per unit of downside risk	-0.65	-0.95	+0.30
Omega ratio: Gain probability vs. loss probability	0.93	0.89	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.41	-0.54	+0.13
Martin ratio: Return relative to average drawdown	-0.94	-1.23	+0.30

INCO vs. GIND - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.52, which is comparable to the GIND Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of INCO and GIND, 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

INCO vs. GIND - Drawdown Comparison

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

Drawdown Indicators

	INCO	GIND	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-22.97%	-24.72%
Max Drawdown (1Y) Largest decline over 1 year	-21.37%	-21.90%	+0.53%
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	-22.70%	-12.87%	-9.83%
Average Drawdown Average peak-to-trough decline	-10.67%	-7.46%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.41%	9.69%	-0.28%

Volatility

INCO vs. GIND - Volatility Comparison

The current volatility for Columbia India Consumer ETF (INCO) is 3.59%, while Goldman Sachs India Equity ETF (GIND) has a volatility of 4.46%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than GIND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCO	GIND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.46%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	14.60%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	16.69%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	17.04%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	17.04%	+3.24%

INCO vs. GIND - Expense Ratio Comparison

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

Dividends

INCO vs. GIND - Dividend Comparison

Neither INCO nor GIND 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 INCO and GIND in my portfolio?

INCO and GIND 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, INCO or GIND?

GIND has higher volatility (4.46%) compared to INCO (3.59%). In terms of maximum drawdown, INCO dropped -47.69% vs GIND's -22.97%.

Which ETF is better, INCO or GIND?

On 1-year performance, INCO leads with -8.78% vs -11.78% for GIND. Both ETFs have the same 0.75% expense ratio. On volatility, INCO has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCO or GIND?

Over the 1-year period, INCO has performed better with a -8.78% return vs -11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCO or GIND?

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

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

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

What is the main difference between INCO and GIND?

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

Which has better risk-adjusted returns?

INCO currently has the higher Sharpe Ratio (-0.52 vs -0.71), 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.