INCO vs. GRPM

Last updated Jul 22, 2026

INCO (Columbia India Consumer ETF) and GRPM (Invesco S&P MidCap 400® GARP ETF) are both exchange-traded funds - INCO is a India Equities fund tracking the Indxx India Consumer Index, while GRPM is a Mid Cap Blend Equities fund tracking the S&P MidCap 400® GARP Index. Both are passively managed. Over the past 10 years, INCO returned 8.08%/yr vs 10.95%/yr for GRPM. At a 0.39 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 0.35%/yr for GRPM.

Performance

INCO vs. GRPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and Invesco S&P MidCap 400® GARP ETF (GRPM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCO achieves a -8.71% return, which is significantly lower than GRPM's 10.42% return. Over the past 10 years, INCO has underperformed GRPM with an annualized return of 8.08%, while GRPM has yielded a comparatively higher 10.95% annualized return.

INCO

• 1D: 0.55%
• 1M: -1.11%
• 6M: -4.14%
• YTD: -8.71%
• 1Y: -7.94%
• 3Y*: 6.40%
• 5Y*: 6.72%
• 10Y*: 8.08%
• ALL TIME*: 9.20%

GRPM

• 1D: -0.12%
• 1M: 3.96%
• 6M: 8.89%
• YTD: 10.42%
• 1Y: 19.46%
• 3Y*: 13.07%
• 5Y*: 9.22%
• 10Y*: 10.95%
• ALL TIME*: 11.32%

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

INCO vs. GRPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCO Columbia India Consumer ETF	-8.71%	0.59%	12.70%	34.63%	-7.01%	19.28%	14.55%	-4.22%	-10.81%	53.28%
GRPM Invesco S&P MidCap 400® GARP ETF	10.42%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%

Correlation

The correlation between INCO and GRPM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011	0.39

The correlation between INCO and GRPM shifts across timeframes, from 0.21 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

INCO vs. GRPM - Sectors Allocation Comparison

Sectors	INCO	GRPM
Consumer Cyclical	61.2%	13.1%
Consumer Defensive	36.0%	2.6%
Healthcare	2.0%	19.0%
Industrials	1.4%	12.3%
Technology	0.8%	20.8%
Basic Materials	-	3.8%
Communication Services	-	-
Energy	-	5.0%
Financial Services	-	23.3%
Real Estate	-	-
Utilities	-	-

Return for Risk

INCO vs. GRPM — Risk / Return Rank

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

INCO

INCO Risk / Return Rank: 6
INCO Sharpe Ratio Rank: 6
INCO Sortino Ratio Rank: 5
INCO Omega Ratio Rank: 5
INCO Calmar Ratio Rank: 7
INCO Martin Ratio Rank: 6

GRPM

GRPM Risk / Return Rank: 54
GRPM Sharpe Ratio Rank: 47
GRPM Sortino Ratio Rank: 50
GRPM Omega Ratio Rank: 44
GRPM Calmar Ratio Rank: 69
GRPM Martin Ratio Rank: 59

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. GRPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and Invesco S&P MidCap 400® GARP ETF (GRPM). 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	GRPM	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.25	-1.71
Sortino ratio: Return per unit of downside risk	-0.58	1.87	-2.44
Omega ratio: Gain probability vs. loss probability	0.94	1.22	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.37	2.57	-2.94
Martin ratio: Return relative to average drawdown	-0.84	7.52	-8.36

INCO vs. GRPM - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.47, which is lower than the GRPM Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of INCO and GRPM, 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. GRPM - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, which is greater than GRPM's maximum drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for INCO and GRPM.

Drawdown Indicators

	INCO	GRPM	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-43.12%	-4.57%
Max Drawdown (1Y) Largest decline over 1 year	-21.37%	-7.62%	-13.75%
Max Drawdown (3Y) Largest decline over 3 years	-29.98%	-28.09%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	-28.09%	-1.89%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-43.12%	-4.57%
Current Drawdown Current decline from peak	-22.25%	-1.10%	-21.15%
Average Drawdown Average peak-to-trough decline	-10.67%	-5.67%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	2.59%	+6.88%

Volatility

INCO vs. GRPM - Volatility Comparison

Columbia India Consumer ETF (INCO) and Invesco S&P MidCap 400® GARP ETF (GRPM) have volatilities of 3.35% and 3.28%, 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

	INCO	GRPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.28%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	10.47%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	15.73%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	20.78%	-3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.29%	22.18%	-1.89%

INCO vs. GRPM - Expense Ratio Comparison

INCO has a 0.75% expense ratio, which is higher than GRPM's 0.35% expense ratio.

Dividends

INCO vs. GRPM - Dividend Comparison

INCO has not paid dividends to shareholders, while GRPM's dividend yield for the trailing twelve months is around 0.72%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRPM Invesco S&P MidCap 400® GARP ETF	0.72%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%
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 INCO and GRPM in my portfolio?

INCO and GRPM have a correlation of 0.21, 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 GRPM?

INCO has higher volatility (3.35%) compared to GRPM (3.28%). In terms of maximum drawdown, INCO dropped -47.69% vs GRPM's -43.12%.

Which ETF is better, INCO or GRPM?

On 10-year performance, GRPM leads with 10.95% vs 8.08% for INCO. On fees, GRPM is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCO or GRPM?

Over the 10-year period, GRPM has performed better with a 10.95% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCO or GRPM?

GRPM is cheaper with a 0.35% expense ratio, compared with 0.75% for INCO.

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

GRPM has the higher dividend yield at 0.72%, compared with 0.00% for INCO.

What is the main difference between INCO and GRPM?

INCO is categorized as India Equities, while GRPM is Mid Cap Blend Equities. INCO tracks Indxx India Consumer Index, while GRPM tracks S&P MidCap 400® GARP Index. They also come from different issuers: Ameriprise Financial and Invesco. Their fees differ too: 0.75% for INCO and 0.35% for GRPM.

Which has better risk-adjusted returns?

GRPM currently has the higher Sharpe Ratio (1.25 vs -0.47), 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.