INCO vs. GSG
INCO (Columbia India Consumer ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - INCO is a India Equities fund tracking the Indxx India Consumer Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, INCO returned 8.02%/yr vs 7.61%/yr for GSG. At a 0.15 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
INCO vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -9.63% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, INCO has outperformed GSG with an annualized return of 8.02%, while GSG has yielded a comparatively lower 7.61% annualized return.
INCO
- 1D
- -0.37%
- 1M
- -1.33%
- 6M
- -8.14%
- YTD
- -9.63%
- 1Y
- -9.50%
- 3Y*
- 5.68%
- 5Y*
- 6.64%
- 10Y*
- 8.02%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
INCO vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -9.63% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | -10.81% | 53.28% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between INCO and GSG is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011 | 0.15 |
The correlation between INCO and GSG shifts across timeframes, from -0.34 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. GSG — Risk / Return Rank
INCO
GSG
INCO vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.29 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 2.00 | -2.44 |
| Martin ratioReturn relative to average drawdown | -1.02 | 6.66 | -7.68 |
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Drawdowns
INCO vs. GSG - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for INCO and GSG.
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Drawdown Indicators
| INCO | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -89.62% | +41.93% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -18.81% | -2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -18.81% | -11.17% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -29.12% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -57.64% | +9.95% |
Current DrawdownCurrent decline from peak | -23.04% | -59.56% | +36.52% |
Average DrawdownAverage peak-to-trough decline | -10.66% | -63.68% | +53.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.38% | 5.63% | +3.75% |
Volatility
INCO vs. GSG - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 3.58%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.17%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCO | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.58% | 7.17% | -3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 21.54% | -7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.12% | 23.48% | -6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.99% | 22.80% | -5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.28% | 22.00% | -1.72% |
INCO vs. GSG - Expense Ratio Comparison
Both INCO and GSG have an expense ratio of 0.75%.
Dividends
INCO vs. GSG - Dividend Comparison
Neither INCO nor GSG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 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 GSG have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.17%) compared to INCO (3.58%). In terms of maximum drawdown, INCO dropped -47.69% vs GSG's -89.62%.
On 10-year performance, INCO leads with 8.02% vs 7.61% for GSG. Both ETFs have the same 0.75% expense ratio. On volatility, INCO has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INCO has performed better with a 8.02% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCO and GSG have the same expense ratio: 0.75% per year.
INCO and GSG have nearly identical dividend yields, around 0.00%.
INCO is categorized as India Equities, while GSG is Commodities. INCO tracks Indxx India Consumer Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Ameriprise Financial and iShares.
GSG currently has the higher Sharpe Ratio (1.60 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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