INCO vs. HFSAX

Last updated Jun 9, 2026

INCO (Columbia India Consumer ETF) and HFSAX (Hundredfold Select Alternative Fund Investor Class) are both funds - INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index, while HFSAX is a Tactical Allocation fund managed by Advisors Preferred. Over the past 10 years, INCO returned 8.31%/yr vs 8.19%/yr for HFSAX. At a 0.36 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 1.75%/yr for HFSAX.

Performance

INCO vs. HFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and Hundredfold Select Alternative Fund Investor Class (HFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCO achieves a -12.41% return, which is significantly lower than HFSAX's 1.37% return. Both investments have delivered pretty close results over the past 10 years, with INCO having a 8.31% annualized return and HFSAX not far behind at 8.19%.

INCO

• 1D: -0.65%
• 1M: -6.27%
• YTD: -12.41%
• 6M: -10.02%
• 1Y: -12.31%
• 3Y*: 6.45%
• 5Y*: 5.53%
• 10Y*: 8.31%

HFSAX

• 1D: -1.18%
• 1M: -0.65%
• YTD: 1.37%
• 6M: 2.85%
• 1Y: 9.69%
• 3Y*: 9.41%
• 5Y*: 3.09%
• 10Y*: 8.19%

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

INCO vs. HFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCO Columbia India Consumer ETF	-12.41%	0.59%	12.70%	34.63%	-7.01%	19.28%	14.55%	-4.22%	-10.81%	53.28%
HFSAX Hundredfold Select Alternative Fund Investor Class	1.37%	11.97%	3.75%	10.93%	-9.44%	9.05%	38.71%	10.35%	-1.97%	9.91%

Correlation

The correlation between INCO and HFSAX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.36

Return for Risk

INCO vs. HFSAX — Risk / Return Rank

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

INCO

INCO Risk / Return Rank: 3
INCO Sharpe Ratio Rank: 3
INCO Sortino Ratio Rank: 3
INCO Omega Ratio Rank: 4
INCO Calmar Ratio Rank: 4
INCO Martin Ratio Rank: 1

HFSAX

HFSAX Risk / Return Rank: 52
HFSAX Sharpe Ratio Rank: 58
HFSAX Sortino Ratio Rank: 50
HFSAX Omega Ratio Rank: 64
HFSAX Calmar Ratio Rank: 55
HFSAX Martin Ratio Rank: 35

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. HFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and Hundredfold Select Alternative Fund Investor Class (HFSAX). 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	HFSAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	2.11	-2.84
Sortino ratio: Return per unit of downside risk	-0.99	2.77	-3.76
Omega ratio: Gain probability vs. loss probability	0.89	1.42	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.58	2.68	-3.26
Martin ratio: Return relative to average drawdown	-1.46	7.46	-8.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INCO vs. HFSAX - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.73, which is lower than the HFSAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of INCO and HFSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INCO	HFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	2.11	-2.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.50	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	1.31	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.31	-0.89

Drawdowns

INCO vs. HFSAX - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, which is greater than HFSAX's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for INCO and HFSAX.

Drawdown Indicators

	INCO	HFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-12.81%	-34.88%
Max Drawdown (1Y) Largest decline over 1 year	-21.37%	-3.68%	-17.69%
Max Drawdown (3Y) Largest decline over 3 years	-29.98%	-5.67%	-24.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	-12.81%	-17.17%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-12.81%	-34.88%
Current Drawdown Current decline from peak	-25.40%	-1.46%	-23.94%
Average Drawdown Average peak-to-trough decline	-10.58%	-2.38%	-8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.47%	1.32%	+7.15%

Volatility

INCO vs. HFSAX - Volatility Comparison

Columbia India Consumer ETF (INCO) has a higher volatility of 5.50% compared to Hundredfold Select Alternative Fund Investor Class (HFSAX) at 1.92%. This indicates that INCO's price experiences larger fluctuations and is considered to be riskier than HFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCO	HFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	1.92%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	3.83%	+10.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	4.69%	+12.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	6.21%	+10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	6.27%	+14.05%

INCO vs. HFSAX - Expense Ratio Comparison

INCO has a 0.75% expense ratio, which is lower than HFSAX's 1.75% expense ratio.

Dividends

INCO vs. HFSAX - Dividend Comparison

INCO has not paid dividends to shareholders, while HFSAX's dividend yield for the trailing twelve months is around 9.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.62%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
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 HFSAX in my portfolio?

INCO and HFSAX have a correlation of 0.30, 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 HFSAX?

INCO has higher volatility (5.50%) compared to HFSAX (1.92%). In terms of maximum drawdown, INCO dropped -47.69% vs HFSAX's -12.81%.

Which has better risk-adjusted returns?

HFSAX currently has the higher Sharpe Ratio (2.11 vs -0.73), 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.