INCO vs. NFTY

Last updated Jul 15, 2026

INCO (Columbia India Consumer ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both India Equities funds - INCO tracks the Indxx India Consumer Index while NFTY tracks the NIFTY 50 Equal Weight Index. Both are passively managed. Over the past 10 years, INCO returned 8.04%/yr vs 7.55%/yr for NFTY. A 0.51 correlation means they provide meaningful diversification when combined. INCO charges 0.75%/yr vs 0.80%/yr for NFTY.

Performance

INCO vs. NFTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCO achieves a -9.64% return, which is significantly lower than NFTY's -8.10% return. Over the past 10 years, INCO has outperformed NFTY with an annualized return of 8.04%, while NFTY has yielded a comparatively lower 7.55% annualized return.

INCO

• 1D: -0.64%
• 1M: 1.53%
• 6M: -8.17%
• YTD: -9.64%
• 1Y: -8.14%
• 3Y*: 5.60%
• 5Y*: 6.53%
• 10Y*: 8.04%

NFTY

• 1D: -0.49%
• 1M: 0.74%
• 6M: -7.02%
• YTD: -8.10%
• 1Y: -8.34%
• 3Y*: 4.61%
• 5Y*: 5.42%
• 10Y*: 7.55%

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

INCO vs. NFTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCO Columbia India Consumer ETF	-9.64%	0.59%	12.70%	34.63%	-7.01%	19.28%	14.55%	-4.22%	-10.81%	53.28%
NFTY First Trust India NIFTY 50 Equal Weight ETF	-8.10%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%

Correlation

The correlation between INCO and NFTY is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 28, 2012	0.51

Over the past year, INCO and NFTY have become more correlated (0.85) than their long-term average of 0.51, meaning their price movements have been converging.

INCO vs. NFTY - Sectors Allocation Comparison

Sectors	INCO	NFTY
Consumer Cyclical	60.5%	16.6%
Consumer Defensive	36.6%	8.1%
Healthcare	2.1%	9.9%
Industrials	1.4%	8.5%
Technology	0.8%	9.0%
Basic Materials	-	13.1%
Communication Services	-	1.9%
Energy	-	8.5%
Financial Services	-	20.9%
Real Estate	-	-
Utilities	-	3.7%

Return for Risk

INCO vs. NFTY — 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

NFTY

NFTY Risk / Return Rank: 4
NFTY Sharpe Ratio Rank: 5
NFTY Sortino Ratio Rank: 4
NFTY Omega Ratio Rank: 4
NFTY Calmar Ratio Rank: 5
NFTY 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. NFTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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	NFTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	-0.57	+0.09
Sortino ratio: Return per unit of downside risk	-0.59	-0.77	+0.17
Omega ratio: Gain probability vs. loss probability	0.93	0.92	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.38	-0.52	+0.14
Martin ratio: Return relative to average drawdown	-0.88	-1.24	+0.36

INCO vs. NFTY - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.48, which is comparable to the NFTY Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of INCO and NFTY, 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. NFTY - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, roughly equal to the maximum NFTY drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for INCO and NFTY.

Drawdown Indicators

	INCO	NFTY	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-47.67%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-21.37%	-16.14%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-29.98%	-21.55%	-8.43%
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	-21.55%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-47.67%	-0.02%
Current Drawdown Current decline from peak	-23.05%	-15.99%	-7.06%
Average Drawdown Average peak-to-trough decline	-10.66%	-9.62%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.30%	6.76%	+2.54%

Volatility

INCO vs. NFTY - Volatility Comparison

Columbia India Consumer ETF (INCO) has a higher volatility of 4.38% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 3.75%. This indicates that INCO's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCO	NFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	3.75%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	12.62%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	14.72%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	17.41%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.29%	20.65%	-0.36%

INCO vs. NFTY - Expense Ratio Comparison

INCO has a 0.75% expense ratio, which is lower than NFTY's 0.80% expense ratio.

Dividends

INCO vs. NFTY - Dividend Comparison

INCO has not paid dividends to shareholders, while NFTY's dividend yield for the trailing twelve months is around 1.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.93%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%

Frequently Asked Questions

Can I hold both INCO and NFTY in my portfolio?

INCO and NFTY have a correlation of 0.85, 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 NFTY?

INCO has higher volatility (4.38%) compared to NFTY (3.75%). In terms of maximum drawdown, INCO dropped -47.69% vs NFTY's -47.67%.

Which ETF is better, INCO or NFTY?

On 10-year performance, INCO leads with 8.04% vs 7.55% for NFTY. On fees, INCO is cheaper at 0.75% per year. On volatility, NFTY has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCO or NFTY?

Over the 10-year period, INCO has performed better with a 8.04% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCO or NFTY?

INCO is cheaper with a 0.75% expense ratio, compared with 0.80% for NFTY.

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

NFTY has the higher dividend yield at 1.93%, compared with 0.00% for INCO.

What is the main difference between INCO and NFTY?

INCO tracks Indxx India Consumer Index, while NFTY tracks NIFTY 50 Equal Weight Index. They also come from different issuers: Ameriprise Financial and First Trust. Their fees differ too: 0.75% for INCO and 0.80% for NFTY.

Which has better risk-adjusted returns?

INCO currently has the higher Sharpe Ratio (-0.48 vs -0.57), 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.