PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
INCO vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INCO vs. SMIN

Last updated Aug 2, 2026
Documentation

INCO (Columbia India Consumer ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India Equities funds - INCO tracks the Indxx India Consumer Index while SMIN tracks the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, INCO returned 8.23%/yr vs 9.04%/yr for SMIN. Their 0.73 correlation means they have sometimes moved together and sometimes differently. INCO charges 0.75%/yr vs 0.74%/yr for SMIN.

Performance

INCO vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and iShares MSCI India Small-Cap ETF (SMIN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, INCO achieves a -5.05% return, which is significantly lower than SMIN's 0.14% return. Over the past 10 years, INCO has underperformed SMIN with an annualized return of 8.23%, while SMIN has yielded a comparatively higher 9.04% annualized return.

INCO

1D
-0.53%
1M
1.94%
6M
0.46%
YTD
-5.05%
1Y
-3.01%
3Y*
7.79%
5Y*
7.56%
10Y*
8.23%
ALL TIME*
9.46%

SMIN

1D
0.36%
1M
-1.13%
6M
6.30%
YTD
0.14%
1Y
-2.16%
3Y*
7.81%
5Y*
6.28%
10Y*
9.04%
ALL TIME*
8.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

INCO

Columbia India Consumer ETF
$2.47M$2.13M$2.03M

SMIN

iShares MSCI India Small-Cap ETF
$9.23M$9.44M$11.13M

INCO vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INCO
Columbia India Consumer ETF		-5.05%0.59%12.70%34.63%-7.01%19.28%14.55%-4.22%-10.81%53.28%
SMIN
iShares MSCI India Small-Cap ETF		0.14%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%

Correlation

The correlation between INCO and SMIN is 0.83, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.83

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.79

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2012

0.73

The correlation between INCO and SMIN shifts across timeframes, from 0.73 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

INCO vs. SMIN - Sectors Allocation Comparison

Sectors
INCO
SMIN

Consumer Cyclical

61.2%
14.5%

Consumer Defensive

36.0%
4.0%

Healthcare

2.0%
15.0%

Industrials

1.4%
21.7%

Technology

0.8%
8.5%

Basic Materials

-

11.0%

Communication Services

-

1.5%

Energy

-

1.0%

Financial Services

-

17.0%

Real Estate

-

3.4%

Utilities

-

2.6%

Consumer Cyclical

INCO
61.2%
SMIN
14.5%

Consumer Defensive

INCO
36.0%
SMIN
4.0%

Healthcare

INCO
2.0%
SMIN
15.0%

Industrials

INCO
1.4%
SMIN
21.7%

Technology

INCO
0.8%
SMIN
8.5%

Basic Materials

INCO

-

SMIN
11.0%

Communication Services

INCO

-

SMIN
1.5%

Energy

INCO

-

SMIN
1.0%

Financial Services

INCO

-

SMIN
17.0%

Real Estate

INCO

-

SMIN
3.4%

Utilities

INCO

-

SMIN
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Columbia India Consumer ETF

iShares MSCI India Small-Cap ETF

Often compared with INCO:
INCO vs. INDAINCO vs. INDYINCO vs. FLININCO vs. EPIINCO vs. GLININCO vs. INQQINCO vs. NDIV
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDFSMIN vs. VOO

Return for Risk

INCO vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
INCO
INCO Risk / Return Rank: 99
Overall Rank
INCO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
INCO Sortino Ratio Rank: 99
Sortino Ratio Rank
INCO Omega Ratio Rank: 99
Omega Ratio Rank
INCO Calmar Ratio Rank: 1010
Calmar Ratio Rank
INCO Martin Ratio Rank: 99
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 99
Overall Rank
SMIN Sharpe Ratio Rank: 99
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 88
Sortino Ratio Rank
SMIN Omega Ratio Rank: 88
Omega Ratio Rank
SMIN Calmar Ratio Rank: 99
Calmar Ratio Rank
SMIN Martin Ratio Rank: 99
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INCO vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and iShares MSCI India Small-Cap ETF (SMIN). 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.

INCOSMINDifference
Sharpe ratioReturn per unit of total volatility
-0.11
-0.13

+0.02

Sortino ratioReturn per unit of downside risk
-0.03
-0.06

+0.02

Omega ratioGain probability vs. loss probability

1.00

0.99

0.00

Calmar ratioReturn relative to maximum drawdown

-0.09

-0.11

+0.03

Martin ratioReturn relative to average drawdown

-0.19

-0.29

+0.10

INCO vs. SMIN - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.11, which is comparable to the SMIN Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of INCO and SMIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

INCO vs. SMIN - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for INCO and SMIN.

Loading charts...

Drawdown Indicators

INCOSMINDifference

Max Drawdown

Largest peak-to-trough decline

-47.69%

-60.50%

+12.81%

Max Drawdown (1Y)

Largest decline over 1 year

-21.37%

-21.99%

+0.62%

Max Drawdown (3Y)

Largest decline over 3 years

-29.98%

-27.58%

-2.40%

Max Drawdown (5Y)

Largest decline over 5 years

-29.98%

-27.58%

-2.40%

Max Drawdown (10Y)

Largest decline over 10 years

-47.69%

-60.50%

+12.81%

Current Drawdown

Current decline from peak

-19.14%

-12.42%

-6.72%

Average Drawdown

Average peak-to-trough decline

-10.69%

-14.60%

+3.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.66%

8.75%

+0.91%

Volatility

INCO vs. SMIN - Volatility Comparison

The current volatility for Columbia India Consumer ETF (INCO) is 3.96%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 4.91%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

INCOSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.96%

4.91%

-0.95%

Volatility (6M)

Calculated over the trailing 6-month period

14.48%

15.74%

-1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

17.24%

19.05%

-1.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.02%

18.99%

-1.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.30%

22.84%

-2.54%

INCO vs. SMIN - Expense Ratio Comparison

INCO has a 0.75% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

INCO vs. SMIN - Dividend Comparison

INCO has not paid dividends to shareholders, while SMIN's dividend yield for the trailing twelve months is around 2.01%.

PositionTTM20252024202320222021202020192018201720162015
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%
SMIN
iShares MSCI India Small-Cap ETF		2.01%2.01%6.84%0.41%0.01%1.27%1.06%1.75%1.68%0.89%2.30%0.93%

Frequently Asked Questions

INCO and SMIN have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMIN has higher volatility (4.91%) compared to INCO (3.96%). In terms of maximum drawdown, INCO dropped -47.69% vs SMIN's -60.50%.

On 10-year performance, SMIN leads with 9.04% vs 8.23% for INCO. On fees, SMIN is cheaper at 0.74% per year. On volatility, INCO has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMIN has performed better with a 9.04% return vs 8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMIN is cheaper with a 0.74% expense ratio, compared with 0.75% for INCO.

SMIN has the higher dividend yield at 2.01%, compared with 0.00% for INCO.

INCO tracks Indxx India Consumer Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: Ameriprise Financial and iShares. Their fees differ too: 0.75% for INCO and 0.74% for SMIN.

INCO currently has the higher Sharpe Ratio (-0.11 vs -0.13), 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.

Portfolio Optimizer

Find the right allocation for INCO and SMIN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer