INCO vs. TSM

Last updated Jul 22, 2026

INCO (Columbia India Consumer ETF) is India Equities fund tracking the Indxx India Consumer Index, while TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock. Over the past 10 years, INCO returned 8.08%/yr vs 34.32%/yr for TSM. At a 0.33 correlation, their price movements are largely independent.

Performance

INCO vs. TSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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 TSM's 40.45% return. Over the past 10 years, INCO has underperformed TSM with an annualized return of 8.08%, while TSM has yielded a comparatively higher 34.32% 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%

TSM

• 1D: 5.55%
• 1M: -8.12%
• 6M: 30.46%
• YTD: 40.45%
• 1Y: 79.71%
• 3Y*: 65.76%
• 5Y*: 31.62%
• 10Y*: 34.32%
• ALL TIME*: 16.41%

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

INCO vs. TSM - 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%
TSM Taiwan Semiconductor Manufacturing Company Limited	40.45%	55.91%	92.58%	42.33%	-36.75%	12.09%	92.67%	64.85%	-3.50%	41.46%

Correlation

The correlation between INCO and TSM is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011	0.33

Return for Risk

INCO vs. TSM — 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

TSM

TSM Risk / Return Rank: 91
TSM Sharpe Ratio Rank: 92
TSM Sortino Ratio Rank: 88
TSM Omega Ratio Rank: 86
TSM Calmar Ratio Rank: 93
TSM Martin Ratio Rank: 95

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. TSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and Taiwan Semiconductor Manufacturing Company Limited (TSM). 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	TSM	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	2.02	-2.48
Sortino ratio: Return per unit of downside risk	-0.58	2.60	-3.18
Omega ratio: Gain probability vs. loss probability	0.94	1.32	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.37	4.42	-4.79
Martin ratio: Return relative to average drawdown	-0.84	13.80	-14.64

INCO vs. TSM - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.47, which is lower than the TSM Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of INCO and TSM, 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. TSM - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum TSM drawdown of -89.08%. Use the drawdown chart below to compare losses from any high point for INCO and TSM.

Drawdown Indicators

	INCO	TSM	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-89.08%	+41.39%
Max Drawdown (1Y) Largest decline over 1 year	-21.37%	-18.14%	-3.23%
Max Drawdown (3Y) Largest decline over 3 years	-29.98%	-36.82%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.98%	-56.47%	+26.49%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-56.47%	+8.78%
Current Drawdown Current decline from peak	-22.25%	-11.09%	-11.16%
Average Drawdown Average peak-to-trough decline	-10.67%	-42.72%	+32.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.47%	5.80%	+3.67%

Volatility

INCO vs. TSM - Volatility Comparison

The current volatility for Columbia India Consumer ETF (INCO) is 3.35%, while Taiwan Semiconductor Manufacturing Company Limited (TSM) has a volatility of 16.03%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than TSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCO	TSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	16.03%	-12.68%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	32.13%	-17.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	39.73%	-22.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	38.14%	-21.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.29%	34.64%	-14.35%

Dividends

INCO vs. TSM - Dividend Comparison

INCO has not paid dividends to shareholders, while TSM's dividend yield for the trailing twelve months is around 0.83%.

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%
TSM Taiwan Semiconductor Manufacturing Company Limited	0.83%	1.00%	1.18%	1.78%	2.49%	1.57%	1.56%	3.46%	3.64%	2.32%	2.61%	2.54%

Frequently Asked Questions

Can I hold both INCO and TSM in my portfolio?

INCO and TSM have a correlation of 0.25, 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 TSM?

TSM has higher volatility (16.03%) compared to INCO (3.35%). In terms of maximum drawdown, INCO dropped -47.69% vs TSM's -89.08%.

Which has better risk-adjusted returns?

TSM currently has the higher Sharpe Ratio (2.02 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.