INCO vs. UGA
INCO (Columbia India Consumer ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, INCO returned 8.92%/yr vs 14.31%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
INCO vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -8.73% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, INCO has underperformed UGA with an annualized return of 8.92%, while UGA has yielded a comparatively higher 14.31% annualized return.
INCO
- 1D
- -1.49%
- 1M
- 2.34%
- YTD
- -8.73%
- 6M
- -9.04%
- 1Y
- -6.80%
- 3Y*
- 7.54%
- 5Y*
- 6.59%
- 10Y*
- 8.92%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
INCO vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -8.73% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | -10.81% | 53.28% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between INCO and UGA 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 | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011 | 0.12 |
The correlation between INCO and UGA shifts across timeframes, from -0.34 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. UGA — Risk / Return Rank
INCO
UGA
INCO vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.30 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 3.17 | -3.49 |
| Martin ratioReturn relative to average drawdown | -0.77 | 9.39 | -10.16 |
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Drawdowns
INCO vs. UGA - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INCO and UGA.
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Drawdown Indicators
| INCO | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -86.59% | +38.90% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -18.96% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -26.68% | -3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -38.11% | +8.13% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -75.89% | +28.20% |
Current DrawdownCurrent decline from peak | -22.27% | -18.05% | -4.22% |
Average DrawdownAverage peak-to-trough decline | -10.61% | -36.69% | +26.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.88% | 6.43% | +2.45% |
Volatility
INCO vs. UGA - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 5.21%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCO | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 9.24% | -4.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.55% | 30.57% | -16.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.04% | 35.22% | -18.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 34.45% | -17.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 37.22% | -16.91% |
INCO vs. UGA - Expense Ratio Comparison
Both INCO and UGA have an expense ratio of 0.75%.
Dividends
INCO vs. UGA - Dividend Comparison
Neither INCO nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INCO and UGA 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.
UGA has higher volatility (9.24%) compared to INCO (5.21%). In terms of maximum drawdown, INCO dropped -47.69% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 8.92% for INCO. Both ETFs have the same 0.75% expense ratio. On volatility, INCO has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 14.31% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCO and UGA have the same expense ratio: 0.75% per year.
INCO and UGA have nearly identical dividend yields, around 0.00%.
INCO is categorized as Asia Pacific Equities, while UGA is Oil & Gas. INCO tracks Indxx India Consumer Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Ameriprise Financial and Concierge Technologies.
UGA currently has the higher Sharpe Ratio (1.73 vs -0.40), 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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