INCO vs. USO
INCO (Columbia India Consumer ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INCO is a Asia Pacific Equities fund tracking the Indxx India Consumer Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, INCO returned 8.34%/yr vs 3.57%/yr for USO. At a 0.13 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 0.86%/yr for USO.
Performance
INCO vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, INCO achieves a -10.75% return, which is significantly lower than USO's 97.72% return. Over the past 10 years, INCO has outperformed USO with an annualized return of 8.34%, while USO has yielded a comparatively lower 3.57% annualized return.
INCO
- 1D
- 1.72%
- 1M
- -2.34%
- YTD
- -10.75%
- 6M
- -9.88%
- 1Y
- -9.38%
- 3Y*
- 7.06%
- 5Y*
- 5.92%
- 10Y*
- 8.34%
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
INCO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCO Columbia India Consumer ETF | -10.75% | 0.59% | 12.70% | 34.63% | -7.01% | 19.28% | 14.55% | -4.22% | -10.81% | 53.28% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between INCO and USO is -0.39, 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 | -0.39 |
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 11, 2011 | 0.13 |
The correlation between INCO and USO shifts across timeframes, from -0.39 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCO vs. USO — Risk / Return Rank
INCO
USO
INCO vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.37 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 4.79 | -5.23 |
| Martin ratioReturn relative to average drawdown | -1.13 | 9.00 | -10.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INCO | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.21 | -2.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.66 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.09 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.18 | +0.60 |
Drawdowns
INCO vs. USO - Drawdown Comparison
The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for INCO and USO.
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Drawdown Indicators
| INCO | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.69% | -98.19% | +50.50% |
Max Drawdown (1Y)Largest decline over 1 year | -21.37% | -20.39% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -26.05% | -3.93% |
Max Drawdown (5Y)Largest decline over 5 years | -29.98% | -36.23% | +6.25% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -86.75% | +39.06% |
Current DrawdownCurrent decline from peak | -24.00% | -85.45% | +61.45% |
Average DrawdownAverage peak-to-trough decline | -10.58% | -75.30% | +64.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 10.84% | -2.49% |
Volatility
INCO vs. USO - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 5.78%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that INCO experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 14.97% | -9.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.38% | 38.35% | -23.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.86% | 44.32% | -27.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 36.09% | -19.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.31% | 39.00% | -18.69% |
INCO vs. USO - Expense Ratio Comparison
INCO has a 0.75% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
INCO vs. USO - Dividend Comparison
Neither INCO nor USO 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% |
USO United States Oil 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 USO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to INCO (5.78%). In terms of maximum drawdown, INCO dropped -47.69% vs USO's -98.19%.
On 10-year performance, INCO leads with 8.34% vs 3.57% for USO. On fees, INCO is cheaper at 0.75% per year. On volatility, INCO has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INCO has performed better with a 8.34% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCO is cheaper with a 0.75% expense ratio, compared with 0.86% for USO.
INCO and USO have nearly identical dividend yields, around 0.00%.
INCO is categorized as Asia Pacific Equities, while USO is Oil & Gas. INCO tracks Indxx India Consumer Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Ameriprise Financial and USCF. Their fees differ too: 0.75% for INCO and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.56), 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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