INCO vs. USO
INCO (Columbia India Consumer ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INCO is a India 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 8.23%/yr vs 5.64%/yr for USO. Their 0.12 correlation means their historical movements had little consistent relationship. INCO charges 0.75%/yr vs 0.86%/yr for USO.
Performance
INCO vs. USO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, INCO achieves a -5.05% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, INCO has outperformed USO with an annualized return of 8.23%, while USO has yielded a comparatively lower 5.64% 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%
USO
- 1D
- 1.33%
- 1M
- 24.23%
- 6M
- 62.44%
- YTD
- 86.77%
- 1Y
- 66.76%
- 3Y*
- 20.97%
- 5Y*
- 20.59%
- 10Y*
- 5.64%
- ALL TIME*
- -6.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.47M | $2.13M | $2.03M | |
| $968.42M | $871.56M | $931.57M |
INCO vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USO United States Oil Fund LP | 86.77% | -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 -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2011 | 0.12 |
The correlation between INCO and USO shifts across timeframes, from -0.40 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.25 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.93 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.19 | 5.60 | -5.79 |
Loading charts...
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.
Loading charts...
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% | -32.49% | +11.12% |
Max Drawdown (3Y)Largest decline over 3 years | -29.98% | -32.49% | +2.51% |
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 | -19.14% | -86.26% | +67.12% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -75.38% | +64.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.66% | 12.03% | -2.37% |
Volatility
INCO vs. USO - Volatility Comparison
The current volatility for Columbia India Consumer ETF (INCO) is 3.96%, while United States Oil Fund LP (USO) has a volatility of 17.73%. 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.
Loading charts...
Volatility by Period
| INCO | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 17.73% | -13.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.48% | 42.79% | -28.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.24% | 46.91% | -29.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 37.06% | -20.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 39.29% | -18.99% |
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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (17.73%) compared to INCO (3.96%). In terms of maximum drawdown, INCO dropped -47.69% vs USO's -98.19%.
On 10-year performance, INCO leads with 8.23% vs 5.64% for USO. On fees, INCO is cheaper at 0.75% 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, INCO has performed better with a 8.23% return vs 5.64%. 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 India 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 (1.34 vs -0.11), 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.
Find the right allocation for INCO and USO
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