INDA vs. INCO

Last updated Jul 14, 2026

INDA (iShares MSCI India ETF) and INCO (Columbia India Consumer ETF) are both India Equities funds - INDA tracks the MSCI India Index while INCO tracks the Indxx India Consumer Index. Both are passively managed. Over the past 10 years, INDA returned 6.55%/yr vs 8.11%/yr for INCO. A 0.79 correlation means they provide meaningful diversification when combined. INDA charges 0.69%/yr vs 0.75%/yr for INCO.

Performance

INDA vs. INCO - Performance Comparison

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

Returns By Period

In the year-to-date period, INDA achieves a -9.73% return, which is significantly lower than INCO's -9.06% return. Over the past 10 years, INDA has underperformed INCO with an annualized return of 6.55%, while INCO has yielded a comparatively higher 8.11% annualized return.

INDA

• 1D: -1.03%
• 1M: 0.95%
• 6M: -8.63%
• YTD: -9.73%
• 1Y: -11.10%
• 3Y*: 3.55%
• 5Y*: 3.34%
• 10Y*: 6.55%

INCO

• 1D: -1.41%
• 1M: 2.18%
• 6M: -8.19%
• YTD: -9.06%
• 1Y: -7.20%
• 3Y*: 5.83%
• 5Y*: 6.64%
• 10Y*: 8.11%

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

INDA vs. INCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDA iShares MSCI India ETF	-9.73%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%
INCO Columbia India Consumer ETF	-9.06%	0.59%	12.70%	34.63%	-7.01%	19.28%	14.55%	-4.22%	-10.81%	53.28%

Correlation

The correlation between INDA and INCO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.79

The correlation between INDA and INCO has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

INDA vs. INCO - Sectors Allocation Comparison

Sectors	INDA	INCO
Financial Services	28.9%	-
Consumer Cyclical	12.0%	60.5%
Industrials	10.6%	1.4%
Energy	9.1%	-
Basic Materials	8.6%	-
Technology	8.0%	0.8%
Healthcare	6.1%	2.1%
Consumer Defensive	5.8%	36.6%
Communication Services	5.1%	-
Utilities	4.4%	-
Real Estate	1.3%	-

Return for Risk

INDA vs. INCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

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: 6
INCO Martin Ratio Rank: 6

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.

INDA vs. INCO - Risk-Adjusted Trends Comparison

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

	INDA	INCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	-0.42	-0.32
Sortino ratio: Return per unit of downside risk	-1.00	-0.51	-0.50
Omega ratio: Gain probability vs. loss probability	0.89	0.94	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.62	-0.34	-0.29
Martin ratio: Return relative to average drawdown	-1.40	-0.78	-0.63

INDA vs. INCO - Sharpe Ratio Comparison

The current INDA Sharpe Ratio is -0.74, which is lower than the INCO Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of INDA and INCO, 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

INDA vs. INCO - Drawdown Comparison

The maximum INDA drawdown since its inception was -45.07%, smaller than the maximum INCO drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for INDA and INCO.

Drawdown Indicators

	INDA	INCO	Difference
Max Drawdown Largest peak-to-trough decline	-45.07%	-47.69%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-17.85%	-21.37%	+3.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	-29.98%	+7.26%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-29.98%	+7.26%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-47.69%	+2.62%
Current Drawdown Current decline from peak	-16.99%	-22.55%	+5.56%
Average Drawdown Average peak-to-trough decline	-9.62%	-10.65%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.92%	9.26%	-1.34%

Volatility

INDA vs. INCO - Volatility Comparison

iShares MSCI India ETF (INDA) and Columbia India Consumer ETF (INCO) have volatilities of 4.48% and 4.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDA	INCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.34%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	14.49%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	17.14%	-2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	16.99%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	20.29%	+0.77%

INDA vs. INCO - Expense Ratio Comparison

INDA has a 0.69% expense ratio, which is lower than INCO's 0.75% expense ratio.

Dividends

INDA vs. INCO - Dividend Comparison

Neither INDA nor INCO has paid dividends to shareholders.

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%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%

Frequently Asked Questions

Can I hold both INDA and INCO in my portfolio?

INDA and INCO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDA or INCO?

INDA has higher volatility (4.48%) compared to INCO (4.34%). In terms of maximum drawdown, INDA dropped -45.07% vs INCO's -47.69%.

Which ETF is better, INDA or INCO?

On 10-year performance, INCO leads with 8.11% vs 6.55% for INDA. On fees, INDA is cheaper at 0.69% per year. On volatility, INCO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDA or INCO?

Over the 10-year period, INCO has performed better with a 8.11% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDA or INCO?

INDA is cheaper with a 0.69% expense ratio, compared with 0.75% for INCO.

Which ETF pays a higher dividend yield, INDA or INCO?

INDA and INCO have nearly identical dividend yields, around 0.00%.

What is the main difference between INDA and INCO?

INDA tracks MSCI India Index, while INCO tracks Indxx India Consumer Index. They also come from different issuers: iShares and Ameriprise Financial. Their fees differ too: 0.69% for INDA and 0.75% for INCO.

Which has better risk-adjusted returns?

INCO currently has the higher Sharpe Ratio (-0.42 vs -0.74), 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.