INQQ vs. FMQQ

Last updated Aug 2, 2026

INQQ (INQQ The India Internet ETF) and FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) are both exchange-traded funds - INQQ is a India Equities fund tracking the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while FMQQ is a Emerging Markets Equities fund tracking the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, INQQ returned 2.99%/yr vs 2.86%/yr for FMQQ. Their 0.61 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.86% expense ratio.

Performance

INQQ vs. FMQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in INQQ The India Internet ETF (INQQ) and FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with INQQ having a -9.24% return and FMQQ slightly lower at -9.49%.

INQQ

• 1D: 0.71%
• 1M: 1.78%
• 6M: -1.28%
• YTD: -9.24%
• 1Y: -13.28%
• 3Y*: 2.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.37%

FMQQ

• 1D: 0.19%
• 1M: 3.35%
• 6M: -5.83%
• YTD: -9.49%
• 1Y: -10.97%
• 3Y*: 2.86%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -13.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	$165.12K	$155.48K	$92.62K
INQQ INQQ The India Internet ETF	$156.31K	$248.20K	$372.41K

INQQ vs. FMQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INQQ INQQ The India Internet ETF	-9.24%	-7.05%	19.12%	31.45%	-34.72%
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	-9.49%	10.77%	12.45%	15.15%	-38.37%

Correlation

The correlation between INQQ and FMQQ is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022	0.61

The correlation between INQQ and FMQQ has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.

INQQ vs. FMQQ - Sectors Allocation Comparison

Sectors	INQQ	FMQQ
Consumer Cyclical	35.9%	32.7%
Financial Services	30.2%	2.3%
Technology	10.5%	6.6%
Communication Services	9.6%	6.4%
Energy	7.5%	-
Healthcare	4.7%	-
Consumer Defensive	1.6%	0.6%
Basic Materials	-	-
Industrials	-	3.7%
Real Estate	-	1.0%
Utilities	-	1.5%

Return for Risk

INQQ vs. FMQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INQQ

INQQ Risk / Return Rank: 4
INQQ Sharpe Ratio Rank: 3
INQQ Sortino Ratio Rank: 3
INQQ Omega Ratio Rank: 3
INQQ Calmar Ratio Rank: 6
INQQ Martin Ratio Rank: 6

FMQQ

FMQQ Risk / Return Rank: 5
FMQQ Sharpe Ratio Rank: 4
FMQQ Sortino Ratio Rank: 4
FMQQ Omega Ratio Rank: 4
FMQQ Calmar Ratio Rank: 6
FMQQ Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INQQ vs. FMQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for INQQ The India Internet ETF (INQQ) and FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ). 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.

	INQQ	FMQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.60	-0.14
Sortino ratio: Return per unit of downside risk	-0.98	-0.75	-0.23
Omega ratio: Gain probability vs. loss probability	0.89	0.92	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.44	-0.38	-0.07
Martin ratio: Return relative to average drawdown	-0.82	-0.65	-0.18

INQQ vs. FMQQ - Sharpe Ratio Comparison

The current INQQ Sharpe Ratio is -0.73, which is comparable to the FMQQ Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of INQQ and FMQQ, 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

INQQ vs. FMQQ - Drawdown Comparison

The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum FMQQ drawdown of -64.51%. Use the drawdown chart below to compare losses from any high point for INQQ and FMQQ.

Drawdown Indicators

	INQQ	FMQQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-64.51%	+23.98%
Max Drawdown (1Y) Largest decline over 1 year	-30.07%	-30.82%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-32.45%	-30.82%	-1.63%
Current Drawdown Current decline from peak	-20.13%	-51.07%	+30.94%
Average Drawdown Average peak-to-trough decline	-17.28%	-49.49%	+32.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.21%	17.93%	-1.72%

Volatility

INQQ vs. FMQQ - Volatility Comparison

INQQ The India Internet ETF (INQQ) has a higher volatility of 5.80% compared to FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) at 4.57%. This indicates that INQQ's price experiences larger fluctuations and is considered to be riskier than FMQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INQQ	FMQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	4.57%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	15.41%	16.49%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	19.46%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	24.65%	-4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.94%	24.65%	-4.71%

INQQ vs. FMQQ - Expense Ratio Comparison

Both INQQ and FMQQ have an expense ratio of 0.86%.

Dividends

INQQ vs. FMQQ - Dividend Comparison

INQQ's dividend yield for the trailing twelve months is around 2.46%, more than FMQQ's 0.68% yield.

Position	TTM	2025	2024	2023
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	0.68%	0.61%	0.45%	0.11%
INQQ INQQ The India Internet ETF	2.46%	2.23%	1.18%	0.04%

Frequently Asked Questions

Can I hold both INQQ and FMQQ in my portfolio?

INQQ and FMQQ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INQQ or FMQQ?

INQQ has higher volatility (5.80%) compared to FMQQ (4.57%). In terms of maximum drawdown, INQQ dropped -40.53% vs FMQQ's -64.51%.

Which ETF is better, INQQ or FMQQ?

On 3-year performance, INQQ leads with 2.99% vs 2.86% for FMQQ. Both ETFs have the same 0.86% expense ratio. On volatility, FMQQ has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INQQ or FMQQ?

Over the 3-year period, INQQ has performed better with a 2.99% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INQQ or FMQQ?

INQQ and FMQQ have the same expense ratio: 0.86% per year.

Which ETF pays a higher dividend yield, INQQ or FMQQ?

INQQ has the higher dividend yield at 2.46%, compared with 0.68% for FMQQ.

What is the main difference between INQQ and FMQQ?

INQQ is categorized as India Equities, while FMQQ is Emerging Markets Equities. INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net.

Which has better risk-adjusted returns?

FMQQ currently has the higher Sharpe Ratio (-0.60 vs -0.73), 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.