INRO vs. BPAY

Last updated Jun 4, 2026

INRO (Blackrock U.S. Industry Rotation ETF) and BPAY (BlackRock Future Financial and Technology ETF) are both exchange-traded funds - INRO is a Large Cap Blend Equities fund actively managed by BlackRock, while BPAY is a Financials Equities fund actively managed by BlackRock. Both are actively managed. Over the past year, INRO returned 31.46% vs -10.80% for BPAY. A 0.70 correlation means they provide meaningful diversification when combined. INRO charges 0.42%/yr vs 0.70%/yr for BPAY.

Performance

INRO vs. BPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock U.S. Industry Rotation ETF (INRO) and BlackRock Future Financial and Technology ETF (BPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INRO achieves a 13.22% return, which is significantly higher than BPAY's -12.44% return.

INRO

• 1D: -0.65%
• 1M: 6.39%
• YTD: 13.22%
• 6M: 13.14%
• 1Y: 31.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BPAY

• 1D: -4.23%
• 1M: -4.47%
• YTD: -12.44%
• 6M: -14.32%
• 1Y: -10.80%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —

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

INRO vs. BPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INRO Blackrock U.S. Industry Rotation ETF	13.22%	16.67%	10.88%
BPAY BlackRock Future Financial and Technology ETF	-12.44%	8.54%	6.85%

Correlation

The correlation between INRO and BPAY is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.70

The correlation between INRO and BPAY has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

INRO vs. BPAY - Sectors Allocation Comparison

Sectors	INRO	BPAY
Technology	38.4%	36.4%
Consumer Cyclical	11.3%	6.0%
Communication Services	10.4%	-
Financial Services	10.1%	53.0%
Industrials	9.7%	4.6%
Healthcare	7.9%	-
Consumer Defensive	6.4%	-
Energy	3.7%	-
Basic Materials	1.5%	-
Real Estate	0.6%	2.2%
Utilities	0.0%	-

Return for Risk

INRO vs. BPAY — Risk / Return Rank

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

INRO

INRO Risk / Return Rank: 75
INRO Sharpe Ratio Rank: 76
INRO Sortino Ratio Rank: 75
INRO Omega Ratio Rank: 75
INRO Calmar Ratio Rank: 68
INRO Martin Ratio Rank: 80

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY 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.

INRO vs. BPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock U.S. Industry Rotation ETF (INRO) and BlackRock Future Financial and Technology ETF (BPAY). 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.

	INRO	BPAY	Difference
Sharpe ratio: Return per unit of total volatility	2.47	-0.42	+2.88
Sortino ratio: Return per unit of downside risk	3.36	-0.42	+3.79
Omega ratio: Gain probability vs. loss probability	1.44	0.95	+0.49
Calmar ratio: Return relative to maximum drawdown	3.38	-0.32	+3.70
Martin ratio: Return relative to average drawdown	15.71	-0.64	+16.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INRO vs. BPAY - Sharpe Ratio Comparison

The current INRO Sharpe Ratio is 2.47, which is higher than the BPAY Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of INRO and BPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INRO	BPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	-0.42	+2.88
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.06	+1.07

Drawdowns

INRO vs. BPAY - Drawdown Comparison

The maximum INRO drawdown since its inception was -20.02%, smaller than the maximum BPAY drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for INRO and BPAY.

Drawdown Indicators

	INRO	BPAY	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-33.62%	+13.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-33.62%	+24.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.62%	—
Current Drawdown Current decline from peak	-0.65%	-26.03%	+25.38%
Average Drawdown Average peak-to-trough decline	-2.61%	-10.54%	+7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	16.98%	-14.97%

Volatility

INRO vs. BPAY - Volatility Comparison

The current volatility for Blackrock U.S. Industry Rotation ETF (INRO) is 3.69%, while BlackRock Future Financial and Technology ETF (BPAY) has a volatility of 6.91%. This indicates that INRO experiences smaller price fluctuations and is considered to be less risky than BPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INRO	BPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	6.91%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	18.71%	-8.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	26.01%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	24.35%	-7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.10%	24.35%	-7.25%

INRO vs. BPAY - Expense Ratio Comparison

INRO has a 0.42% expense ratio, which is lower than BPAY's 0.70% expense ratio.

Dividends

INRO vs. BPAY - Dividend Comparison

INRO's dividend yield for the trailing twelve months is around 0.65%, less than BPAY's 7.41% yield.

Position	TTM	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	7.41%	6.49%	0.48%	1.18%	0.18%
INRO Blackrock U.S. Industry Rotation ETF	0.65%	0.68%	0.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INRO and BPAY in my portfolio?

INRO and BPAY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INRO or BPAY?

BPAY has higher volatility (6.91%) compared to INRO (3.69%). In terms of maximum drawdown, INRO dropped -20.02% vs BPAY's -33.62%.

Which ETF is better, INRO or BPAY?

On 1-year performance, INRO leads with 31.46% vs -10.80% for BPAY. On fees, INRO is cheaper at 0.42% per year. On volatility, INRO has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INRO or BPAY?

Over the 1-year period, INRO has performed better with a 31.46% return vs -10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INRO or BPAY?

INRO is cheaper with a 0.42% expense ratio, compared with 0.70% for BPAY.

Which ETF pays a higher dividend yield, INRO or BPAY?

BPAY has the higher dividend yield at 7.41%, compared with 0.65% for INRO.

What is the main difference between INRO and BPAY?

INRO is categorized as Large Cap Blend Equities, while BPAY is Financials Equities. Their fees differ too: 0.42% for INRO and 0.70% for BPAY.

Which has better risk-adjusted returns?

INRO currently has the higher Sharpe Ratio (2.47 vs -0.42), 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.