Bottom line of it all: At the end of the day, there is little to nothing that we could possibly run in a WC loop that would offer better cooling performance than distilled water at a comparable price.
Almost any form of a dye or additive will add to the cost of your fluid, and would most likely not provide you with an improvement in heat absorption.
There are a lot of factors involved in what works best for you and depends on how you want to use your system and how much time you want to spend maintaining it. In general for water cooling with performance in mind you want a low viscosity with a high heat absorption and dissipation quality that requires minimal maintenance and cost. Up to you to decide if the bling factor is worth possible changes to any of those goals of water cooling in much the same way of if you're not OCing is WCing really worth it compared to air cooling? For some people it is just for the looks.
Dyes that can make things look pretty can affect the heat capability, maintenance cycle and cost compared to water. ex. the FluidXP Nanofluid can give different temps than distilled, and even the cheapest will cost more then just distilled water. Of course with the possible issues with tubing (which I won't get into here) as well as the potential for sticking to small crevices and pins in blocks means you may need to change fluid more often and/or completely disassemble and clean the block faster than just distilled water with a biocide or coil.
LN2 or other methods of extreme cooling can give better heat capability at the expense of maintenance and cost. ie: You can't really run this for a daily usage.