CGDV vs. INCE

Last updated Aug 4, 2026

CGDV (Capital Group Dividend Value ETF) and INCE (Franklin Income Equity Focus ETF) are both exchange-traded funds - CGDV is a Large Cap Value Equities fund actively managed by Capital Group, while INCE is a Dividend fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, CGDV returned 23.86%/yr vs 15.52%/yr for INCE. Their correlation of 0.83 means they have usually moved in the same direction. CGDV charges 0.33%/yr vs 0.29%/yr for INCE.

Performance

CGDV vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Dividend Value ETF (CGDV) and Franklin Income Equity Focus ETF (INCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGDV achieves a 15.82% return, which is significantly higher than INCE's 14.91% return.

CGDV

• 1D: 1.45%
• 1M: 2.68%
• 6M: 12.47%
• YTD: 15.82%
• 1Y: 26.98%
• 3Y*: 23.86%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.91%

INCE

• 1D: 0.47%
• 1M: 0.96%
• 6M: 7.74%
• YTD: 14.91%
• 1Y: 26.00%
• 3Y*: 15.52%
• 5Y*: 10.49%
• 10Y*: —
• ALL TIME*: 13.06%

*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)
CGDV Capital Group Dividend Value ETF	$196.47M	$192.49M	$185.79M
INCE Franklin Income Equity Focus ETF	$621.36K	$657.47K	$945.62K

CGDV vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGDV Capital Group Dividend Value ETF	15.82%	25.50%	20.10%	28.81%	-0.44%
INCE Franklin Income Equity Focus ETF	14.91%	15.92%	10.70%	13.87%	1.43%

Correlation

The correlation between CGDV and INCE is 0.58, 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.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.83

Over the past year, the correlation between CGDV and INCE has dropped to 0.58 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

CGDV vs. INCE - Sectors Allocation Comparison

Sectors	CGDV	INCE
Technology	34.5%	3.6%
Industrials	13.6%	8.9%
Consumer Cyclical	12.6%	3.1%
Communication Services	9.8%	2.4%
Healthcare	8.2%	7.0%
Financial Services	6.7%	13.3%
Consumer Defensive	5.8%	9.3%
Energy	3.9%	5.6%
Basic Materials	2.8%	2.7%
Utilities	1.0%	6.8%
Real Estate	1.0%	-

Return for Risk

CGDV vs. INCE — Risk / Return Rank

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

CGDV

CGDV Risk / Return Rank: 85
CGDV Sharpe Ratio Rank: 88
CGDV Sortino Ratio Rank: 87
CGDV Omega Ratio Rank: 88
CGDV Calmar Ratio Rank: 77
CGDV Martin Ratio Rank: 87

INCE

INCE Risk / Return Rank: 96
INCE Sharpe Ratio Rank: 96
INCE Sortino Ratio Rank: 96
INCE Omega Ratio Rank: 95
INCE Calmar Ratio Rank: 95
INCE Martin Ratio Rank: 95

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.

CGDV vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Dividend Value ETF (CGDV) and Franklin Income Equity Focus ETF (INCE). 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.

	CGDV	INCE	Difference
Sharpe ratio: Return per unit of total volatility	2.16	3.09	-0.93
Sortino ratio: Return per unit of downside risk	2.99	4.48	-1.49
Omega ratio: Gain probability vs. loss probability	1.40	1.58	-0.18
Calmar ratio: Return relative to maximum drawdown	2.78	5.24	-2.46
Martin ratio: Return relative to average drawdown	12.97	20.20	-7.22

CGDV vs. INCE - Sharpe Ratio Comparison

The current CGDV Sharpe Ratio is 2.16, which is lower than the INCE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of CGDV and INCE, 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

CGDV vs. INCE - Drawdown Comparison

The maximum CGDV drawdown since its inception was -21.82%, smaller than the maximum INCE drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for CGDV and INCE.

Drawdown Indicators

	CGDV	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-33.95%	+12.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-4.90%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-14.28%	-14.01%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.40%	—
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-3.52%	-3.22%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.27%	+0.81%

Volatility

CGDV vs. INCE - Volatility Comparison

Capital Group Dividend Value ETF (CGDV) has a higher volatility of 3.54% compared to Franklin Income Equity Focus ETF (INCE) at 2.46%. This indicates that CGDV's price experiences larger fluctuations and is considered to be riskier than INCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGDV	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	2.46%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	6.15%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	8.40%	+4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	13.25%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	15.60%	-0.11%

CGDV vs. INCE - Expense Ratio Comparison

CGDV has a 0.33% expense ratio, which is higher than INCE's 0.29% expense ratio.

Dividends

CGDV vs. INCE - Dividend Comparison

CGDV's dividend yield for the trailing twelve months is around 1.17%, less than INCE's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CGDV Capital Group Dividend Value ETF	1.17%	1.29%	1.60%	1.65%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INCE Franklin Income Equity Focus ETF	4.84%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%

Frequently Asked Questions

Can I hold both CGDV and INCE in my portfolio?

CGDV and INCE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGDV or INCE?

CGDV has higher volatility (3.54%) compared to INCE (2.46%). In terms of maximum drawdown, CGDV dropped -21.82% vs INCE's -33.95%.

Which ETF is better, CGDV or INCE?

On 3-year performance, CGDV leads with 23.86% vs 15.52% for INCE. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGDV or INCE?

Over the 3-year period, CGDV has performed better with a 23.86% return vs 15.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGDV or INCE?

INCE is cheaper with a 0.29% expense ratio, compared with 0.33% for CGDV.

Which ETF pays a higher dividend yield, CGDV or INCE?

INCE has the higher dividend yield at 4.84%, compared with 1.17% for CGDV.

What is the main difference between CGDV and INCE?

CGDV is categorized as Large Cap Value Equities, while INCE is Dividend. They also come from different issuers: Capital Group and Franklin Templeton. Their fees differ too: 0.33% for CGDV and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.09 vs 2.16), 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.