DIVN vs. INCE

Last updated Aug 4, 2026

DIVN (Horizon Dividend Income ETF) and INCE (Franklin Income Equity Focus ETF) are both exchange-traded funds - DIVN is a Large Cap Value Equities fund actively managed by Horizon, while INCE is a Dividend fund actively managed by Franklin Templeton. Both are actively managed. Over the past year, DIVN returned 22.46% vs 26.00% for INCE. Their correlation of 0.82 means they have usually moved in the same direction. DIVN charges 0.70%/yr vs 0.29%/yr for INCE.

Performance

DIVN vs. INCE - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DIVN having a 14.73% return and INCE slightly higher at 14.91%.

DIVN

• 1D: -0.06%
• 1M: 1.08%
• 6M: 7.52%
• YTD: 14.73%
• 1Y: 22.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.56%

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)
DIVN Horizon Dividend Income ETF	$11.52M	$5.71M	$2.75M
INCE Franklin Income Equity Focus ETF	$621.36K	$657.47K	$945.62K

DIVN vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025
DIVN Horizon Dividend Income ETF	14.73%	8.11%
INCE Franklin Income Equity Focus ETF	14.91%	10.30%

Correlation

The correlation between DIVN and INCE is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.82

The correlation between DIVN and INCE has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

Return for Risk

DIVN vs. INCE — Risk / Return Rank

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

DIVN

DIVN Risk / Return Rank: 86
DIVN Sharpe Ratio Rank: 85
DIVN Sortino Ratio Rank: 90
DIVN Omega Ratio Rank: 83
DIVN Calmar Ratio Rank: 90
DIVN Martin Ratio Rank: 79

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.

DIVN vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Dividend Income ETF (DIVN) 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.

	DIVN	INCE	Difference
Sharpe ratio: Return per unit of total volatility	2.18	3.09	-0.91
Sortino ratio: Return per unit of downside risk	3.35	4.48	-1.13
Omega ratio: Gain probability vs. loss probability	1.39	1.58	-0.19
Calmar ratio: Return relative to maximum drawdown	4.06	5.24	-1.18
Martin ratio: Return relative to average drawdown	11.43	20.20	-8.77

DIVN vs. INCE - Sharpe Ratio Comparison

The current DIVN Sharpe Ratio is 2.18, which is comparable to the INCE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of DIVN 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

DIVN vs. INCE - Drawdown Comparison

The maximum DIVN drawdown since its inception was -5.55%, smaller than the maximum INCE drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for DIVN and INCE.

Drawdown Indicators

	DIVN	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-5.55%	-33.95%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-4.90%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.40%	—
Current Drawdown Current decline from peak	-1.45%	-0.16%	-1.29%
Average Drawdown Average peak-to-trough decline	-1.35%	-3.22%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.27%	+0.70%

Volatility

DIVN vs. INCE - Volatility Comparison

Horizon Dividend Income ETF (DIVN) has a higher volatility of 3.04% compared to Franklin Income Equity Focus ETF (INCE) at 2.46%. This indicates that DIVN'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

	DIVN	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.46%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	7.52%	6.15%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.36%	8.40%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	13.25%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	15.60%	-5.09%

DIVN vs. INCE - Expense Ratio Comparison

DIVN has a 0.70% expense ratio, which is higher than INCE's 0.29% expense ratio.

Dividends

DIVN vs. INCE - Dividend Comparison

DIVN's dividend yield for the trailing twelve months is around 3.70%, less than INCE's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIVN Horizon Dividend Income ETF	3.70%	1.47%	0.00%	0.00%	0.00%	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 DIVN and INCE in my portfolio?

DIVN and INCE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVN or INCE?

DIVN has higher volatility (3.04%) compared to INCE (2.46%). In terms of maximum drawdown, DIVN dropped -5.55% vs INCE's -33.95%.

Which ETF is better, DIVN or INCE?

On 1-year performance, INCE leads with 26.00% vs 22.46% for DIVN. 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, DIVN or INCE?

Over the 1-year period, INCE has performed better with a 26.00% return vs 22.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVN or INCE?

INCE is cheaper with a 0.29% expense ratio, compared with 0.70% for DIVN.

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

INCE has the higher dividend yield at 4.84%, compared with 3.70% for DIVN.

What is the main difference between DIVN and INCE?

DIVN is categorized as Large Cap Value Equities, while INCE is Dividend. They also come from different issuers: Horizon and Franklin Templeton. Their fees differ too: 0.70% for DIVN and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.09 vs 2.18), 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.