FLJP vs. INCM

Last updated Jul 15, 2026

FLJP (Franklin FTSE Japan ETF) and INCM (Franklin Income Focus ETF) are both exchange-traded funds - FLJP is a Japan Equities fund tracking the FTSE Japan RIC Capped Index, while INCM is a Diversified Portfolio fund actively managed by Franklin Templeton. FLJP is passively managed, while INCM is actively managed. Over the past 3 years, FLJP returned 18.23%/yr vs 10.29%/yr for INCM. A 0.50 correlation means they provide meaningful diversification when combined. FLJP charges 0.09%/yr vs 0.38%/yr for INCM.

Performance

FLJP vs. INCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Japan ETF (FLJP) and Franklin Income Focus ETF (INCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLJP achieves a 16.84% return, which is significantly higher than INCM's 6.31% return.

FLJP

• 1D: 1.26%
• 1M: 1.74%
• 6M: 11.87%
• YTD: 16.84%
• 1Y: 34.83%
• 3Y*: 18.23%
• 5Y*: 9.53%
• 10Y*: —

INCM

• 1D: -0.14%
• 1M: -0.72%
• 6M: 4.45%
• YTD: 6.31%
• 1Y: 12.15%
• 3Y*: 10.29%
• 5Y*: —
• 10Y*: —

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

FLJP vs. INCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLJP Franklin FTSE Japan ETF	16.84%	26.79%	6.99%	6.84%
INCM Franklin Income Focus ETF	6.31%	13.07%	6.80%	5.76%

Correlation

The correlation between FLJP and INCM is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023	0.50

The correlation between FLJP and INCM has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

FLJP vs. INCM — Risk / Return Rank

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

FLJP

FLJP Risk / Return Rank: 67
FLJP Sharpe Ratio Rank: 68
FLJP Sortino Ratio Rank: 67
FLJP Omega Ratio Rank: 69
FLJP Calmar Ratio Rank: 66
FLJP Martin Ratio Rank: 64

INCM

INCM Risk / Return Rank: 87
INCM Sharpe Ratio Rank: 87
INCM Sortino Ratio Rank: 87
INCM Omega Ratio Rank: 86
INCM Calmar Ratio Rank: 86
INCM Martin Ratio Rank: 89

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.

FLJP vs. INCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Japan ETF (FLJP) and Franklin Income Focus ETF (INCM). 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.

	FLJP	INCM	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.22	-0.47
Sortino ratio: Return per unit of downside risk	2.44	3.14	-0.70
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.09
Calmar ratio: Return relative to maximum drawdown	2.63	3.82	-1.19
Martin ratio: Return relative to average drawdown	9.12	15.45	-6.34

FLJP vs. INCM - Sharpe Ratio Comparison

The current FLJP Sharpe Ratio is 1.76, which is comparable to the INCM Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FLJP and INCM, 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

FLJP vs. INCM - Drawdown Comparison

The maximum FLJP drawdown since its inception was -32.49%, which is greater than INCM's maximum drawdown of -7.84%. Use the drawdown chart below to compare losses from any high point for FLJP and INCM.

Drawdown Indicators

	FLJP	INCM	Difference
Max Drawdown Largest peak-to-trough decline	-32.49%	-7.84%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.30%	-3.19%	-10.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-7.84%	-6.33%
Max Drawdown (5Y) Largest decline over 5 years	-32.49%	—	—
Current Drawdown Current decline from peak	-2.54%	-0.88%	-1.66%
Average Drawdown Average peak-to-trough decline	-9.28%	-1.08%	-8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	0.79%	+3.04%

Volatility

FLJP vs. INCM - Volatility Comparison

Franklin FTSE Japan ETF (FLJP) has a higher volatility of 6.59% compared to Franklin Income Focus ETF (INCM) at 2.04%. This indicates that FLJP's price experiences larger fluctuations and is considered to be riskier than INCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLJP	INCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	2.04%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	4.33%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.94%	5.49%	+14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	7.25%	+10.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	7.25%	+10.64%

FLJP vs. INCM - Expense Ratio Comparison

FLJP has a 0.09% expense ratio, which is lower than INCM's 0.38% expense ratio.

Dividends

FLJP vs. INCM - Dividend Comparison

FLJP's dividend yield for the trailing twelve months is around 4.21%, less than INCM's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLJP Franklin FTSE Japan ETF	4.21%	5.15%	4.56%	3.00%	1.92%	2.40%	1.51%	2.26%	1.50%	0.10%
INCM Franklin Income Focus ETF	5.18%	4.96%	5.06%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLJP and INCM in my portfolio?

FLJP and INCM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLJP or INCM?

FLJP has higher volatility (6.59%) compared to INCM (2.04%). In terms of maximum drawdown, FLJP dropped -32.49% vs INCM's -7.84%.

Which ETF is better, FLJP or INCM?

On 3-year performance, FLJP leads with 18.23% vs 10.29% for INCM. On fees, FLJP is cheaper at 0.09% per year. On volatility, INCM has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLJP or INCM?

Over the 3-year period, FLJP has performed better with a 18.23% return vs 10.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLJP or INCM?

FLJP is cheaper with a 0.09% expense ratio, compared with 0.38% for INCM.

Which ETF pays a higher dividend yield, FLJP or INCM?

INCM has the higher dividend yield at 5.18%, compared with 4.21% for FLJP.

What is the main difference between FLJP and INCM?

FLJP is categorized as Japan Equities, while INCM is Diversified Portfolio. Their fees differ too: 0.09% for FLJP and 0.38% for INCM.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (2.22 vs 1.75), 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.