HDV vs. INCE

Last updated Jun 4, 2026

HDV (iShares Core High Dividend ETF) and INCE (Franklin Income Equity Focus ETF) are both Dividend funds. HDV is passively managed, while INCE is actively managed. Over the past 5 years, HDV returned 10.32%/yr vs 11.11%/yr for INCE. A 0.71 correlation means they provide meaningful diversification when combined. HDV charges 0.08%/yr vs 0.29%/yr for INCE.

Performance

HDV vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) 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 HDV having a 12.69% return and INCE slightly higher at 13.04%.

HDV

• 1D: 0.37%
• 1M: 0.29%
• YTD: 12.69%
• 6M: 12.16%
• 1Y: 20.35%
• 3Y*: 14.94%
• 5Y*: 10.32%
• 10Y*: 9.26%

INCE

• 1D: -0.76%
• 1M: 2.34%
• YTD: 13.04%
• 6M: 14.26%
• 1Y: 26.92%
• 3Y*: 17.11%
• 5Y*: 11.11%
• 10Y*: —

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

HDV vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	12.69%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
INCE Franklin Income Equity Focus ETF	13.04%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%

Correlation

The correlation between HDV and INCE is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016	0.71

The correlation between HDV and INCE has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

HDV vs. INCE - Sectors Allocation Comparison

Sectors	HDV	INCE
Consumer Defensive	24.1%	9.3%
Energy	22.3%	8.1%
Healthcare	16.5%	4.3%
Financial Services	11.1%	10.5%
Utilities	9.2%	6.4%
Technology	8.2%	7.6%
Consumer Cyclical	6.1%	2.2%
Industrials	1.4%	9.8%
Basic Materials	1.2%	4.5%
Communication Services	0.1%	2.6%
Real Estate	-	-

Return for Risk

HDV vs. INCE — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 66
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 76
HDV Martin Ratio Rank: 61

INCE

INCE Risk / Return Rank: 91
INCE Sharpe Ratio Rank: 91
INCE Sortino Ratio Rank: 93
INCE Omega Ratio Rank: 91
INCE Calmar Ratio Rank: 90
INCE Martin Ratio Rank: 90

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.

HDV vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) 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.

	HDV	INCE	Difference
Sharpe ratio: Return per unit of total volatility	2.10	3.26	-1.16
Sortino ratio: Return per unit of downside risk	3.11	4.73	-1.63
Omega ratio: Gain probability vs. loss probability	1.36	1.61	-0.24
Calmar ratio: Return relative to maximum drawdown	3.95	5.52	-1.57
Martin ratio: Return relative to average drawdown	11.02	20.83	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDV vs. INCE - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.10, which is lower than the INCE Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of HDV 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.

Sharpe Ratios by Period

	HDV	INCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	3.26	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.84	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.84	-0.12

Drawdowns

HDV vs. INCE - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than INCE's maximum drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for HDV and INCE.

Drawdown Indicators

	HDV	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-33.95%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-4.90%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-14.01%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-18.40%	+2.98%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	—	—
Current Drawdown Current decline from peak	-2.54%	-0.76%	-1.78%
Average Drawdown Average peak-to-trough decline	-3.09%	-3.25%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.30%	+0.55%

Volatility

HDV vs. INCE - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 3.19% compared to Franklin Income Equity Focus ETF (INCE) at 2.02%. This indicates that HDV'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

	HDV	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.02%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	5.96%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	8.32%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.82%	13.27%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	15.69%	+0.04%

HDV vs. INCE - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than INCE's 0.29% expense ratio.

Dividends

HDV vs. INCE - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.91%, less than INCE's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.91%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
INCE Franklin Income Equity Focus ETF	4.73%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	0.00%

Frequently Asked Questions

Can I hold both HDV and INCE in my portfolio?

HDV and INCE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or INCE?

HDV has higher volatility (3.19%) compared to INCE (2.02%). In terms of maximum drawdown, HDV dropped -37.04% vs INCE's -33.95%.

Which ETF is better, HDV or INCE?

On 5-year performance, INCE leads with 11.11% vs 10.32% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, INCE has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or INCE?

Over the 5-year period, INCE has performed better with a 11.11% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or INCE?

HDV is cheaper with a 0.08% expense ratio, compared with 0.29% for INCE.

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

INCE has the higher dividend yield at 4.73%, compared with 2.91% for HDV.

What is the main difference between HDV and INCE?

They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.08% for HDV and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.26 vs 2.10), 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.