INCE vs. DIVG

Last updated Jun 24, 2026

INCE (Franklin Income Equity Focus ETF) and DIVG (Invesco S&P 500 High Dividend Growers ETF) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while DIVG is a S&P 500 fund tracking the S&P 500 High Dividend Growth Index - Benchmark TR Gross. INCE is actively managed, while DIVG is passively managed. Over the past year, INCE returned 23.98% vs 22.10% for DIVG. Their correlation of 0.83 suggests significant overlap in exposure. INCE charges 0.29%/yr vs 0.39%/yr for DIVG.

Performance

INCE vs. DIVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Equity Focus ETF (INCE) and Invesco S&P 500 High Dividend Growers ETF (DIVG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCE achieves a 12.00% return, which is significantly lower than DIVG's 13.33% return.

INCE

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

DIVG

• 1D: 1.08%
• 1M: 1.25%
• YTD: 13.33%
• 6M: 13.28%
• 1Y: 22.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INCE vs. DIVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INCE Franklin Income Equity Focus ETF	12.00%	15.92%	10.70%	3.87%
DIVG Invesco S&P 500 High Dividend Growers ETF	13.33%	11.31%	16.60%	5.71%

Correlation

The correlation between INCE and DIVG is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.83

The correlation between INCE and DIVG has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

INCE vs. DIVG - Sectors Allocation Comparison

Sectors	INCE	DIVG
Industrials	16.2%	4.2%
Consumer Defensive	15.5%	14.4%
Energy	13.3%	7.5%
Utilities	12.6%	13.1%
Technology	10.5%	10.9%
Financial Services	9.5%	27.5%
Basic Materials	7.5%	5.5%
Healthcare	7.1%	5.2%
Communication Services	4.2%	3.1%
Consumer Cyclical	3.7%	2.3%
Real Estate	-	12.0%

Return for Risk

INCE vs. DIVG — Risk / Return Rank

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

INCE

INCE Risk / Return Rank: 89
INCE Sharpe Ratio Rank: 90
INCE Sortino Ratio Rank: 92
INCE Omega Ratio Rank: 89
INCE Calmar Ratio Rank: 88
INCE Martin Ratio Rank: 88

DIVG

DIVG Risk / Return Rank: 72
DIVG Sharpe Ratio Rank: 67
DIVG Sortino Ratio Rank: 71
DIVG Omega Ratio Rank: 62
DIVG Calmar Ratio Rank: 84
DIVG Martin Ratio Rank: 76

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.

INCE vs. DIVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and Invesco S&P 500 High Dividend Growers ETF (DIVG). 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.

	INCE	DIVG	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.04	+0.81
Sortino ratio: Return per unit of downside risk	4.13	3.00	+1.13
Omega ratio: Gain probability vs. loss probability	1.52	1.35	+0.17
Calmar ratio: Return relative to maximum drawdown	4.91	4.33	+0.58
Martin ratio: Return relative to average drawdown	18.21	13.76	+4.44

INCE vs. DIVG - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 2.85, which is higher than the DIVG Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of INCE and DIVG, 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

INCE vs. DIVG - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, which is greater than DIVG's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for INCE and DIVG.

Drawdown Indicators

	INCE	DIVG	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-14.95%	-19.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-5.13%	+0.23%
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	-1.77%	-0.88%	-0.89%
Average Drawdown Average peak-to-trough decline	-3.24%	-2.25%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.61%	-0.29%

Volatility

INCE vs. DIVG - Volatility Comparison

The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.76%, while Invesco S&P 500 High Dividend Growers ETF (DIVG) has a volatility of 3.49%. This indicates that INCE experiences smaller price fluctuations and is considered to be less risky than DIVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCE	DIVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	3.49%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	7.58%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	10.87%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	13.18%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	13.18%	+2.48%

INCE vs. DIVG - Expense Ratio Comparison

INCE has a 0.29% expense ratio, which is lower than DIVG's 0.39% expense ratio.

Dividends

INCE vs. DIVG - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.78%, more than DIVG's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIVG Invesco S&P 500 High Dividend Growers ETF	3.06%	3.15%	4.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INCE Franklin Income Equity Focus ETF	4.78%	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 INCE and DIVG in my portfolio?

INCE and DIVG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCE or DIVG?

DIVG has higher volatility (3.49%) compared to INCE (2.76%). In terms of maximum drawdown, INCE dropped -33.95% vs DIVG's -14.95%.

Which ETF is better, INCE or DIVG?

On 1-year performance, INCE leads with 23.98% vs 22.10% for DIVG. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCE or DIVG?

Over the 1-year period, INCE has performed better with a 23.98% return vs 22.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCE or DIVG?

INCE is cheaper with a 0.29% expense ratio, compared with 0.39% for DIVG.

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

INCE has the higher dividend yield at 4.78%, compared with 3.06% for DIVG.

What is the main difference between INCE and DIVG?

INCE is categorized as Dividend, while DIVG is S&P 500. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.29% for INCE and 0.39% for DIVG.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (2.85 vs 2.04), 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.