INCE vs. HIGH

Last updated Jun 4, 2026

INCE (Franklin Income Equity Focus ETF) and HIGH (Simplify Enhanced Income ETF) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while HIGH is a Derivative Income fund actively managed by Simplify. Both are actively managed. Over the past 3 years, INCE returned 17.11%/yr vs 3.02%/yr for HIGH. At a 0.27 correlation, their price movements are largely independent. INCE charges 0.29%/yr vs 0.51%/yr for HIGH.

Performance

INCE vs. HIGH - Performance Comparison

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

Returns By Period

In the year-to-date period, INCE achieves a 13.04% return, which is significantly higher than HIGH's -0.38% return.

INCE

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

HIGH

• 1D: -0.32%
• 1M: 1.63%
• YTD: -0.38%
• 6M: -1.48%
• 1Y: -3.46%
• 3Y*: 3.02%
• 5Y*: —
• 10Y*: —

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

INCE vs. HIGH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INCE Franklin Income Equity Focus ETF	13.04%	15.92%	10.70%	13.87%	1.22%
HIGH Simplify Enhanced Income ETF	-0.38%	4.35%	1.52%	7.70%	0.27%

Correlation

The correlation between INCE and HIGH is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	0.27

The correlation between INCE and HIGH shifts across timeframes, from 0.27 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

INCE vs. HIGH - Sectors Allocation Comparison

Sectors	INCE	HIGH
Financial Services	10.5%	71.3%
Industrials	9.8%	-
Consumer Defensive	9.3%	-
Energy	8.1%	-
Technology	7.6%	-
Utilities	6.4%	-
Basic Materials	4.5%	-
Healthcare	4.3%	-
Communication Services	2.6%	-
Consumer Cyclical	2.2%	-
Real Estate	-	-

Return for Risk

INCE vs. HIGH — Risk / Return Rank

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

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

HIGH

HIGH Risk / Return Rank: 5
HIGH Sharpe Ratio Rank: 5
HIGH Sortino Ratio Rank: 4
HIGH Omega Ratio Rank: 4
HIGH Calmar Ratio Rank: 5
HIGH Martin Ratio Rank: 6

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. HIGH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and Simplify Enhanced Income ETF (HIGH). 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.

	INCE	HIGH	Difference
Sharpe ratio Return per unit of total volatility	3.26	-0.39	+3.65
Sortino ratio Return per unit of downside risk	4.73	-0.51	+5.24
Omega ratio Gain probability vs. loss probability	1.61	0.94	+0.67
Calmar ratio Return relative to maximum drawdown	5.52	-0.37	+5.88
Martin ratio Return relative to average drawdown	20.83	-0.53	+21.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INCE vs. HIGH - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 3.26, which is higher than the HIGH Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of INCE and HIGH, 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

	INCE	HIGH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	-0.39	+3.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.39	+0.45

Drawdowns

INCE vs. HIGH - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, which is greater than HIGH's maximum drawdown of -9.50%. Use the drawdown chart below to compare losses from any high point for INCE and HIGH.

Drawdown Indicators

	INCE	HIGH	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-9.50%	-24.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-9.50%	+4.60%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-9.50%	-4.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	—	—
Current Drawdown Current decline from peak	-0.76%	-7.11%	+6.35%
Average Drawdown Average peak-to-trough decline	-3.25%	-2.37%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	6.53%	-5.23%

Volatility

INCE vs. HIGH - Volatility Comparison

Franklin Income Equity Focus ETF (INCE) has a higher volatility of 2.02% compared to Simplify Enhanced Income ETF (HIGH) at 1.23%. This indicates that INCE's price experiences larger fluctuations and is considered to be riskier than HIGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCE	HIGH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	1.23%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	3.50%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	8.83%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	9.56%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	9.56%	+6.13%

INCE vs. HIGH - Expense Ratio Comparison

INCE has a 0.29% expense ratio, which is lower than HIGH's 0.51% expense ratio.

Dividends

INCE vs. HIGH - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.73%, less than HIGH's 7.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HIGH Simplify Enhanced Income ETF	7.33%	7.71%	8.34%	9.40%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both INCE and HIGH in my portfolio?

INCE and HIGH have a correlation of 0.42, 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 HIGH?

INCE has higher volatility (2.02%) compared to HIGH (1.23%). In terms of maximum drawdown, INCE dropped -33.95% vs HIGH's -9.50%.

Which ETF is better, INCE or HIGH?

On 3-year performance, INCE leads with 17.11% vs 3.02% for HIGH. On fees, INCE is cheaper at 0.29% per year. On volatility, HIGH has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCE or HIGH?

Over the 3-year period, INCE has performed better with a 17.11% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCE or HIGH?

INCE is cheaper with a 0.29% expense ratio, compared with 0.51% for HIGH.

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

HIGH has the higher dividend yield at 7.33%, compared with 4.73% for INCE.

What is the main difference between INCE and HIGH?

INCE is categorized as Dividend, while HIGH is Derivative Income. They also come from different issuers: Franklin Templeton and Simplify. Their fees differ too: 0.29% for INCE and 0.51% for HIGH.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.26 vs -0.39), 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.