INCE vs. ONEQ

Last updated Jun 24, 2026

INCE (Franklin Income Equity Focus ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. INCE is actively managed, while ONEQ is passively managed. Over the past 5 years, INCE returned 10.85%/yr vs 13.39%/yr for ONEQ. A 0.65 correlation means they provide meaningful diversification when combined. INCE charges 0.29%/yr vs 0.21%/yr for ONEQ.

Performance

INCE vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Equity Focus ETF (INCE) and Fidelity Nasdaq Composite Index ETF (ONEQ). 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 higher than ONEQ's 10.75% return.

INCE

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

ONEQ

• 1D: -2.25%
• 1M: -2.78%
• YTD: 10.75%
• 6M: 9.24%
• 1Y: 31.59%
• 3Y*: 24.80%
• 5Y*: 13.39%
• 10Y*: 19.63%

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

INCE vs. ONEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCE Franklin Income Equity Focus ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%
ONEQ Fidelity Nasdaq Composite Index ETF	10.75%	20.89%	29.30%	45.73%	-32.12%	22.11%	44.87%	38.01%	-3.18%	29.29%

Correlation

The correlation between INCE and ONEQ is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.65

Over the past year, the correlation between INCE and ONEQ has dropped to 0.35 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

INCE vs. ONEQ - Sectors Allocation Comparison

Sectors	INCE	ONEQ
Industrials	16.2%	2.9%
Consumer Defensive	15.5%	4.4%
Energy	13.3%	0.5%
Utilities	12.6%	0.8%
Technology	10.5%	54.3%
Financial Services	9.5%	2.9%
Basic Materials	7.5%	0.9%
Healthcare	7.1%	4.7%
Communication Services	4.2%	15.4%
Consumer Cyclical	3.7%	12.7%
Real Estate	-	0.6%

Return for Risk

INCE vs. ONEQ — 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

ONEQ

ONEQ Risk / Return Rank: 54
ONEQ Sharpe Ratio Rank: 56
ONEQ Sortino Ratio Rank: 52
ONEQ Omega Ratio Rank: 53
ONEQ Calmar Ratio Rank: 52
ONEQ Martin Ratio Rank: 56

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. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and Fidelity Nasdaq Composite Index ETF (ONEQ). 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	ONEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.83	+1.03
Sortino ratio: Return per unit of downside risk	4.13	2.44	+1.69
Omega ratio: Gain probability vs. loss probability	1.52	1.32	+0.20
Calmar ratio: Return relative to maximum drawdown	4.91	2.51	+2.40
Martin ratio: Return relative to average drawdown	18.21	9.53	+8.68

INCE vs. ONEQ - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 2.85, which is higher than the ONEQ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of INCE and ONEQ, 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. ONEQ - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, smaller than the maximum ONEQ drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for INCE and ONEQ.

Drawdown Indicators

	INCE	ONEQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-55.09%	+21.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-12.64%	+7.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-24.09%	+10.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-35.23%	+16.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.23%	—
Current Drawdown Current decline from peak	-1.77%	-5.46%	+3.69%
Average Drawdown Average peak-to-trough decline	-3.24%	-7.94%	+4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	3.32%	-2.00%

Volatility

INCE vs. ONEQ - Volatility Comparison

The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.76%, while Fidelity Nasdaq Composite Index ETF (ONEQ) has a volatility of 7.59%. This indicates that INCE experiences smaller price fluctuations and is considered to be less risky than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCE	ONEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	7.59%	-4.83%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	13.69%	-7.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	17.41%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	22.36%	-9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	21.79%	-6.13%

INCE vs. ONEQ - Expense Ratio Comparison

INCE has a 0.29% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

INCE vs. ONEQ - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.78%, more than ONEQ's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.73%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Frequently Asked Questions

Can I hold both INCE and ONEQ in my portfolio?

INCE and ONEQ have a correlation of 0.35, 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 ONEQ?

ONEQ has higher volatility (7.59%) compared to INCE (2.76%). In terms of maximum drawdown, INCE dropped -33.95% vs ONEQ's -55.09%.

Which ETF is better, INCE or ONEQ?

On 5-year performance, ONEQ leads with 13.39% vs 10.85% for INCE. On fees, ONEQ is cheaper at 0.21% 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 ONEQ?

Over the 5-year period, ONEQ has performed better with a 13.39% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCE or ONEQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.29% for INCE.

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

INCE has the higher dividend yield at 4.78%, compared with 0.73% for ONEQ.

What is the main difference between INCE and ONEQ?

INCE is categorized as Dividend, while ONEQ is Large Cap Growth Equities. They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.29% for INCE and 0.21% for ONEQ.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (2.85 vs 1.83), 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.