INCE vs. SGOV
INCE (Franklin Income Equity Focus ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. INCE is actively managed, while SGOV is passively managed. Over the past 5 years, INCE returned 11.21%/yr vs 3.54%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions. INCE charges 0.29%/yr vs 0.09%/yr for SGOV.
Performance
INCE vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, INCE achieves a 13.52% return, which is significantly higher than SGOV's 1.52% return.
INCE
- 1D
- 0.43%
- 1M
- 1.66%
- YTD
- 13.52%
- 6M
- 15.03%
- 1Y
- 27.43%
- 3Y*
- 17.40%
- 5Y*
- 11.21%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
INCE vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
INCE Franklin Income Equity Focus ETF | 13.52% | 15.92% | 10.70% | 13.87% | -8.54% | 23.36% | 18.36% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.05% |
Correlation
The correlation between INCE and SGOV is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | -0.02 |
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Return for Risk
INCE vs. SGOV — Risk / Return Rank
INCE
SGOV
INCE vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.96 | ||
| Sortino ratioReturn per unit of downside risk | -270.87 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 195.55 | -193.94 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | 398.20 | -392.58 |
| Martin ratioReturn relative to average drawdown | 21.22 | 4,462.00 | -4,440.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INCE | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.32 | 20.28 | -16.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 14.74 | -13.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 12.49 | -11.65 |
Drawdowns
INCE vs. SGOV - Drawdown Comparison
The maximum INCE drawdown since its inception was -33.95%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for INCE and SGOV.
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Drawdown Indicators
| INCE | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.95% | -0.03% | -33.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -0.01% | -4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.01% | -0.01% | -14.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.40% | -0.03% | -18.37% |
Current DrawdownCurrent decline from peak | -0.34% | 0.00% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -0.00% | -3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.00% | +1.30% |
Volatility
INCE vs. SGOV - Volatility Comparison
Franklin Income Equity Focus ETF (INCE) has a higher volatility of 1.77% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that INCE's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCE | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 0.05% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 0.13% | +5.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.30% | 0.20% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.27% | 0.24% | +13.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.69% | 0.24% | +15.45% |
INCE vs. SGOV - Expense Ratio Comparison
INCE has a 0.29% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
INCE vs. SGOV - Dividend Comparison
INCE's dividend yield for the trailing twelve months is around 4.71%, more than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
INCE Franklin Income Equity Focus ETF | 4.71% | 4.71% | 3.25% | 1.75% | 1.68% | 1.41% | 1.40% | 1.31% | 1.55% | 1.44% | 0.50% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INCE and SGOV have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INCE has higher volatility (1.77%) compared to SGOV (0.05%). In terms of maximum drawdown, INCE dropped -33.95% vs SGOV's -0.03%.
On 5-year performance, INCE leads with 11.21% vs 3.54% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, INCE has performed better with a 11.21% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.29% for INCE.
INCE has the higher dividend yield at 4.71%, compared with 3.86% for SGOV.
INCE is categorized as Dividend, while SGOV is Ultrashort Bond. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.29% for INCE and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 3.32), 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.
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