INCE vs. UGA
INCE (Franklin Income Equity Focus ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. INCE is actively managed, while UGA is passively managed. Over the past 5 years, INCE returned 10.85%/yr vs 22.69%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. INCE charges 0.29%/yr vs 0.75%/yr for UGA.
Performance
INCE vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, INCE achieves a 12.00% return, which is significantly lower than UGA's 64.09% return.
INCE
- 1D
- 0.22%
- 1M
- -0.59%
- YTD
- 12.00%
- 6M
- 11.92%
- 1Y
- 23.98%
- 3Y*
- 16.37%
- 5Y*
- 10.85%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
INCE vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between INCE and UGA is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016 | 0.16 |
The correlation between INCE and UGA shifts across timeframes, from -0.07 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCE vs. UGA — Risk / Return Rank
INCE
UGA
INCE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.30 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.91 | 3.17 | +1.75 |
| Martin ratioReturn relative to average drawdown | 18.21 | 9.39 | +8.81 |
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Drawdowns
INCE vs. UGA - Drawdown Comparison
The maximum INCE drawdown since its inception was -33.95%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INCE and UGA.
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Drawdown Indicators
| INCE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.95% | -86.59% | +52.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -18.96% | +14.06% |
Max Drawdown (3Y)Largest decline over 3 years | -14.01% | -26.68% | +12.67% |
Max Drawdown (5Y)Largest decline over 5 years | -18.40% | -38.11% | +19.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -1.77% | -18.05% | +16.28% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -36.69% | +33.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 6.43% | -5.11% |
Volatility
INCE vs. UGA - Volatility Comparison
The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.76%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that INCE experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 9.24% | -6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.18% | 30.57% | -24.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 35.22% | -26.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.28% | 34.45% | -21.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.66% | 37.22% | -21.56% |
INCE vs. UGA - Expense Ratio Comparison
INCE has a 0.29% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
INCE vs. UGA - Dividend Comparison
INCE's dividend yield for the trailing twelve months is around 4.78%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INCE and UGA have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to INCE (2.76%). In terms of maximum drawdown, INCE dropped -33.95% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 10.85% for INCE. 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.
Over the 5-year period, UGA has performed better with a 22.69% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCE is cheaper with a 0.29% expense ratio, compared with 0.75% for UGA.
INCE has the higher dividend yield at 4.78%, compared with 0.00% for UGA.
INCE is categorized as Dividend, while UGA is Oil & Gas. They also come from different issuers: Franklin Templeton and Concierge Technologies. Their fees differ too: 0.29% for INCE and 0.75% for UGA.
INCE currently has the higher Sharpe Ratio (2.85 vs 1.73), 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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