INCE vs. USO
INCE (Franklin Income Equity Focus ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. INCE is actively managed, while USO is passively managed. Over the past 5 years, INCE returned 11.11%/yr vs 24.41%/yr for USO. At a 0.15 correlation, their price movements are largely independent. INCE charges 0.29%/yr vs 0.86%/yr for USO.
Performance
INCE vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, INCE achieves a 13.04% return, which is significantly lower than USO's 103.67% return.
INCE
- 1D
- -0.76%
- 1M
- 2.34%
- YTD
- 13.04%
- 6M
- 14.26%
- 1Y
- 26.92%
- 3Y*
- 17.11%
- 5Y*
- 11.11%
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
INCE vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INCE Franklin Income Equity Focus ETF | 13.04% | 15.92% | 10.70% | 13.87% | -8.54% | 23.36% | 12.33% | 32.72% | -2.14% | 19.66% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between INCE and USO 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 | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016 | 0.15 |
The correlation between INCE and USO shifts across timeframes, from -0.09 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INCE vs. USO — Risk / Return Rank
INCE
USO
INCE vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.38 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.52 | 5.01 | +0.51 |
| Martin ratioReturn relative to average drawdown | 20.83 | 9.42 | +11.41 |
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 | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | 2.31 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.68 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | -0.18 | +1.01 |
Drawdowns
INCE vs. USO - Drawdown Comparison
The maximum INCE drawdown since its inception was -33.95%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for INCE and USO.
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Drawdown Indicators
| INCE | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.95% | -98.19% | +64.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -20.39% | +15.49% |
Max Drawdown (3Y)Largest decline over 3 years | -14.01% | -26.05% | +12.04% |
Max Drawdown (5Y)Largest decline over 5 years | -18.40% | -36.23% | +17.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.76% | -85.01% | +84.25% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -75.30% | +72.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 10.82% | -9.52% |
Volatility
INCE vs. USO - Volatility Comparison
The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.02%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that INCE experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INCE | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 14.87% | -12.85% |
Volatility (6M)Calculated over the trailing 6-month period | 5.96% | 38.23% | -32.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.32% | 44.20% | -35.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.27% | 36.06% | -22.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.69% | 39.00% | -23.31% |
INCE vs. USO - Expense Ratio Comparison
INCE has a 0.29% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
INCE vs. USO - Dividend Comparison
INCE's dividend yield for the trailing twelve months is around 4.73%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
INCE Franklin Income Equity Focus ETF | 4.73% | 4.71% | 3.25% | 1.75% | 1.68% | 1.41% | 1.40% | 1.31% | 1.55% | 1.44% | 0.50% |
USO United States Oil 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 USO 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.
USO has higher volatility (14.87%) compared to INCE (2.02%). In terms of maximum drawdown, INCE dropped -33.95% vs USO's -98.19%.
On 5-year performance, USO leads with 24.41% vs 11.11% for INCE. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 24.41% return vs 11.11%. 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 0.86% for USO.
INCE has the higher dividend yield at 4.73%, compared with 0.00% for USO.
INCE is categorized as Dividend, while USO is Oil & Gas. They also come from different issuers: Franklin Templeton and USCF. Their fees differ too: 0.29% for INCE and 0.86% for USO.
INCE currently has the higher Sharpe Ratio (3.26 vs 2.31), 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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