INCE vs. WES

Last updated Jun 14, 2026

INCE (Franklin Income Equity Focus ETF) is Dividend fund actively managed by Franklin Templeton, while WES (Western Midstream Partners, LP) is a stock. Over the past 5 years, INCE returned 11.19%/yr vs 24.68%/yr for WES. At a 0.29 correlation, their price movements are largely independent.

Performance

INCE vs. WES - Performance Comparison

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

Returns By Period

In the year-to-date period, INCE achieves a 13.74% return, which is significantly lower than WES's 17.89% return.

INCE

• 1D: 0.42%
• 1M: 1.97%
• YTD: 13.74%
• 6M: 14.18%
• 1Y: 26.22%
• 3Y*: 16.84%
• 5Y*: 11.19%
• 10Y*: —

WES

• 1D: 1.43%
• 1M: -3.17%
• YTD: 17.89%
• 6M: 18.16%
• 1Y: 25.64%
• 3Y*: 30.48%
• 5Y*: 24.68%
• 10Y*: 10.52%

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

INCE vs. WES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INCE Franklin Income Equity Focus ETF	13.74%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%
WES Western Midstream Partners, LP	17.89%	12.77%	43.58%	19.46%	29.29%	72.31%	-19.13%	-22.65%	-20.23%	-8.01%

Correlation

The correlation between INCE and WES is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.29

The correlation between INCE and WES shifts across timeframes, from 0.21 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

INCE vs. WES — Risk / Return Rank

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

INCE

INCE Risk / Return Rank: 92
INCE Sharpe Ratio Rank: 93
INCE Sortino Ratio Rank: 94
INCE Omega Ratio Rank: 92
INCE Calmar Ratio Rank: 91
INCE Martin Ratio Rank: 92

WES

WES Risk / Return Rank: 78
WES Sharpe Ratio Rank: 80
WES Sortino Ratio Rank: 72
WES Omega Ratio Rank: 73
WES Calmar Ratio Rank: 82
WES Martin Ratio Rank: 80

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. WES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) and Western Midstream Partners, LP (WES). 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	WES	Difference
Sharpe ratio: Return per unit of total volatility	3.02	1.29	+1.73
Sortino ratio: Return per unit of downside risk	4.38	1.76	+2.62
Omega ratio: Gain probability vs. loss probability	1.55	1.23	+0.32
Calmar ratio: Return relative to maximum drawdown	5.18	2.77	+2.41
Martin ratio: Return relative to average drawdown	19.39	6.16	+13.23

INCE vs. WES - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 3.02, which is higher than the WES Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of INCE and WES, 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. WES - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, smaller than the maximum WES drawdown of -93.66%. Use the drawdown chart below to compare losses from any high point for INCE and WES.

Drawdown Indicators

	INCE	WES	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-93.66%	+59.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-9.42%	+4.52%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-16.65%	+2.64%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-23.54%	+5.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-91.90%	—
Current Drawdown Current decline from peak	-0.15%	-5.83%	+5.68%
Average Drawdown Average peak-to-trough decline	-3.25%	-28.49%	+25.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	4.23%	-2.92%

Volatility

INCE vs. WES - Volatility Comparison

The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.42%, while Western Midstream Partners, LP (WES) has a volatility of 7.47%. This indicates that INCE experiences smaller price fluctuations and is considered to be less risky than WES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCE	WES	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	7.47%	-5.05%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	15.58%	-9.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	20.24%	-11.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	29.20%	-15.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	46.62%	-30.94%

Dividends

INCE vs. WES - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.70%, less than WES's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INCE Franklin Income Equity Focus ETF	4.70%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	0.00%
WES Western Midstream Partners, LP	8.21%	9.13%	8.33%	8.52%	6.80%	5.69%	11.25%	12.45%	8.28%	5.43%	4.03%	3.86%

Frequently Asked Questions

Can I hold both INCE and WES in my portfolio?

INCE and WES have a correlation of 0.21, 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 WES?

WES has higher volatility (7.47%) compared to INCE (2.42%). In terms of maximum drawdown, INCE dropped -33.95% vs WES's -93.66%.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.02 vs 1.29), 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.