INCM vs. CTAP

Last updated Jun 3, 2026

INCM (Franklin Income Focus ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. INCM charges 0.38%/yr vs 0.10%/yr for CTAP.

Performance

INCM vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Focus ETF (INCM) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCM achieves a 6.96% return, which is significantly lower than CTAP's 22.34% return.

INCM

• 1D: 0.00%
• 1M: 0.53%
• YTD: 6.96%
• 6M: 7.85%
• 1Y: 16.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTAP

• 1D: 0.68%
• 1M: -1.60%
• YTD: 22.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INCM vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
INCM Franklin Income Focus ETF	6.96%	1.15%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	22.34%	2.44%

Correlation

The correlation between INCM and CTAP is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.23

INCM vs. CTAP - Sectors Allocation Comparison

Sectors	INCM	CTAP
Financial Services	8.2%	49.3%
Consumer Defensive	6.7%	-
Utilities	4.9%	-
Energy	3.8%	-
Healthcare	2.6%	-
Technology	2.4%	-
Industrials	1.9%	-
Basic Materials	1.9%	-
Communication Services	1.7%	-
Consumer Cyclical	1.5%	-
Real Estate	0.0%	-

Return for Risk

INCM vs. CTAP — Risk / Return Rank

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

INCM

INCM Risk / Return Rank: 91
INCM Sharpe Ratio Rank: 91
INCM Sortino Ratio Rank: 93
INCM Omega Ratio Rank: 92
INCM Calmar Ratio Rank: 88
INCM Martin Ratio Rank: 91

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.

INCM vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

	INCM	CTAP	Difference
Sharpe ratio Return per unit of total volatility	3.20	—	—
Sortino ratio Return per unit of downside risk	4.78	—	—
Omega ratio Gain probability vs. loss probability	1.62	—	—
Calmar ratio Return relative to maximum drawdown	5.27	—	—
Martin ratio Return relative to average drawdown	22.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	INCM	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	2.56	-1.03

Drawdowns

INCM vs. CTAP - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, smaller than the maximum CTAP drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for INCM and CTAP.

Drawdown Indicators

	INCM	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-9.02%	+1.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	—	—
Current Drawdown Current decline from peak	-0.27%	-4.16%	+3.89%
Average Drawdown Average peak-to-trough decline	-1.09%	-2.16%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	—	—

Volatility

Volatility by Period

	INCM	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	24.03%	-18.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	24.03%	-16.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	24.03%	-16.80%

INCM vs. CTAP - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

INCM vs. CTAP - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.06%, more than CTAP's 0.64% yield.

Position	TTM	2025	2024	2023
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.64%	0.00%	0.00%	0.00%
INCM Franklin Income Focus ETF	5.06%	4.96%	5.06%	3.01%

Frequently Asked Questions

Can I hold both INCM and CTAP in my portfolio?

INCM and CTAP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INCM or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INCM or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.38% for INCM.

Which ETF pays a higher dividend yield, INCM or CTAP?

INCM has the higher dividend yield at 5.06%, compared with 0.64% for CTAP.

What is the main difference between INCM and CTAP?

They also come from different issuers: Franklin Templeton and Simplify. Their fees differ too: 0.38% for INCM and 0.10% for CTAP.