INCM vs. HISF

Last updated Aug 4, 2026

INCM (Franklin Income Focus ETF) and HISF (First Trust High Income Strategic Focus ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, INCM returned 14.02% vs 3.16% for HISF. Their 0.55 correlation means they have sometimes moved together and sometimes differently. INCM charges 0.38%/yr vs 0.87%/yr for HISF.

Performance

INCM vs. HISF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Focus ETF (INCM) and First Trust High Income Strategic Focus ETF (HISF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCM achieves a 7.65% return, which is significantly higher than HISF's -0.17% return.

INCM

• 1D: 0.41%
• 1M: 0.81%
• 6M: 3.80%
• YTD: 7.65%
• 1Y: 14.02%
• 3Y*: 11.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.62%

HISF

• 1D: 0.21%
• 1M: -0.69%
• 6M: -0.37%
• YTD: -0.17%
• 1Y: 3.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HISF First Trust High Income Strategic Focus ETF	$228.62K	$353.58K	$357.19K
INCM Franklin Income Focus ETF	$11.73M	$12.25M	$11.49M

INCM vs. HISF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INCM Franklin Income Focus ETF	7.65%	13.07%	7.10%
HISF First Trust High Income Strategic Focus ETF	-0.17%	8.39%	3.41%

Correlation

The correlation between INCM and HISF is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.55

The correlation between INCM and HISF has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Return for Risk

INCM vs. HISF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INCM

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

HISF

HISF Risk / Return Rank: 35
HISF Sharpe Ratio Rank: 37
HISF Sortino Ratio Rank: 36
HISF Omega Ratio Rank: 35
HISF Calmar Ratio Rank: 32
HISF Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INCM vs. HISF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) and First Trust High Income Strategic Focus ETF (HISF). 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.

	INCM	HISF	Difference
Sharpe ratio: Return per unit of total volatility	2.57	0.97	+1.60
Sortino ratio: Return per unit of downside risk	3.64	1.39	+2.25
Omega ratio: Gain probability vs. loss probability	1.48	1.17	+0.31
Calmar ratio: Return relative to maximum drawdown	4.41	1.09	+3.32
Martin ratio: Return relative to average drawdown	17.73	3.47	+14.26

INCM vs. HISF - Sharpe Ratio Comparison

The current INCM Sharpe Ratio is 2.57, which is higher than the HISF Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of INCM and HISF, 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

INCM vs. HISF - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, which is greater than HISF's maximum drawdown of -3.86%. Use the drawdown chart below to compare losses from any high point for INCM and HISF.

Drawdown Indicators

	INCM	HISF	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-3.86%	-3.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.90%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	—	—
Current Drawdown Current decline from peak	0.00%	-1.40%	+1.40%
Average Drawdown Average peak-to-trough decline	-1.07%	-0.90%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.91%	-0.12%

Volatility

INCM vs. HISF - Volatility Comparison

Franklin Income Focus ETF (INCM) has a higher volatility of 1.48% compared to First Trust High Income Strategic Focus ETF (HISF) at 0.92%. This indicates that INCM's price experiences larger fluctuations and is considered to be riskier than HISF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCM	HISF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	0.92%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	2.81%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	3.29%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	3.91%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	3.91%	+3.30%

INCM vs. HISF - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is lower than HISF's 0.87% expense ratio.

Dividends

INCM vs. HISF - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.18%, more than HISF's 5.11% yield.

Position	TTM	2025	2024	2023
HISF First Trust High Income Strategic Focus ETF	5.11%	4.69%	3.92%	0.00%
INCM Franklin Income Focus ETF	5.18%	4.96%	5.06%	3.01%

Frequently Asked Questions

Can I hold both INCM and HISF in my portfolio?

INCM and HISF have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCM or HISF?

INCM has higher volatility (1.48%) compared to HISF (0.92%). In terms of maximum drawdown, INCM dropped -7.84% vs HISF's -3.86%.

Which ETF is better, INCM or HISF?

On 1-year performance, INCM leads with 14.02% vs 3.16% for HISF. On fees, INCM is cheaper at 0.38% per year. On volatility, HISF has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCM or HISF?

Over the 1-year period, INCM has performed better with a 14.02% return vs 3.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCM or HISF?

INCM is cheaper with a 0.38% expense ratio, compared with 0.87% for HISF.

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

INCM has the higher dividend yield at 5.18%, compared with 5.11% for HISF.

What is the main difference between INCM and HISF?

They also come from different issuers: Franklin Templeton and First Trust. Their fees differ too: 0.38% for INCM and 0.87% for HISF.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (2.57 vs 0.96), 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.