INCM vs. SPLS

Last updated Jun 24, 2026

INCM (Franklin Income Focus ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. INCM charges 0.38%/yr vs 0.18%/yr for SPLS.

Performance

INCM vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Focus ETF (INCM) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INCM

• 1D: 0.45%
• 1M: -0.39%
• YTD: 6.27%
• 6M: 6.27%
• 1Y: 13.86%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

SPLS

• 1D: -1.47%
• 1M: -1.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INCM vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
INCM Franklin Income Focus ETF	4.04%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	6.75%

Correlation

The correlation between INCM and SPLS is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.64

Return for Risk

INCM vs. SPLS — Risk / Return Rank

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

INCM

INCM Risk / Return Rank: 85
INCM Sharpe Ratio Rank: 83
INCM Sortino Ratio Rank: 85
INCM Omega Ratio Rank: 83
INCM Calmar Ratio Rank: 84
INCM Martin Ratio Rank: 87

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	2.52	—	—
Sortino ratio: Return per unit of downside risk	3.60	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.36	—	—
Martin ratio: Return relative to average drawdown	18.05	—	—

Drawdowns

INCM vs. SPLS - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, smaller than the maximum SPLS drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for INCM and SPLS.

Drawdown Indicators

	INCM	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-9.24%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	—	—
Current Drawdown Current decline from peak	-0.92%	-3.05%	+2.13%
Average Drawdown Average peak-to-trough decline	-1.08%	-1.87%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	INCM	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	15.61%	-10.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	15.61%	-8.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.28%	15.61%	-8.33%

INCM vs. SPLS - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

INCM vs. SPLS - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.09%, more than SPLS's 0.22% yield.

Position	TTM	2025	2024	2023
INCM Franklin Income Focus ETF	5.09%	4.96%	5.06%	3.01%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INCM and SPLS in my portfolio?

INCM and SPLS have a correlation of 0.64, 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 SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INCM or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.38% for INCM.

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

INCM has the higher dividend yield at 5.09%, compared with 0.22% for SPLS.

What is the main difference between INCM and SPLS?

They also come from different issuers: Franklin Templeton and PIMCO. Their fees differ too: 0.38% for INCM and 0.18% for SPLS.