KLMN vs. USPX

Last updated Aug 5, 2026

KLMN (Invesco MSCI North America Climate ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - KLMN tracks the MSCI Global Climate 500 North America Selection Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past year, KLMN returned 24.03% vs 23.00% for USPX. Their 0.98 correlation means they have historically moved very closely together. KLMN charges 0.09%/yr vs 0.03%/yr for USPX.

Performance

KLMN vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with KLMN having a 13.91% return and USPX slightly lower at 13.39%.

KLMN

• 1D: 1.96%
• 1M: 3.52%
• 6M: 13.36%
• YTD: 13.91%
• 1Y: 24.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.18%

USPX

• 1D: 1.79%
• 1M: 3.41%
• 6M: 12.35%
• YTD: 13.39%
• 1Y: 23.00%
• 3Y*: 21.48%
• 5Y*: 12.26%
• 10Y*: 12.53%
• ALL TIME*: 12.79%

*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)
KLMN Invesco MSCI North America Climate ETF	$56.46M	$43.70M	$23.42M
USPX Franklin U.S. Equity Index ETF	$3.79M	$3.21M	$3.86M

KLMN vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMN Invesco MSCI North America Climate ETF	13.91%	18.24%	-3.62%
USPX Franklin U.S. Equity Index ETF	13.39%	17.78%	-2.65%

Correlation

The correlation between KLMN and USPX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.98

The correlation between KLMN and USPX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

KLMN vs. USPX — Risk / Return Rank

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

KLMN

KLMN Risk / Return Rank: 71
KLMN Sharpe Ratio Rank: 71
KLMN Sortino Ratio Rank: 70
KLMN Omega Ratio Rank: 68
KLMN Calmar Ratio Rank: 68
KLMN Martin Ratio Rank: 78

USPX

USPX Risk / Return Rank: 68
USPX Sharpe Ratio Rank: 68
USPX Sortino Ratio Rank: 66
USPX Omega Ratio Rank: 66
USPX Calmar Ratio Rank: 64
USPX Martin Ratio Rank: 74

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.

KLMN vs. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) and Franklin U.S. Equity Index ETF (USPX). 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.

	KLMN	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.77	+0.08
Sortino ratio: Return per unit of downside risk	2.58	2.46	+0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.69	2.52	+0.17
Martin ratio: Return relative to average drawdown	11.37	10.58	+0.78

KLMN vs. USPX - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 1.86, which is comparable to the USPX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of KLMN and USPX, 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

KLMN vs. USPX - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for KLMN and USPX.

Drawdown Indicators

	KLMN	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-31.21%	+12.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-9.15%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.46%	-4.40%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.18%	-0.06%

Volatility

KLMN vs. USPX - Volatility Comparison

Invesco MSCI North America Climate ETF (KLMN) and Franklin U.S. Equity Index ETF (USPX) have volatilities of 4.09% and 4.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLMN	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.06%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	10.45%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.06%	13.10%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	16.33%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	15.99%	+1.31%

KLMN vs. USPX - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is higher than USPX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

KLMN vs. USPX - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.16%, more than USPX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KLMN Invesco MSCI North America Climate ETF	1.16%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USPX Franklin U.S. Equity Index ETF	1.06%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both KLMN and USPX in my portfolio?

With a correlation of 0.98, KLMN and USPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KLMN or USPX?

KLMN has higher volatility (4.09%) compared to USPX (4.06%). In terms of maximum drawdown, KLMN dropped -19.16% vs USPX's -31.21%.

Which ETF is better, KLMN or USPX?

On 1-year performance, KLMN leads with 24.03% vs 23.00% for USPX. On fees, USPX is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or USPX?

Over the 1-year period, KLMN has performed better with a 24.03% return vs 23.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.09% for KLMN.

Which ETF pays a higher dividend yield, KLMN or USPX?

KLMN has the higher dividend yield at 1.16%, compared with 1.06% for USPX.

What is the main difference between KLMN and USPX?

KLMN tracks MSCI Global Climate 500 North America Selection Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.09% for KLMN and 0.03% for USPX.

Which has better risk-adjusted returns?

KLMN currently has the higher Sharpe Ratio (1.86 vs 1.77), 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.