MFUL vs. INCM

Last updated Jun 3, 2026

MFUL (Mindful Conservative ETF) and INCM (Franklin Income Focus ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, MFUL returned 7.53% vs 16.64% for INCM. A 0.74 correlation means they provide meaningful diversification when combined. MFUL charges 1.10%/yr vs 0.38%/yr for INCM.

Performance

MFUL vs. INCM - Performance Comparison

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

Returns By Period

In the year-to-date period, MFUL achieves a 3.57% return, which is significantly lower than INCM's 6.96% return.

MFUL

• 1D: 0.38%
• 1M: 1.61%
• YTD: 3.57%
• 6M: 3.81%
• 1Y: 7.53%
• 3Y*: 5.05%
• 5Y*: —
• 10Y*: —

INCM

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

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

MFUL vs. INCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MFUL Mindful Conservative ETF	3.57%	4.51%	5.36%	1.34%
INCM Franklin Income Focus ETF	6.96%	13.07%	6.80%	5.76%

Correlation

The correlation between MFUL and INCM is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 9, 2023	0.74

The correlation between MFUL and INCM has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

MFUL vs. INCM - Sectors Allocation Comparison

Sectors	MFUL	INCM
Technology	25.8%	2.4%
Financial Services	10.7%	8.2%
Industrials	9.9%	1.9%
Consumer Cyclical	8.7%	1.5%
Communication Services	8.4%	1.7%
Healthcare	8.4%	2.6%
Energy	8.0%	3.8%
Consumer Defensive	6.7%	6.7%
Utilities	5.5%	4.9%
Basic Materials	5.5%	1.9%
Real Estate	2.4%	0.0%

Return for Risk

MFUL vs. INCM — Risk / Return Rank

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

MFUL

MFUL Risk / Return Rank: 54
MFUL Sharpe Ratio Rank: 56
MFUL Sortino Ratio Rank: 56
MFUL Omega Ratio Rank: 61
MFUL Calmar Ratio Rank: 45
MFUL Martin Ratio Rank: 51

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.

MFUL vs. INCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mindful Conservative ETF (MFUL) and Franklin Income Focus ETF (INCM). 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.

	MFUL	INCM	Difference
Sharpe ratio Return per unit of total volatility	1.93	3.20	-1.27
Sortino ratio Return per unit of downside risk	2.74	4.78	-2.04
Omega ratio Gain probability vs. loss probability	1.38	1.62	-0.24
Calmar ratio Return relative to maximum drawdown	2.27	5.27	-3.00
Martin ratio Return relative to average drawdown	8.78	22.29	-13.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFUL vs. INCM - Sharpe Ratio Comparison

The current MFUL Sharpe Ratio is 1.93, which is lower than the INCM Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of MFUL and INCM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MFUL	INCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	3.20	-1.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	1.54	-1.51

Drawdowns

MFUL vs. INCM - Drawdown Comparison

The maximum MFUL drawdown since its inception was -16.41%, which is greater than INCM's maximum drawdown of -7.84%. Use the drawdown chart below to compare losses from any high point for MFUL and INCM.

Drawdown Indicators

	MFUL	INCM	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-7.84%	-8.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-3.19%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.27%	+0.09%
Average Drawdown Average peak-to-trough decline	-9.51%	-1.09%	-8.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.75%	+0.12%

Volatility

MFUL vs. INCM - Volatility Comparison

The current volatility for Mindful Conservative ETF (MFUL) is 1.43%, while Franklin Income Focus ETF (INCM) has a volatility of 1.72%. This indicates that MFUL experiences smaller price fluctuations and is considered to be less risky than INCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFUL	INCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.72%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	3.81%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	5.22%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	7.23%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	7.23%	-2.99%

MFUL vs. INCM - Expense Ratio Comparison

MFUL has a 1.10% expense ratio, which is higher than INCM's 0.38% expense ratio.

Dividends

MFUL vs. INCM - Dividend Comparison

MFUL's dividend yield for the trailing twelve months is around 3.00%, less than INCM's 5.06% yield.

Position	TTM	2025	2024	2023	2022
INCM Franklin Income Focus ETF	5.06%	4.96%	5.06%	3.01%	0.00%
MFUL Mindful Conservative ETF	3.00%	3.31%	2.59%	5.00%	0.29%

Frequently Asked Questions

Can I hold both MFUL and INCM in my portfolio?

MFUL and INCM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFUL or INCM?

INCM has higher volatility (1.72%) compared to MFUL (1.43%). In terms of maximum drawdown, MFUL dropped -16.41% vs INCM's -7.84%.

Which ETF is better, MFUL or INCM?

On 1-year performance, INCM leads with 16.64% vs 7.53% for MFUL. On fees, INCM is cheaper at 0.38% per year. On volatility, MFUL has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFUL or INCM?

Over the 1-year period, INCM has performed better with a 16.64% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFUL or INCM?

INCM is cheaper with a 0.38% expense ratio, compared with 1.10% for MFUL.

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

INCM has the higher dividend yield at 5.06%, compared with 3.00% for MFUL.

What is the main difference between MFUL and INCM?

They also come from different issuers: Mohr Funds and Franklin Templeton. Their fees differ too: 1.10% for MFUL and 0.38% for INCM.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (3.20 vs 1.93), 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.