PY vs. INCE

Last updated Aug 4, 2026

PY (Principal Value ETF) and INCE (Franklin Income Equity Focus ETF) are both exchange-traded funds - PY is a Large Cap Value Equities fund actively managed by Principal, while INCE is a Dividend fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, PY returned 8.87%/yr vs 10.49%/yr for INCE. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PY charges 0.15%/yr vs 0.29%/yr for INCE.

Performance

PY vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) and Franklin Income Equity Focus ETF (INCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PY achieves a 9.52% return, which is significantly lower than INCE's 14.91% return.

PY

• 1D: 0.47%
• 1M: 3.49%
• 6M: 7.60%
• YTD: 9.52%
• 1Y: 17.17%
• 3Y*: 13.38%
• 5Y*: 8.87%
• 10Y*: 11.12%
• ALL TIME*: 11.00%

INCE

• 1D: 0.47%
• 1M: 0.96%
• 6M: 7.74%
• YTD: 14.91%
• 1Y: 26.00%
• 3Y*: 15.52%
• 5Y*: 10.49%
• 10Y*: —
• ALL TIME*: 13.06%

*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)
INCE Franklin Income Equity Focus ETF	$621.36K	$657.47K	$945.62K
PY Principal Value ETF	$927.89K	$761.94K	$818.38K

PY vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PY Principal Value ETF	9.52%	7.74%	16.79%	9.11%	-5.10%	34.83%	2.71%	26.87%	-13.34%	18.87%
INCE Franklin Income Equity Focus ETF	14.91%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%

Correlation

The correlation between PY and INCE is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.64

The correlation between PY and INCE shifts across timeframes, from 0.64 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.

PY vs. INCE - Sectors Allocation Comparison

Sectors	PY	INCE
Technology	25.1%	3.6%
Financial Services	16.6%	13.3%
Healthcare	12.8%	7.0%
Consumer Defensive	11.5%	9.3%
Consumer Cyclical	10.7%	3.1%
Industrials	8.8%	8.9%
Energy	5.3%	5.6%
Communication Services	4.8%	2.4%
Utilities	1.9%	6.8%
Basic Materials	1.4%	2.7%
Real Estate	1.1%	-

Return for Risk

PY vs. INCE — Risk / Return Rank

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

PY

PY Risk / Return Rank: 71
PY Sharpe Ratio Rank: 68
PY Sortino Ratio Rank: 70
PY Omega Ratio Rank: 67
PY Calmar Ratio Rank: 75
PY Martin Ratio Rank: 72

INCE

INCE Risk / Return Rank: 96
INCE Sharpe Ratio Rank: 96
INCE Sortino Ratio Rank: 96
INCE Omega Ratio Rank: 95
INCE Calmar Ratio Rank: 95
INCE Martin Ratio Rank: 95

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.

PY vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) and Franklin Income Equity Focus ETF (INCE). 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.

	PY	INCE	Difference
Sharpe ratio: Return per unit of total volatility	1.64	3.09	-1.45
Sortino ratio: Return per unit of downside risk	2.40	4.48	-2.08
Omega ratio: Gain probability vs. loss probability	1.30	1.58	-0.28
Calmar ratio: Return relative to maximum drawdown	2.78	5.24	-2.46
Martin ratio: Return relative to average drawdown	9.40	20.20	-10.80

PY vs. INCE - Sharpe Ratio Comparison

The current PY Sharpe Ratio is 1.64, which is lower than the INCE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of PY and INCE, 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

PY vs. INCE - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, which is greater than INCE's maximum drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for PY and INCE.

Drawdown Indicators

	PY	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-33.95%	-11.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-4.90%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-14.01%	-3.83%
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	-18.40%	+0.56%
Max Drawdown (10Y) Largest decline over 10 years	-45.44%	—	—
Current Drawdown Current decline from peak	-1.11%	-0.16%	-0.95%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.22%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.27%	+0.56%

Volatility

PY vs. INCE - Volatility Comparison

Principal Value ETF (PY) has a higher volatility of 3.34% compared to Franklin Income Equity Focus ETF (INCE) at 2.46%. This indicates that PY's price experiences larger fluctuations and is considered to be riskier than INCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PY	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	2.46%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	6.15%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	8.40%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	13.25%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	15.60%	+4.49%

PY vs. INCE - Expense Ratio Comparison

PY has a 0.15% expense ratio, which is lower than INCE's 0.29% expense ratio.

Dividends

PY vs. INCE - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 1.89%, less than INCE's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
INCE Franklin Income Equity Focus ETF	4.84%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%
PY Principal Value ETF	1.89%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%

Frequently Asked Questions

Can I hold both PY and INCE in my portfolio?

PY and INCE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PY or INCE?

PY has higher volatility (3.34%) compared to INCE (2.46%). In terms of maximum drawdown, PY dropped -45.44% vs INCE's -33.95%.

Which ETF is better, PY or INCE?

On 5-year performance, INCE leads with 10.49% vs 8.87% for PY. On fees, PY is cheaper at 0.15% per year. On volatility, INCE has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PY or INCE?

Over the 5-year period, INCE has performed better with a 10.49% return vs 8.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PY or INCE?

PY is cheaper with a 0.15% expense ratio, compared with 0.29% for INCE.

Which ETF pays a higher dividend yield, PY or INCE?

INCE has the higher dividend yield at 4.84%, compared with 1.89% for PY.

What is the main difference between PY and INCE?

PY is categorized as Large Cap Value Equities, while INCE is Dividend. They also come from different issuers: Principal and Franklin Templeton. Their fees differ too: 0.15% for PY and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.09 vs 1.64), 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.