SMRI vs. INCE
SMRI (Bushido Capital US Equity ETF) and INCE (Franklin Income Equity Focus ETF) are both exchange-traded funds - SMRI is a Large Cap Value Equities fund actively managed by Bushido, while INCE is a Dividend fund actively managed by Franklin Templeton. Both are actively managed. Over the past year, SMRI returned 41.23% vs 26.49% for INCE. Their 0.73 correlation means they have sometimes moved together and sometimes differently. SMRI charges 0.71%/yr vs 0.29%/yr for INCE.
Performance
SMRI vs. INCE - Performance Comparison
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Returns By Period
In the year-to-date period, SMRI achieves a 24.60% return, which is significantly higher than INCE's 16.28% return.
SMRI
- 1D
- -0.15%
- 1M
- 6.81%
- 6M
- 25.83%
- YTD
- 24.60%
- 1Y
- 41.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 23.37%
INCE
- 1D
- -0.13%
- 1M
- 2.10%
- 6M
- 7.42%
- YTD
- 16.28%
- 1Y
- 26.49%
- 3Y*
- 16.56%
- 5Y*
- 10.70%
- 10Y*
- —
- ALL TIME*
- 13.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.28M | $6.88M | $3.19M | |
| $807.99K | $493.06K | $378.49K |
SMRI vs. INCE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMRI Bushido Capital US Equity ETF | 24.60% | 17.41% | 19.16% | 5.27% |
INCE Franklin Income Equity Focus ETF | 16.28% | 15.92% | 10.70% | 5.96% |
Correlation
The correlation between SMRI and INCE is 0.60, 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. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023 | 0.73 |
The correlation between SMRI and INCE shifts across timeframes, from 0.60 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMRI vs. INCE — Risk / Return Rank
SMRI
INCE
SMRI vs. INCE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bushido Capital US Equity ETF (SMRI) 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.
| SMRI | INCE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.60 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.09 | 5.43 | +0.66 |
| Martin ratioReturn relative to average drawdown | 17.88 | 20.94 | -3.05 |
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Drawdowns
SMRI vs. INCE - Drawdown Comparison
The maximum SMRI drawdown since its inception was -18.45%, smaller than the maximum INCE drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for SMRI and INCE.
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Drawdown Indicators
| SMRI | INCE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.45% | -33.95% | +15.50% |
Max Drawdown (1Y)Largest decline over 1 year | -6.80% | -4.90% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.40% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.13% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -3.21% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 1.27% | +1.04% |
Volatility
SMRI vs. INCE - Volatility Comparison
Bushido Capital US Equity ETF (SMRI) has a higher volatility of 3.41% compared to Franklin Income Equity Focus ETF (INCE) at 2.40%. This indicates that SMRI'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.
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Volatility by Period
| SMRI | INCE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 2.40% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.49% | 6.13% | +5.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.80% | 8.32% | +6.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 13.26% | +2.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.82% | 15.59% | +0.23% |
SMRI vs. INCE - Expense Ratio Comparison
SMRI has a 0.71% expense ratio, which is higher than INCE's 0.29% expense ratio.
Dividends
SMRI vs. INCE - Dividend Comparison
SMRI's dividend yield for the trailing twelve months is around 0.84%, less than INCE's 4.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
INCE Franklin Income Equity Focus ETF | 4.78% | 4.71% | 3.25% | 1.75% | 1.68% | 1.41% | 1.40% | 1.31% | 1.55% | 1.44% | 0.50% |
SMRI Bushido Capital US Equity ETF | 0.84% | 1.32% | 0.98% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMRI and INCE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMRI has higher volatility (3.41%) compared to INCE (2.40%). In terms of maximum drawdown, SMRI dropped -18.45% vs INCE's -33.95%.
On 1-year performance, SMRI leads with 41.23% vs 26.49% for INCE. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMRI has performed better with a 41.23% return vs 26.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INCE is cheaper with a 0.29% expense ratio, compared with 0.71% for SMRI.
INCE has the higher dividend yield at 4.78%, compared with 0.84% for SMRI.
SMRI is categorized as Large Cap Value Equities, while INCE is Dividend. They also come from different issuers: Bushido and Franklin Templeton. Their fees differ too: 0.71% for SMRI and 0.29% for INCE.
INCE currently has the higher Sharpe Ratio (3.20 vs 2.80), 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.
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