SPDG vs. INCE

Last updated Aug 2, 2026

SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) and INCE (Franklin Income Equity Focus ETF) are both Dividend funds. SPDG is passively managed, while INCE is actively managed. Over the past year, SPDG returned 24.51% vs 26.00% for INCE. Their correlation of 0.85 means they have usually moved in the same direction. SPDG charges 0.05%/yr vs 0.29%/yr for INCE.

Performance

SPDG vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) and Franklin Income Equity Focus ETF (INCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPDG having a 14.23% return and INCE slightly higher at 14.91%.

SPDG

• 1D: 0.34%
• 1M: -0.77%
• 6M: 7.57%
• YTD: 14.23%
• 1Y: 24.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.16%

INCE

• 1D: 0.47%
• 1M: 0.96%
• 6M: 8.29%
• 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
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	$48.48K	$40.82K	$36.86K

SPDG vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	14.23%	11.66%	20.22%	8.09%
INCE Franklin Income Equity Focus ETF	14.91%	15.92%	10.70%	5.61%

Correlation

The correlation between SPDG and INCE is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.85

The correlation between SPDG and INCE has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

SPDG vs. INCE - Sectors Allocation Comparison

Sectors	SPDG	INCE
Technology	32.4%	3.6%
Financial Services	13.3%	13.3%
Healthcare	10.2%	7.0%
Consumer Cyclical	9.6%	3.1%
Industrials	9.0%	8.9%
Communication Services	8.6%	2.4%
Consumer Defensive	5.4%	9.3%
Energy	4.1%	5.6%
Utilities	2.6%	6.8%
Real Estate	2.4%	-
Basic Materials	2.2%	2.7%

Return for Risk

SPDG vs. INCE — Risk / Return Rank

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

SPDG

SPDG Risk / Return Rank: 80
SPDG Sharpe Ratio Rank: 82
SPDG Sortino Ratio Rank: 83
SPDG Omega Ratio Rank: 80
SPDG Calmar Ratio Rank: 79
SPDG Martin Ratio Rank: 75

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.

SPDG vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) 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.

	SPDG	INCE	Difference
Sharpe ratio: Return per unit of total volatility	1.90	3.09	-1.19
Sortino ratio: Return per unit of downside risk	2.73	4.48	-1.75
Omega ratio: Gain probability vs. loss probability	1.33	1.58	-0.24
Calmar ratio: Return relative to maximum drawdown	2.83	5.24	-2.40
Martin ratio: Return relative to average drawdown	9.27	20.20	-10.92

SPDG vs. INCE - Sharpe Ratio Comparison

The current SPDG Sharpe Ratio is 1.90, which is lower than the INCE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of SPDG 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

SPDG vs. INCE - Drawdown Comparison

The maximum SPDG drawdown since its inception was -15.67%, smaller than the maximum INCE drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for SPDG and INCE.

Drawdown Indicators

	SPDG	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-33.95%	+18.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-4.90%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.40%	—
Current Drawdown Current decline from peak	-2.77%	-0.16%	-2.61%
Average Drawdown Average peak-to-trough decline	-2.19%	-3.22%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.27%	+1.27%

Volatility

SPDG vs. INCE - Volatility Comparison

SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) has a higher volatility of 3.50% compared to Franklin Income Equity Focus ETF (INCE) at 2.46%. This indicates that SPDG'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

	SPDG	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	2.46%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	6.15%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	8.40%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	13.25%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	15.60%	-1.49%

SPDG vs. INCE - Expense Ratio Comparison

SPDG has a 0.05% expense ratio, which is lower than INCE's 0.29% expense ratio.

Dividends

SPDG vs. INCE - Dividend Comparison

SPDG's dividend yield for the trailing twelve months is around 2.72%, 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%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	2.72%	2.87%	2.61%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPDG and INCE in my portfolio?

SPDG and INCE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDG or INCE?

SPDG has higher volatility (3.50%) compared to INCE (2.46%). In terms of maximum drawdown, SPDG dropped -15.67% vs INCE's -33.95%.

Which ETF is better, SPDG or INCE?

On 1-year performance, INCE leads with 26.00% vs 24.51% for SPDG. On fees, SPDG is cheaper at 0.05% 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, SPDG or INCE?

Over the 1-year period, INCE has performed better with a 26.00% return vs 24.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDG or INCE?

SPDG is cheaper with a 0.05% expense ratio, compared with 0.29% for INCE.

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

INCE has the higher dividend yield at 4.84%, compared with 2.72% for SPDG.

What is the main difference between SPDG and INCE?

They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.05% for SPDG and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.09 vs 1.90), 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.