SPDV vs. INCE

Last updated Jun 24, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and INCE (Franklin Income Equity Focus ETF) are both Dividend funds. SPDV is passively managed, while INCE is actively managed. Over the past 5 years, SPDV returned 9.01%/yr vs 10.85%/yr for INCE. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

SPDV vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) 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, SPDV achieves a 13.31% return, which is significantly higher than INCE's 12.00% return.

SPDV

• 1D: 0.10%
• 1M: -0.63%
• YTD: 13.31%
• 6M: 13.16%
• 1Y: 24.69%
• 3Y*: 16.36%
• 5Y*: 9.01%
• 10Y*: —

INCE

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

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

SPDV vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	13.31%	10.90%	14.40%	5.45%	-2.27%	29.54%	-6.09%	20.46%	-6.59%	4.64%
INCE Franklin Income Equity Focus ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	3.15%

Correlation

The correlation between SPDV and INCE is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.73

The correlation between SPDV and INCE has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

SPDV vs. INCE - Sectors Allocation Comparison

Sectors	SPDV	INCE
Consumer Cyclical	14.5%	3.7%
Technology	14.0%	10.5%
Healthcare	9.8%	7.1%
Real Estate	9.5%	-
Financial Services	9.1%	9.5%
Consumer Defensive	9.0%	15.5%
Energy	8.9%	13.3%
Industrials	7.8%	16.2%
Communication Services	7.4%	4.2%
Utilities	5.3%	12.6%
Basic Materials	4.6%	7.5%

Return for Risk

SPDV vs. INCE — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 70
SPDV Sharpe Ratio Rank: 64
SPDV Sortino Ratio Rank: 69
SPDV Omega Ratio Rank: 62
SPDV Calmar Ratio Rank: 83
SPDV Martin Ratio Rank: 69

INCE

INCE Risk / Return Rank: 89
INCE Sharpe Ratio Rank: 90
INCE Sortino Ratio Rank: 92
INCE Omega Ratio Rank: 89
INCE Calmar Ratio Rank: 88
INCE Martin Ratio Rank: 88

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.

SPDV vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	INCE	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.85	-0.84
Sortino ratio: Return per unit of downside risk	2.97	4.13	-1.15
Omega ratio: Gain probability vs. loss probability	1.36	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	4.28	4.91	-0.64
Martin ratio: Return relative to average drawdown	12.11	18.21	-6.10

SPDV vs. INCE - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.02, which is comparable to the INCE Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SPDV 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

SPDV vs. INCE - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than INCE's maximum drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for SPDV and INCE.

Drawdown Indicators

	SPDV	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-33.95%	-9.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-4.90%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-14.01%	-4.61%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-18.40%	-2.91%
Current Drawdown Current decline from peak	-2.37%	-1.77%	-0.60%
Average Drawdown Average peak-to-trough decline	-6.53%	-3.24%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.32%	+0.72%

Volatility

SPDV vs. INCE - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 3.66% compared to Franklin Income Equity Focus ETF (INCE) at 2.76%. This indicates that SPDV'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

	SPDV	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.76%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	6.18%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	8.46%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	13.28%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	15.66%	+4.62%

SPDV vs. INCE - Expense Ratio Comparison

Both SPDV and INCE have an expense ratio of 0.29%.

Dividends

SPDV vs. INCE - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.34%, 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%
SPDV AAM S&P 500 High Dividend Value ETF	3.34%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%	0.00%

Frequently Asked Questions

Can I hold both SPDV and INCE in my portfolio?

SPDV and INCE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or INCE?

SPDV has higher volatility (3.66%) compared to INCE (2.76%). In terms of maximum drawdown, SPDV dropped -43.81% vs INCE's -33.95%.

Which ETF is better, SPDV or INCE?

On 5-year performance, INCE leads with 10.85% vs 9.01% for SPDV. Both ETFs have the same 0.29% expense ratio. On volatility, INCE has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or INCE?

Over the 5-year period, INCE has performed better with a 10.85% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or INCE?

SPDV and INCE have the same expense ratio: 0.29% per year.

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

INCE has the higher dividend yield at 4.78%, compared with 3.34% for SPDV.

What is the main difference between SPDV and INCE?

They also come from different issuers: Advisors Asset Management and Franklin Templeton.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (2.85 vs 2.02), 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.