SPLS vs. INCM

Last updated Jun 24, 2026

SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) and INCM (Franklin Income Focus ETF) are both Diversified Portfolio funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. SPLS charges 0.18%/yr vs 0.38%/yr for INCM.

Performance

SPLS vs. INCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) and Franklin Income Focus ETF (INCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPLS

• 1D: -1.47%
• 1M: -1.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

INCM

• 1D: 0.45%
• 1M: -0.39%
• YTD: 6.27%
• 6M: 6.27%
• 1Y: 13.86%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

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

SPLS vs. INCM - Yearly Performance Comparison

	2026 (YTD)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	6.75%
INCM Franklin Income Focus ETF	4.04%

Correlation

The correlation between SPLS and INCM is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.64

Return for Risk

SPLS vs. INCM — Risk / Return Rank

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

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

INCM

INCM Risk / Return Rank: 85
INCM Sharpe Ratio Rank: 83
INCM Sortino Ratio Rank: 85
INCM Omega Ratio Rank: 83
INCM Calmar Ratio Rank: 84
INCM Martin Ratio Rank: 87

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.

SPLS vs. INCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS) 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.

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.

	SPLS	INCM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.52	—
Sortino ratio: Return per unit of downside risk	—	3.60	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	4.36	—
Martin ratio: Return relative to average drawdown	—	18.05	—

Drawdowns

SPLS vs. INCM - Drawdown Comparison

The maximum SPLS drawdown since its inception was -9.24%, which is greater than INCM's maximum drawdown of -7.84%. Use the drawdown chart below to compare losses from any high point for SPLS and INCM.

Drawdown Indicators

	SPLS	INCM	Difference
Max Drawdown Largest peak-to-trough decline	-9.24%	-7.84%	-1.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.19%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.84%	—
Current Drawdown Current decline from peak	-3.05%	-0.92%	-2.13%
Average Drawdown Average peak-to-trough decline	-1.87%	-1.08%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.77%	—

Volatility

Volatility by Period

	SPLS	INCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	5.58%	+10.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.61%	7.28%	+8.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.61%	7.28%	+8.33%

SPLS vs. INCM - Expense Ratio Comparison

SPLS has a 0.18% expense ratio, which is lower than INCM's 0.38% expense ratio.

Dividends

SPLS vs. INCM - Dividend Comparison

SPLS's dividend yield for the trailing twelve months is around 0.22%, less than INCM's 5.09% yield.

Position	TTM	2025	2024	2023
INCM Franklin Income Focus ETF	5.09%	4.96%	5.06%	3.01%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLS and INCM in my portfolio?

SPLS and INCM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLS or INCM?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLS or INCM?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.38% for INCM.

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

INCM has the higher dividend yield at 5.09%, compared with 0.22% for SPLS.

What is the main difference between SPLS and INCM?

They also come from different issuers: PIMCO and Franklin Templeton. Their fees differ too: 0.18% for SPLS and 0.38% for INCM.