TOPC vs. USPX
TOPC (iShares S&P 500 3% Capped ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - TOPC tracks the S&P 500 3% Capped Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past year, TOPC returned 19.27% vs 18.96% for USPX. With a 0.95 correlation, they move nearly in lockstep. TOPC charges 0.09%/yr vs 0.03%/yr for USPX.
Performance
TOPC vs. USPX - Performance Comparison
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Returns By Period
In the year-to-date period, TOPC achieves a 9.97% return, which is significantly higher than USPX's 9.08% return.
TOPC
- 1D
- -0.41%
- 1M
- -1.19%
- 6M
- 7.64%
- YTD
- 9.97%
- 1Y
- 19.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 29.40%
USPX
- 1D
- -0.14%
- 1M
- -0.73%
- 6M
- 7.57%
- YTD
- 9.08%
- 1Y
- 18.96%
- 3Y*
- 19.42%
- 5Y*
- 11.84%
- 10Y*
- 12.12%
- ALL TIME*
- 12.41%
TOPC vs. USPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TOPC iShares S&P 500 3% Capped ETF | 9.97% | 25.80% |
USPX Franklin U.S. Equity Index ETF | 9.08% | 28.02% |
Correlation
The correlation between TOPC and USPX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025 | 0.95 |
The correlation between TOPC and USPX has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
TOPC vs. USPX — Risk / Return Rank
TOPC
USPX
TOPC vs. USPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) and Franklin U.S. Equity Index ETF (USPX). 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.
| TOPC | USPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.08 | +0.33 |
| Martin ratioReturn relative to average drawdown | 10.82 | 8.88 | +1.93 |
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Drawdowns
TOPC vs. USPX - Drawdown Comparison
The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for TOPC and USPX.
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Drawdown Indicators
| TOPC | USPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.04% | -31.21% | +23.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -9.15% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.21% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.21% | — |
Current DrawdownCurrent decline from peak | -2.21% | -2.15% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -4.41% | +3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 2.14% | -0.35% |
Volatility
TOPC vs. USPX - Volatility Comparison
iShares S&P 500 3% Capped ETF (TOPC) and Franklin U.S. Equity Index ETF (USPX) have volatilities of 3.05% and 3.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOPC | USPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 3.14% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 10.19% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.02% | 12.80% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.41% | 16.27% | -3.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 15.95% | -3.54% |
TOPC vs. USPX - Expense Ratio Comparison
TOPC has a 0.09% expense ratio, which is higher than USPX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TOPC vs. USPX - Dividend Comparison
TOPC's dividend yield for the trailing twelve months is around 1.06%, less than USPX's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TOPC iShares S&P 500 3% Capped ETF | 1.06% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USPX Franklin U.S. Equity Index ETF | 1.10% | 1.07% | 1.23% | 1.35% | 2.21% | 2.40% | 2.51% | 3.07% | 2.91% | 2.60% | 4.89% |
Frequently Asked Questions
With a correlation of 0.95, TOPC and USPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USPX has higher volatility (3.14%) compared to TOPC (3.05%). In terms of maximum drawdown, TOPC dropped -8.04% vs USPX's -31.21%.
On 1-year performance, TOPC leads with 19.27% vs 18.96% for USPX. On fees, USPX is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TOPC has performed better with a 19.27% return vs 18.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USPX is cheaper with a 0.03% expense ratio, compared with 0.09% for TOPC.
USPX has the higher dividend yield at 1.10%, compared with 1.06% for TOPC.
TOPC tracks S&P 500 3% Capped Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.09% for TOPC and 0.03% for USPX.
TOPC currently has the higher Sharpe Ratio (1.61 vs 1.49), 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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