USPX vs. EQL

Last updated Aug 4, 2026

USPX (Franklin U.S. Equity Index ETF) and EQL (ALPS Equal Sector Weight ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while EQL tracks the NYSE Equal Sector Weight Index. Both are passively managed. Over the past 10 years, USPX returned 12.33%/yr vs 12.40%/yr for EQL. Their correlation of 0.81 means they have usually moved in the same direction. USPX charges 0.03%/yr vs 0.27%/yr for EQL.

Performance

USPX vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and ALPS Equal Sector Weight ETF (EQL). 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 USPX having a 11.39% return and EQL slightly higher at 11.79%. Both investments have delivered pretty close results over the past 10 years, with USPX having a 12.33% annualized return and EQL not far ahead at 12.40%.

USPX

• 1D: 1.57%
• 1M: 1.59%
• 6M: 9.42%
• YTD: 11.39%
• 1Y: 22.58%
• 3Y*: 20.76%
• 5Y*: 11.91%
• 10Y*: 12.33%
• ALL TIME*: 12.60%

EQL

• 1D: 0.98%
• 1M: 1.30%
• 6M: 7.57%
• YTD: 11.79%
• 1Y: 19.50%
• 3Y*: 15.68%
• 5Y*: 10.87%
• 10Y*: 12.40%
• ALL TIME*: 13.54%

*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)
EQL ALPS Equal Sector Weight ETF	$3.24M	$2.89M	$2.73M
USPX Franklin U.S. Equity Index ETF	$3.21M	$2.97M	$3.76M

USPX vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	11.39%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%
EQL ALPS Equal Sector Weight ETF	11.79%	13.09%	16.44%	16.87%	-10.72%	29.32%	10.87%	27.87%	-6.12%	18.37%

Correlation

The correlation between USPX and EQL is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.81

The correlation between USPX and EQL shifts across timeframes, from 0.72 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

USPX vs. EQL - Sectors Allocation Comparison

Sectors	USPX	EQL
Technology	37.4%	10.2%
Financial Services	12.5%	9.1%
Communication Services	9.6%	8.9%
Healthcare	9.4%	9.4%
Consumer Cyclical	8.8%	9.6%
Industrials	7.9%	9.3%
Consumer Defensive	4.7%	8.8%
Energy	3.4%	8.7%
Utilities	2.6%	9.4%
Real Estate	1.8%	8.7%
Basic Materials	1.7%	8.0%

Return for Risk

USPX vs. EQL — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 72
USPX Sharpe Ratio Rank: 73
USPX Sortino Ratio Rank: 71
USPX Omega Ratio Rank: 71
USPX Calmar Ratio Rank: 68
USPX Martin Ratio Rank: 77

EQL

EQL Risk / Return Rank: 85
EQL Sharpe Ratio Rank: 86
EQL Sortino Ratio Rank: 85
EQL Omega Ratio Rank: 85
EQL Calmar Ratio Rank: 83
EQL Martin Ratio Rank: 85

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.

USPX vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and ALPS Equal Sector Weight ETF (EQL). 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.

	USPX	EQL	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.07	-0.33
Sortino ratio: Return per unit of downside risk	2.42	2.89	-0.46
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	2.48	3.16	-0.68
Martin ratio: Return relative to average drawdown	10.39	12.39	-2.00

USPX vs. EQL - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.75, which is comparable to the EQL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of USPX and EQL, 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

USPX vs. EQL - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum EQL drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for USPX and EQL.

Drawdown Indicators

	USPX	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-35.65%	+4.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-6.19%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-15.07%	-4.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-19.24%	-5.36%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-35.65%	+4.44%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-4.40%	-3.23%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.58%	+0.60%

Volatility

USPX vs. EQL - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) has a higher volatility of 3.73% compared to ALPS Equal Sector Weight ETF (EQL) at 2.29%. This indicates that USPX's price experiences larger fluctuations and is considered to be riskier than EQL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.29%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	10.32%	7.09%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	9.47%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	14.52%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	16.49%	-0.51%

USPX vs. EQL - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than EQL's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USPX vs. EQL - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.08%, less than EQL's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.34%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
USPX Franklin U.S. Equity Index ETF	1.08%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both USPX and EQL in my portfolio?

USPX and EQL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USPX or EQL?

USPX has higher volatility (3.73%) compared to EQL (2.29%). In terms of maximum drawdown, USPX dropped -31.21% vs EQL's -35.65%.

Which ETF is better, USPX or EQL?

On 10-year performance, EQL leads with 12.40% vs 12.33% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, EQL has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or EQL?

Over the 10-year period, EQL has performed better with a 12.40% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or EQL?

USPX is cheaper with a 0.03% expense ratio, compared with 0.27% for EQL.

Which ETF pays a higher dividend yield, USPX or EQL?

EQL has the higher dividend yield at 1.34%, compared with 1.08% for USPX.

What is the main difference between USPX and EQL?

USPX tracks Morningstar US Target Market Exposure Index, while EQL tracks NYSE Equal Sector Weight Index. They also come from different issuers: Franklin Templeton and SS&C. Their fees differ too: 0.03% for USPX and 0.27% for EQL.

Which has better risk-adjusted returns?

EQL currently has the higher Sharpe Ratio (2.07 vs 1.75), 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.