USPX vs. FGDL

Last updated Apr 2, 2026

Compare and contrast key facts about Franklin U.S. Equity Index ETF (USPX) and Franklin Responsibly Sourced Gold ETF (FGDL).

USPX and FGDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USPX is a passively managed fund by Franklin Templeton that tracks the performance of the Morningstar US Target Market Exposure Index. It was launched on Jun 1, 2016. FGDL is a passively managed fund by Franklin Templeton that tracks the performance of the LBMA Gold Price PM ($/ozt). It was launched on Jun 30, 2022. Both USPX and FGDL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

USPX vs. FGDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and Franklin Responsibly Sourced Gold ETF (FGDL). The values are adjusted to include any dividend payments, if applicable.

USPX vs. FGDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USPX Franklin U.S. Equity Index ETF	-3.95%	17.78%	24.97%	27.07%	-2.68%
FGDL Franklin Responsibly Sourced Gold ETF	10.02%	64.15%	27.31%	12.92%	0.91%

Returns By Period

In the year-to-date period, USPX achieves a -3.95% return, which is significantly lower than FGDL's 10.02% return.

USPX

• 1D: 0.69%
• 1M: -4.30%
• YTD: -3.95%
• 6M: -1.97%
• 1Y: 17.94%
• 3Y*: 18.60%
• 5Y*: 10.45%
• 10Y*: —

FGDL

• 1D: 1.93%
• 1M: -10.91%
• YTD: 10.02%
• 6M: 22.55%
• 1Y: 52.44%
• 3Y*: 33.96%
• 5Y*: —
• 10Y*: —

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

USPX vs. FGDL - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than FGDL's 0.15% 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%.

FGDL

Franklin Responsibly Sourced Gold ETF

USPX

Franklin U.S. Equity Index ETF

Return for Risk

USPX vs. FGDL — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 56
USPX Sharpe Ratio Rank: 50
USPX Sortino Ratio Rank: 54
USPX Omega Ratio Rank: 58
USPX Calmar Ratio Rank: 52
USPX Martin Ratio Rank: 64

FGDL

FGDL Risk / Return Rank: 84
FGDL Sharpe Ratio Rank: 87
FGDL Sortino Ratio Rank: 84
FGDL Omega Ratio Rank: 83
FGDL Calmar Ratio Rank: 85
FGDL Martin Ratio Rank: 82

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.

USPX vs. FGDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and Franklin Responsibly Sourced Gold ETF (FGDL). 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.

	USPX	FGDL	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.88	-0.92
Sortino ratio Return per unit of downside risk	1.49	2.29	-0.79
Omega ratio Gain probability vs. loss probability	1.22	1.34	-0.11
Calmar ratio Return relative to maximum drawdown	1.47	2.68	-1.21
Martin ratio Return relative to average drawdown	6.97	9.56	-2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USPX vs. FGDL - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 0.96, which is lower than the FGDL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of USPX and FGDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USPX	FGDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.88	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	1.55	-0.84

Correlation

The correlation between USPX and FGDL is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

USPX vs. FGDL - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.19%, while FGDL has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
USPX Franklin U.S. Equity Index ETF	1.19%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%
FGDL Franklin Responsibly Sourced Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

USPX vs. FGDL - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, which is greater than FGDL's maximum drawdown of -19.23%. Use the drawdown chart below to compare losses from any high point for USPX and FGDL.

Drawdown Indicators

	USPX	FGDL	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-19.23%	-11.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-19.23%	+6.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	—	—
Current Drawdown Current decline from peak	-5.81%	-12.10%	+6.29%
Average Drawdown Average peak-to-trough decline	-4.51%	-3.35%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	5.39%	-2.76%

Volatility

USPX vs. FGDL - Volatility Comparison

The current volatility for Franklin U.S. Equity Index ETF (USPX) is 5.37%, while Franklin Responsibly Sourced Gold ETF (FGDL) has a volatility of 10.10%. This indicates that USPX experiences smaller price fluctuations and is considered to be less risky than FGDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	FGDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	10.10%	-4.73%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	24.42%	-14.69%
Volatility (1Y) Calculated over the trailing 1-year period	18.75%	28.02%	-9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	18.97%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	18.97%	-2.99%