USPX vs. ITOT

Last updated Jun 4, 2026

USPX (Franklin U.S. Equity Index ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while ITOT tracks the S&P Total Market Index. Both are passively managed. Over the past 5 years, USPX returned 12.39%/yr vs 12.69%/yr for ITOT. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

USPX vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USPX achieves a 10.64% return, which is significantly lower than ITOT's 11.25% return.

USPX

• 1D: -0.75%
• 1M: 5.12%
• YTD: 10.64%
• 6M: 10.50%
• 1Y: 27.42%
• 3Y*: 22.42%
• 5Y*: 12.39%
• 10Y*: —

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

USPX vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	10.64%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	25.68%	20.71%	30.67%	-5.33%	21.37%

Correlation

The correlation between USPX and ITOT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 6, 2016	0.86

The correlation between USPX and ITOT shifts across timeframes, from 0.86 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.

USPX vs. ITOT - Sectors Allocation Comparison

Sectors	USPX	ITOT
Technology	35.4%	33.8%
Financial Services	11.8%	12.1%
Communication Services	11.5%	10.3%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.6%	9.0%
Industrials	8.4%	9.5%
Consumer Defensive	4.8%	4.7%
Energy	3.6%	3.7%
Utilities	2.3%	2.3%
Real Estate	1.8%	2.4%
Basic Materials	1.7%	2.1%

Return for Risk

USPX vs. ITOT — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 68
USPX Sharpe Ratio Rank: 69
USPX Sortino Ratio Rank: 68
USPX Omega Ratio Rank: 68
USPX Calmar Ratio Rank: 61
USPX Martin Ratio Rank: 73

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.32	-0.04
Sortino ratio: Return per unit of downside risk	3.12	3.17	-0.05
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	3.01	3.17	-0.16
Martin ratio: Return relative to average drawdown	13.72	14.57	-0.85
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. ITOT - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 2.28, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of USPX and ITOT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USPX	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.32	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.74	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.57	+0.23

Drawdowns

USPX vs. ITOT - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for USPX and ITOT.

Drawdown Indicators

	USPX	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-55.20%	+23.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-8.90%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-19.44%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-25.36%	+0.76%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-35.00%	+3.79%
Current Drawdown Current decline from peak	-0.75%	-0.73%	-0.02%
Average Drawdown Average peak-to-trough decline	-4.44%	-6.97%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.94%	+0.06%

Volatility

USPX vs. ITOT - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) and iShares Core S&P Total U.S. Stock Market ETF (ITOT) have volatilities of 2.87% and 2.99%, 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.

Volatility by Period

	USPX	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.99%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	9.13%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	12.20%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	17.36%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	18.26%	-2.34%

USPX vs. ITOT - Expense Ratio Comparison

Both USPX and ITOT have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

USPX vs. ITOT - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.04%, more than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
USPX Franklin U.S. Equity Index ETF	1.04%	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 ITOT in my portfolio?

With a correlation of 0.98, USPX and ITOT 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.

Which is riskier, USPX or ITOT?

ITOT has higher volatility (2.99%) compared to USPX (2.87%). In terms of maximum drawdown, USPX dropped -31.21% vs ITOT's -55.20%.

Which ETF is better, USPX or ITOT?

On 5-year performance, ITOT leads with 12.69% vs 12.39% for USPX. Both ETFs have the same 0.03% expense ratio. On volatility, USPX has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or ITOT?

Over the 5-year period, ITOT has performed better with a 12.69% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or ITOT?

USPX and ITOT have the same expense ratio: 0.03% per year.

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

USPX has the higher dividend yield at 1.04%, compared with 0.98% for ITOT.

What is the main difference between USPX and ITOT?

USPX tracks Morningstar US Target Market Exposure Index, while ITOT tracks S&P Total Market Index. They also come from different issuers: Franklin Templeton and iShares.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.32 vs 2.28), 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.