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USPX vs. IVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USPX vs. IVV

Last updated Jun 23, 2026

USPX (Franklin U.S. Equity Index ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - USPX is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USPX returned 12.76%/yr vs 15.75%/yr for IVV. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

USPX vs. IVV - 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 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with USPX having a 9.41% return and IVV slightly higher at 9.76%. Over the past 10 years, USPX has underperformed IVV with an annualized return of 12.76%, while IVV has yielded a comparatively higher 15.75% annualized return.

USPX

1D
-0.43%
1M
0.12%
YTD
9.41%
6M
8.81%
1Y
26.07%
3Y*
21.27%
5Y*
12.36%
10Y*
12.76%

IVV

1D
-0.31%
1M
0.09%
YTD
9.76%
6M
9.30%
1Y
26.83%
3Y*
21.37%
5Y*
13.58%
10Y*
15.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USPX vs. IVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USPX
Franklin U.S. Equity Index ETF		9.41%17.78%24.97%27.07%-18.88%19.53%9.72%26.60%-7.78%23.80%
IVV
iShares Core S&P 500 ETF		9.76%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%

Correlation

The correlation between USPX and IVV is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2016

0.87

The correlation between USPX and IVV shifts across timeframes, from 0.87 (all time) to 0.99 (3 years), reflecting how their relationship changes across market environments.

USPX vs. IVV - Sectors Allocation Comparison

Sectors
USPX
IVV

Technology

37.7%
39.0%

Financial Services

11.6%
11.1%

Communication Services

10.3%
10.6%

Consumer Cyclical

9.5%
9.9%

Healthcare

8.8%
8.3%

Industrials

8.0%
7.8%

Consumer Defensive

4.6%
4.5%

Energy

3.3%
3.1%

Utilities

2.5%
2.1%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

USPX
37.7%
IVV
39.0%

Financial Services

USPX
11.6%
IVV
11.1%

Communication Services

USPX
10.3%
IVV
10.6%

Consumer Cyclical

USPX
9.5%
IVV
9.9%

Healthcare

USPX
8.8%
IVV
8.3%

Industrials

USPX
8.0%
IVV
7.8%

Consumer Defensive

USPX
4.6%
IVV
4.5%

Energy

USPX
3.3%
IVV
3.1%

Utilities

USPX
2.5%
IVV
2.1%

Real Estate

USPX
1.8%
IVV
1.8%

Basic Materials

USPX
1.7%
IVV
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin U.S. Equity Index ETF

iShares Core S&P 500 ETF

Often compared with USPX:
USPX vs. JPEFUSPX vs. VOOUSPX vs. VUAG.LUSPX vs. BBUSUSPX vs. BDGSUSPX vs. SPTMUSPX vs. VUAA.DE
Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L

Return for Risk

USPX vs. IVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USPX
USPX Risk / Return Rank: 6464
Overall Rank
USPX Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
USPX Sortino Ratio Rank: 6262
Sortino Ratio Rank
USPX Omega Ratio Rank: 6363
Omega Ratio Rank
USPX Calmar Ratio Rank: 5959
Calmar Ratio Rank
USPX Martin Ratio Rank: 7070
Martin Ratio Rank
IVV
IVV Risk / Return Rank: 6969
Overall Rank
IVV Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 6767
Sortino Ratio Rank
IVV Omega Ratio Rank: 6969
Omega Ratio Rank
IVV Calmar Ratio Rank: 6363
Calmar Ratio Rank
IVV Martin Ratio Rank: 7474
Martin Ratio Rank
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. IVV - 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 500 ETF (IVV). 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.

USPXIVVDifference
Sharpe ratioReturn per unit of total volatility
2.07
2.18

-0.11

Sortino ratioReturn per unit of downside risk
2.81
2.93

-0.12

Omega ratioGain probability vs. loss probability

1.37

1.39

-0.02

Calmar ratioReturn relative to maximum drawdown

2.86

3.03

-0.17

Martin ratioReturn relative to average drawdown

12.63

13.61

-0.99

USPX vs. IVV - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 2.07, which is comparable to the IVV Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of USPX and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USPX vs. IVV - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for USPX and IVV.

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Drawdown Indicators

USPXIVVDifference

Max Drawdown

Largest peak-to-trough decline

-31.21%

-55.25%

+24.04%

Max Drawdown (1Y)

Largest decline over 1 year

-9.15%

-8.89%

-0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-19.21%

-18.75%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-24.60%

-24.53%

-0.07%

Max Drawdown (10Y)

Largest decline over 10 years

-31.21%

-33.90%

+2.69%

Current Drawdown

Current decline from peak

-1.85%

-1.74%

-0.11%

Average Drawdown

Average peak-to-trough decline

-4.43%

-10.76%

+6.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

1.98%

+0.09%

Volatility

USPX vs. IVV - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) and iShares Core S&P 500 ETF (IVV) have volatilities of 4.69% and 4.67%, 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

USPXIVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.69%

4.67%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

10.00%

9.75%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

12.68%

12.41%

+0.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.27%

16.97%

-0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.96%

18.10%

-2.14%

USPX vs. IVV - Expense Ratio Comparison

Both USPX and IVV 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. IVV - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 0.82%, less than IVV's 1.09% yield.

PositionTTM20252024202320222021202020192018201720162015
IVV
iShares Core S&P 500 ETF		1.09%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%
USPX
Franklin U.S. Equity Index ETF		0.82%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

With a correlation of 0.99, USPX and IVV 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 (4.69%) compared to IVV (4.67%). In terms of maximum drawdown, USPX dropped -31.21% vs IVV's -55.25%.

On 10-year performance, IVV leads with 15.75% vs 12.76% for USPX. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVV has performed better with a 15.75% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IVV has the higher dividend yield at 1.09%, compared with 0.82% for USPX.

USPX is categorized as Large Cap Blend Equities, while IVV is S&P 500. USPX tracks Morningstar US Target Market Exposure Index, while IVV tracks S&P 500 Index. They also come from different issuers: Franklin Templeton and iShares.

IVV currently has the higher Sharpe Ratio (2.18 vs 2.07), 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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