USPX vs. USCL

Last updated Jun 24, 2026

USPX (Franklin U.S. Equity Index ETF) and USCL (Ishares Climate Conscious & Transition MSCI USA ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while USCL tracks the MSCI USA Extended Climate Action Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, USPX returned 20.72%/yr vs 18.71%/yr for USCL. With a 0.97 correlation, they move nearly in lockstep. USPX charges 0.03%/yr vs 0.08%/yr for USCL.

Performance

USPX vs. USCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and Ishares Climate Conscious & Transition MSCI USA ETF (USCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USPX achieves a 7.94% return, which is significantly higher than USCL's 3.65% return.

USPX

• 1D: -1.35%
• 1M: -1.23%
• YTD: 7.94%
• 6M: 6.89%
• 1Y: 23.21%
• 3Y*: 20.72%
• 5Y*: 11.89%
• 10Y*: 12.60%

USCL

• 1D: -1.15%
• 1M: -1.94%
• YTD: 3.65%
• 6M: 2.63%
• 1Y: 15.61%
• 3Y*: 18.71%
• 5Y*: —
• 10Y*: —

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

USPX vs. USCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USPX Franklin U.S. Equity Index ETF	7.94%	17.78%	24.97%	13.04%
USCL Ishares Climate Conscious & Transition MSCI USA ETF	3.65%	14.26%	27.04%	12.71%

Correlation

The correlation between USPX and USCL is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023	0.97

The correlation between USPX and USCL has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

USPX vs. USCL - Sectors Allocation Comparison

Sectors	USPX	USCL
Technology	37.7%	41.1%
Financial Services	11.6%	9.3%
Communication Services	10.3%	11.9%
Consumer Cyclical	9.5%	10.1%
Healthcare	8.8%	9.1%
Industrials	8.0%	6.9%
Consumer Defensive	4.6%	4.1%
Energy	3.3%	1.8%
Utilities	2.5%	2.0%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.6%

Return for Risk

USPX vs. USCL — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 59
USPX Sharpe Ratio Rank: 59
USPX Sortino Ratio Rank: 56
USPX Omega Ratio Rank: 57
USPX Calmar Ratio Rank: 55
USPX Martin Ratio Rank: 66

USCL

USCL Risk / Return Rank: 35
USCL Sharpe Ratio Rank: 36
USCL Sortino Ratio Rank: 34
USCL Omega Ratio Rank: 34
USCL Calmar Ratio Rank: 32
USCL Martin Ratio Rank: 39

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. USCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and Ishares Climate Conscious & Transition MSCI USA ETF (USCL). 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	USCL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.24	+0.60
Sortino ratio: Return per unit of downside risk	2.51	1.73	+0.78
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	2.55	1.53	+1.02
Martin ratio: Return relative to average drawdown	11.19	5.87	+5.32

USPX vs. USCL - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.83, which is higher than the USCL Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of USPX and USCL, 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. USCL - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, which is greater than USCL's maximum drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for USPX and USCL.

Drawdown Indicators

	USPX	USCL	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-19.00%	-12.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-10.24%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-19.00%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	—	—
Current Drawdown Current decline from peak	-3.17%	-3.99%	+0.82%
Average Drawdown Average peak-to-trough decline	-4.43%	-2.28%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.67%	-0.59%

Volatility

USPX vs. USCL - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) and Ishares Climate Conscious & Transition MSCI USA ETF (USCL) have volatilities of 4.89% and 4.93%, 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	USCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.93%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	9.91%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	12.73%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	14.94%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	14.94%	+1.02%

USPX vs. USCL - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than USCL's 0.08% 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. USCL - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 0.83%, less than USCL's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
USCL Ishares Climate Conscious & Transition MSCI USA ETF	1.13%	1.10%	1.18%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USPX Franklin U.S. Equity Index ETF	0.83%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both USPX and USCL in my portfolio?

With a correlation of 0.96, USPX and USCL 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 USCL?

USCL has higher volatility (4.93%) compared to USPX (4.89%). In terms of maximum drawdown, USPX dropped -31.21% vs USCL's -19.00%.

Which ETF is better, USPX or USCL?

On 3-year performance, USPX leads with 20.72% vs 18.71% for USCL. 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.

Which ETF has performed better, USPX or USCL?

Over the 3-year period, USPX has performed better with a 20.72% return vs 18.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or USCL?

USPX is cheaper with a 0.03% expense ratio, compared with 0.08% for USCL.

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

USCL has the higher dividend yield at 1.13%, compared with 0.83% for USPX.

What is the main difference between USPX and USCL?

USPX tracks Morningstar US Target Market Exposure Index, while USCL tracks MSCI USA Extended Climate Action Index - Benchmark TR Gross. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.03% for USPX and 0.08% for USCL.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (1.83 vs 1.24), 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.