USPX vs. VOO

Last updated Jul 14, 2026

USPX (Franklin U.S. Equity Index ETF) and VOO (Vanguard 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USPX returned 12.30%/yr vs 15.16%/yr for VOO. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

USPX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and Vanguard S&P 500 ETF (VOO). 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 10.16% return and VOO slightly higher at 10.45%. Over the past 10 years, USPX has underperformed VOO with an annualized return of 12.30%, while VOO has yielded a comparatively higher 15.16% annualized return.

USPX

• 1D: -0.76%
• 1M: 1.32%
• 6M: 8.11%
• YTD: 10.16%
• 1Y: 20.97%
• 3Y*: 20.10%
• 5Y*: 11.98%
• 10Y*: 12.30%

VOO

• 1D: -0.77%
• 1M: 1.25%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.53%
• 3Y*: 20.16%
• 5Y*: 13.01%
• 10Y*: 15.16%

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

USPX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	10.16%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%
VOO Vanguard S&P 500 ETF	10.45%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

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

USPX vs. VOO - Sectors Allocation Comparison

Sectors	USPX	VOO
Technology	37.7%	39.2%
Financial Services	12.1%	10.9%
Communication Services	9.8%	10.3%
Consumer Cyclical	9.4%	9.8%
Healthcare	9.2%	8.3%
Industrials	8.0%	7.4%
Consumer Defensive	4.5%	4.5%
Utilities	2.7%	2.5%
Energy	2.2%	3.2%
Real Estate	1.7%	1.8%
Basic Materials	1.7%	1.8%

Return for Risk

USPX vs. VOO — Risk / Return Rank

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

USPX

USPX Risk / Return Rank: 63
USPX Sharpe Ratio Rank: 63
USPX Sortino Ratio Rank: 62
USPX Omega Ratio Rank: 62
USPX Calmar Ratio Rank: 58
USPX Martin Ratio Rank: 69

VOO

VOO Risk / Return Rank: 66
VOO Sharpe Ratio Rank: 66
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 61
VOO Martin Ratio Rank: 72

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.73	-0.07
Sortino ratio: Return per unit of downside risk	2.29	2.39	-0.09
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.30	2.43	-0.13
Martin ratio: Return relative to average drawdown	9.87	10.60	-0.73

USPX vs. VOO - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.66, which is comparable to the VOO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of USPX and VOO, 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. VOO - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for USPX and VOO.

Drawdown Indicators

	USPX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-33.99%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-8.90%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-18.69%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-24.52%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	-33.99%	+2.78%
Current Drawdown Current decline from peak	-1.19%	-1.11%	-0.08%
Average Drawdown Average peak-to-trough decline	-4.42%	-3.68%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.04%	+0.09%

Volatility

USPX vs. VOO - Volatility Comparison

The current volatility for Franklin U.S. Equity Index ETF (USPX) is 3.95%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.16%. This indicates that USPX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.16%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	9.97%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	12.53%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	16.93%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.00%	-2.05%

USPX vs. VOO - Expense Ratio Comparison

Both USPX and VOO 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. VOO - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.09%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USPX Franklin U.S. Equity Index ETF	1.09%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both USPX and VOO in my portfolio?

With a correlation of 0.99, USPX and VOO 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 VOO?

VOO has higher volatility (4.16%) compared to USPX (3.95%). In terms of maximum drawdown, USPX dropped -31.21% vs VOO's -33.99%.

Which ETF is better, USPX or VOO?

On 10-year performance, VOO leads with 15.16% vs 12.30% for USPX. Both ETFs have the same 0.03% expense ratio. On volatility, USPX has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or VOO?

Over the 10-year period, VOO has performed better with a 15.16% return vs 12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or VOO?

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

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

USPX has the higher dividend yield at 1.09%, compared with 1.07% for VOO.

What is the main difference between USPX and VOO?

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

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.73 vs 1.66), 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.