VOTE vs. USPX

Last updated Jun 5, 2026

VOTE (Engine No. 1 Transform 500 ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - VOTE tracks the Morningstar US Large Cap Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 3 years, VOTE returned 23.05%/yr vs 22.69%/yr for USPX. With a 0.96 correlation, they move nearly in lockstep. VOTE charges 0.05%/yr vs 0.03%/yr for USPX.

Performance

VOTE vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Engine No. 1 Transform 500 ETF (VOTE) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VOTE having a 11.51% return and USPX slightly lower at 11.16%.

VOTE

• 1D: 0.44%
• 1M: 4.81%
• YTD: 11.51%
• 6M: 11.46%
• 1Y: 28.65%
• 3Y*: 23.05%
• 5Y*: —
• 10Y*: —

USPX

• 1D: 0.47%
• 1M: 4.77%
• YTD: 11.16%
• 6M: 10.90%
• 1Y: 28.00%
• 3Y*: 22.69%
• 5Y*: 12.50%
• 10Y*: 12.70%

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

VOTE vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VOTE Engine No. 1 Transform 500 ETF	11.51%	17.95%	25.23%	27.60%	-19.74%	12.08%
USPX Franklin U.S. Equity Index ETF	11.16%	17.78%	24.97%	27.07%	-18.88%	7.90%

Correlation

The correlation between VOTE and USPX 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 (All Time) Calculated using the full available price history since Jun 24, 2021	0.96

The correlation between VOTE and USPX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

VOTE vs. USPX - Sectors Allocation Comparison

Sectors	VOTE	USPX
Technology	35.5%	35.4%
Financial Services	11.7%	11.8%
Communication Services	11.3%	11.5%
Consumer Cyclical	10.2%	10.1%
Healthcare	8.6%	8.6%
Industrials	8.5%	8.4%
Consumer Defensive	4.8%	4.8%
Energy	3.6%	3.6%
Utilities	2.3%	2.3%
Basic Materials	1.8%	1.7%
Real Estate	1.8%	1.8%

Return for Risk

VOTE vs. USPX — Risk / Return Rank

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

VOTE

VOTE Risk / Return Rank: 72
VOTE Sharpe Ratio Rank: 75
VOTE Sortino Ratio Rank: 73
VOTE Omega Ratio Rank: 73
VOTE Calmar Ratio Rank: 65
VOTE Martin Ratio Rank: 77

USPX

USPX Risk / Return Rank: 71
USPX Sharpe Ratio Rank: 73
USPX Sortino Ratio Rank: 71
USPX Omega Ratio Rank: 71
USPX Calmar Ratio Rank: 63
USPX 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.

VOTE vs. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Engine No. 1 Transform 500 ETF (VOTE) and Franklin U.S. Equity Index ETF (USPX). 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.

	VOTE	USPX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.33	+0.06
Sortino ratio: Return per unit of downside risk	3.25	3.18	+0.07
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.16	3.07	+0.09
Martin ratio: Return relative to average drawdown	14.50	14.01	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOTE vs. USPX - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 2.38, which is comparable to the USPX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of VOTE and USPX, 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

	VOTE	USPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.33	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.80	0.00

Drawdowns

VOTE vs. USPX - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for VOTE and USPX.

Drawdown Indicators

	VOTE	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-31.21%	+5.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-9.15%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-19.21%	+0.13%
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	-0.27%	-0.29%	+0.02%
Average Drawdown Average peak-to-trough decline	-6.14%	-4.44%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.00%	-0.02%

Volatility

VOTE vs. USPX - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) and Franklin U.S. Equity Index ETF (USPX) have volatilities of 2.91% and 2.83%, 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

	VOTE	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.83%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	9.17%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	12.09%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	16.17%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	15.91%	+1.23%

VOTE vs. USPX - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is higher than USPX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOTE vs. USPX - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.89%, less than USPX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
USPX Franklin U.S. Equity Index ETF	1.03%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%
VOTE Engine No. 1 Transform 500 ETF	0.89%	1.03%	1.18%	1.33%	1.54%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOTE and USPX in my portfolio?

With a correlation of 0.99, VOTE and USPX 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, VOTE or USPX?

VOTE has higher volatility (2.91%) compared to USPX (2.83%). In terms of maximum drawdown, VOTE dropped -25.71% vs USPX's -31.21%.

Which ETF is better, VOTE or USPX?

On 3-year performance, VOTE leads with 23.05% vs 22.69% for USPX. 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, VOTE or USPX?

Over the 3-year period, VOTE has performed better with a 23.05% return vs 22.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOTE or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.05% for VOTE.

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

USPX has the higher dividend yield at 1.03%, compared with 0.89% for VOTE.

What is the main difference between VOTE and USPX?

VOTE tracks Morningstar US Large Cap Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: Engine No. 1 LLC and Franklin Templeton. Their fees differ too: 0.05% for VOTE and 0.03% for USPX.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (2.38 vs 2.33), 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.