VPX vs. USPX

Last updated Jul 30, 2026

VPX (Variant Perception Cycle Aware US Equity ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds. VPX is actively managed, while USPX is passively managed. Their correlation of 0.92 means they have usually moved in the same direction. VPX charges 0.75%/yr vs 0.03%/yr for USPX.

Performance

VPX vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Variant Perception Cycle Aware US Equity ETF (VPX) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VPX

• 1D: -1.52%
• 1M: -0.60%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

USPX

• 1D: -1.35%
• 1M: -1.50%
• 6M: 5.34%
• YTD: 7.28%
• 1Y: 15.66%
• 3Y*: 18.35%
• 5Y*: 11.26%
• 10Y*: 11.89%
• ALL TIME*: 12.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USPX Franklin U.S. Equity Index ETF	$2.37M	$3.83M	$3.65M
VPX Variant Perception Cycle Aware US Equity ETF	$182.48K	$205.20K	$111.23K

VPX vs. USPX - Yearly Performance Comparison

	2026 (YTD)
VPX Variant Perception Cycle Aware US Equity ETF	18.21%
USPX Franklin U.S. Equity Index ETF	8.50%

Correlation

The correlation between VPX and USPX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026	0.92

Return for Risk

VPX vs. USPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VPX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USPX

USPX Risk / Return Rank: 52
USPX Sharpe Ratio Rank: 51
USPX Sortino Ratio Rank: 49
USPX Omega Ratio Rank: 49
USPX Calmar Ratio Rank: 49
USPX Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VPX vs. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Variant Perception Cycle Aware US Equity ETF (VPX) 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.

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.

	VPX	USPX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.22	—
Sortino ratio: Return per unit of downside risk	—	1.73	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.72	—
Martin ratio: Return relative to average drawdown	—	7.22	—

Drawdowns

VPX vs. USPX - Drawdown Comparison

The maximum VPX drawdown since its inception was -5.91%, smaller than the maximum USPX drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for VPX and USPX.

Drawdown Indicators

	VPX	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-5.91%	-31.21%	+25.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.21%	—
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	-2.39%	-3.77%	+1.38%
Average Drawdown Average peak-to-trough decline	-0.87%	-4.41%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.18%	—

Volatility

Volatility by Period

	VPX	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	12.93%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	16.29%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	15.96%	-0.17%

VPX vs. USPX - Expense Ratio Comparison

VPX has a 0.75% expense ratio, which is higher than USPX's 0.03% expense ratio.

Dividends

VPX vs. USPX - Dividend Comparison

VPX has not paid dividends to shareholders, while USPX's dividend yield for the trailing twelve months is around 1.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
USPX Franklin U.S. Equity Index ETF	1.12%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%
VPX Variant Perception Cycle Aware US Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VPX and USPX in my portfolio?

With a correlation of 0.92, VPX 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 ETF is better, VPX or USPX?

On fees, USPX is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VPX or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.75% for VPX.

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

USPX has the higher dividend yield at 1.12%, compared with 0.00% for VPX.

What is the main difference between VPX and USPX?

They also come from different issuers: Variant Perception and Franklin Templeton. Their fees differ too: 0.75% for VPX and 0.03% for USPX.