INCE vs SPY
Franklin Income Equity Focus ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INCE or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. INCE led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | INCE | SPY |
|---|---|---|
| Expense Ratio | 0.29% | 0.09%Best |
| AUM | $290M | $814.4B |
| Dividend Yield | 4.86% | 1.01% |
| Holdings | 97 | 505 |
| YTD Return | +16.07%Best | +13.34% |
| 1Y Return | +22.31%Best | +19.97% |
| 3Y Return (annualized) | +16.74% | +21.20%Best |
| 5Y Return (annualized) | +10.72% | +12.81%Best |
| Volatility (annualized) | 13.8%Best | 15.4% |
| Max Drawdown | -34.1%Tie | -34.1%Tie |
| $10,000 over 5 years | $16,639 | $18,270Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 20, 2016 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 22, 2016 to Sep 4, 2026 (9.9 years).
INCE vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.9 years both funds cover.
INCE vs SPY Performance
Franklin Income Equity Focus ETF (INCE) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year INCE returned +22.31% while SPY returned +19.97%. Year to date, INCE is up 16.07% versus a gain of 13.34% for SPY.
Over three years, INCE compounded at +16.74% per year against +21.20% for SPY; over five years the annualized figures are +10.72% and +12.81% respectively. Across the full 10-year window we track, SPY has the edge at +14.42% annualized vs +12.44%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 13.8% for INCE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.1% for INCE and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
INCE charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, INCE currently yields 4.86% against 1.01% for SPY.
Holdings Overlap
At least 19.2% of SPY's money is in holdings INCE also owns.
Stated as a floor: for INCE, our book for it covers 84.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and INCE share little of their money.
55 positions in common, counted across the 65 positions we hold weights for in INCE and 504 in SPY, against full books of 97 and 505.
Top Shared Holdings
| Stock | Weight in INCE | Weight in SPY | Difference |
|---|---|---|---|
| CVXChevron Corp | 3.12% | 0.54% | 2.58% |
| JPMJpmorgan Chase | 1.83% | 1.44% | 0.39% |
| GOOGAlphabet Inc. C | 0.60% | 2.67% | 2.07% |
| PGProcter & Gamble Company | 2.51% | 0.52% | 1.99% |
| PEPPepsico Inc. | 2.55% | 0.29% | 2.26% |
| VZVerizon Communic | 2.42% | 0.29% | 2.13% |
| SOSouthern Co. | 2.49% | 0.16% | 2.33% |
| LMTLockheed Martin Corp | 2.44% | 0.18% | 2.26% |
| JNJJohnson & Johnson - Common | 1.49% | 0.92% | 0.57% |
| HDHome Depot Inc/The | 1.55% | 0.52% | 1.03% |
You are not choosing between two funds in isolation.
Whichever of INCE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, INCE or SPY?
INCE has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, INCE or SPY?
Over the past year INCE returned +22.31% vs +19.97% for SPY, so INCE leads on 1-year performance. Over the longest common window we track (10 years), INCE annualized +12.44% vs +14.42% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, INCE or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 13.8% for INCE. Worst drawdown: INCE -34.1% vs SPY -34.1%.
Should I hold both INCE and SPY?
INCE and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between INCE and SPY?
At least 19.2% of SPY's money is in holdings INCE also owns. Our book for INCE is partial, so the real figure is this or higher. They hold 55 positions in common, counted across the 65 positions we hold weights for in INCE and 504 in SPY.
Which pays a higher dividend, INCE or SPY?
INCE yields 4.86% while SPY yields 1.01%, so INCE currently pays the higher dividend yield.
Is SPY better than INCE?
SPY has a lower expense ratio. INCE led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.