INCE vs TYO
Franklin Income Equity Focus ETF vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Quick Verdict
INCE has a lower expense ratio. INCE delivered stronger 1-year returns. INCE offers more diversification with 47 holdings.
Side-by-Side Comparison
| Metric | INCE | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 1.00% | |
| AUM | $132M | $12M | |
| Dividend Yield | 4.82% | 2.62% | |
| Holdings | 82 | 6 | |
| YTD Return | +17.14% | +11.63% | |
| 1Y Return | +26.04% | +10.94% | |
| 3Y Return (annualized) | +16.96% | +4.88% | |
| 5Y Return (annualized) | +10.99% | +14.70% | |
| Volatility (annualized) | 13.8% | 19.3% | |
| Max Drawdown | -34.1% | -90.4% | |
| Fund Family | Franklin Templeton Investments (US) | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Sep 20, 2016 | Apr 16, 2009 |
INCE vs TYO Performance
Franklin Income Equity Focus ETF (INCE) is a ETF from Franklin Templeton Investments (US) and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year INCE returned +26.04% while TYO returned +10.94%. Year to date, INCE is up 17.14% versus a gain of 11.63% for TYO.
Over three years, INCE compounded at +16.96% per year against +4.88% for TYO; over five years the annualized figures are +10.99% and +14.70% respectively. Across the full 10-year window we track, INCE has the edge at +12.63% annualized vs -7.21%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -90.4% for TYO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
INCE charges 0.29% per year while TYO charges 1.00%. On a $10,000 position that is $29 vs $100 annually, a gap of $71 per year that compounds over a long holding period. On income, INCE currently yields 4.82% against 2.62% for TYO.
Holdings Overlap
INCE and TYO share 0 holdings out of 50 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, INCE or TYO?
INCE has an expense ratio of 0.29% while TYO charges 1.00%. INCE is the cheaper option. On a $10,000 investment, that is $71 per year of difference.
Which performed better, INCE or TYO?
Over the past year INCE returned +26.04% vs +10.94% for TYO, so INCE leads on 1-year performance. Over the longest common window we track (10 years), INCE annualized +12.63% vs -7.21% for TYO. Past performance does not guarantee future results.
Which is riskier, INCE or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 13.8% for INCE. Worst drawdown: INCE -34.1% vs TYO -90.4%.
Should I hold both INCE and TYO?
INCE and TYO have a monthly-return correlation of -0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between INCE and TYO?
INCE and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 50 unique securities.
Which pays a higher dividend, INCE or TYO?
INCE yields 4.82% while TYO yields 2.62%, so INCE currently pays the higher dividend yield.
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