INCM vs INKM: Grades, Fees and Holdings Compared

Franklin Income Focus ETF

INCMANYSE Arca

State Street Income Allocation ETF

INKMANYSE Arca

Overlap

0.0%by weight

Expense ratio

INCM −0.12pt a year

INCM0.38%INKM0.50%

Avg volume · 30D

INCM 31.5×the volume

INCM418KINKM13.3K

3Y return · a year

INCM +1.7pt

INCM+13.5%INKM+11.8%

INCM vs INKM Performance

Oct 31, 2025 – Oct 30, 2026

+11.3%INCM+7.6%INKM

Expense ratio: INCM 0.38%, better; INKM 0.50%
Fund size: INCM $2.03B; INKM $70M
1Y total return: INCM +11.3%, better; INKM +7.6%
Yield (12M): INCM 5.67%, better; INKM 4.69%
Holdings: INCM 393; INKM 18
Avg volume (30D): INCM 418K sh, better; INKM 13.3K sh
NAV per share: INCM $29.10; INKM $34.00
52W range

ETF.net Grade

Pillar letters and Scores for INCM, INKM, with each pillar’s weight
Pillar	INCM	INKM
Cost30% weight	A93Higher	A79
Mission25% weight	Not scored	A71
Risk15% weight	A80Higher	A75
Tradability15% weight	B64	A76Higher
Holdings10% weight	Not scored	C47
Durability5% weight	A77Higher	A70

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. INCM and INKM are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

INCM ranks 1st and INKM 3rd of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 3AINKMState Street Income Allocation ETFScore 72
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66

Our read on each fund

ETF.net Research

INCMAFranklin Income Focus ETF

INKMAState Street Income Allocation ETF

In short

INCM A go-anywhere income hunt in ETF form: Franklin's managers roam across asset classes chasing current income, hold roughly 400 positions, charge 0.38%, and pay out monthly.

INKM One ticker, one active manager, and a shopping list that runs from bonds and preferreds to convertibles, global REITs and dividend stocks. INKM has been playing multi-asset income this way since 2012, at half a point of fee.

Stated mandate

INCM The fund seeks a high level of current income, with long-term capital appreciation as a secondary objective.

INKM The fund seeks total return by investing primarily in income- and yield-generating assets. It is actively managed and uses tactical allocations across bonds, convertible and preferred securities, global REITs, and domestic and international dividend-focused equities.

Why people hold it

INCM Charges 0.38%, well under the typical fund in its multi-asset allocation group. More of the income stays with shareholders.
Distributes monthly, matching the rhythm of actual bills. Current income is the stated primary objective, with capital appreciation secondary.
Spreads the income job across roughly 400 positions instead of leaning on a short list of high yielders.
Trades smoothly for a multi-billion-dollar fund, and rates as one of the stronger implementations in its allocation peer group.

INKM Charges 0.50% a year, under the 0.78% median for allocation funds.
Actively managed with tactical shifts across bonds, convertibles, preferreds, global REITs and dividend equities, rather than fixed index weights.ssga.com
Launched in 2012 and pays quarterly, a long run for a one-ticket income allocation fund.
Lands in the upper half of its allocation peer group on our review.

Worth knowing

INCM Actively managed with no declared index, so the asset mix and the payout reflect manager judgment rather than a published rulebook you can check against.
The mandate targets a high level of current income, not a fixed dollar amount, so the monthly distribution moves with markets.
Index-based allocation peers such as AOA and IRTR carry lower expense ratios. Here the fee buys active security selection instead of a set glide path.

INKM Thinly traded with a modest asset base, so spreads and order handling matter more here than with the category's giants.
Index-based allocation rivals cost far less: AOA at 0.19% and IRTR at 0.08%.
No published index to check it against. What you own depends on the manager's asset-mix calls.

Full INCM profile⁠

Full INKM profile⁠

INCM vs INKM Holdings

How INCM and INKM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of INCM and 0.0% of INKM.

Level by level

Holdings0 in both0.0%
Sector11 Sectors71.1%
Countryby domicile86.5%

Sector

Sector weights in INCM and INKM, widest gap first
Sector	More in INCMMore in INKM	INCM	INKM
Real Estate	INKM +11.9 points	0.0%	11.9%
Consumer Staples	INCM +11.8 points	19.5%	7.7%
Energy	INCM +7.9 points	18.0%	10.1%
Industrials	INKM +7.6 points	7.2%	14.8%
Communication	INKM +5.7 points	0.0%	5.7%
Materials	INCM +3.9 points	5.3%	1.4%
Technology	INKM +3.8 points	10.2%	14.0%
Health Care	INCM +2.2 points	9.1%	6.9%
Financials	INCM +1.9 points	10.7%	8.8%
Utilities	INCM +0.8 points	14.0%	13.2%
Consumer Discretionary	INCM +0.4 points	6.0%	5.6%

Country, concentration and asset class

Country by domicile

Country weights in INCM and INKM, widest gap first
Country	More in INCMMore in INKM	INCM	INKM
United Kingdom	INCM +6.9 points	7.3%	0.4%
Japan	INKM +1.8 points	0.0%	1.8%
Switzerland	INCM +1.5 points	2.6%	1.1%
Netherlands	INCM +1.4 points	1.6%	0.2%
Germany	INCM +1.4 points	1.4%	0.0%
Mexico	INKM +1.3 points	0.0%	1.3%
Australia	INKM +1.2 points	0.0%	1.2%
China	INKM +1.1 points	0.0%	1.1%
Other countries (25)	INKM +6.0 points	87.0%	93.0%

Concentration

Weight in the 10 largest Holdings

INCM17.0%
INKM82.6%

Securities held

INCM366
INKM16

Asset class

INCM: Multi-Asset
INKM: Multi-Asset

Holdings

Only in INCM366
In both0
Only in INKM16

Only in INCM

366 securities, 95.9% of INCM by weight

Procter & Gamble Co/The2.08%
Exxonmobil Holdings Corp1.73%
JPMorgan Chase 0 1/271.69%
Chevron Corp1.59%
Us Treasury N/ 4.625 8/361.54%
Home Depot Inc1.45%
Morgan Stanley1.42%
Alphabet Inc 5.45 8/361.27%
Shell Plc-Adr1.20%
Duke Energy Corp1.20%
Pepsico Inc1.20%
Us Treasury N/ 5.125 8/561.10%
Roche Holdings Ltd-Spons1.10%
Southern Co/The1.07%
Unilever PLC0.96%
Bnp Paribas Iss Eln 9/270.92%
Air Products & Chemicals0.91%
Mizuho Markets Eln 09/270.89%
Bank of America Corp0.89%
Philip Morris Internation0.82%
Ubs AG 8 4/270.78%
Ubs AG London 8 7/270.78%
Chs/Community 9.75 1/340.76%
Abbv Eln 12/11/20260.75%
Lyondellbasell Indu-Cl A0.71%
Us Treasury N/B 3.5 2/310.70%
Conocophillips0.69%
Oracle Corp0.68%
Citigroup Inc 6.174 5/340.67%
Lockheed Martin Corp0.67%
Target Corp0.67%
Amazon.com Inc 6.1 7/560.66%
Mizuho Mark Eln 9/270.64%
Wells Fargo Bank 8 3/270.63%
Albemarle Corp0.62%
Morgan Stan Fin 0 3/270.62%
Pfizer Inc0.60%
Siemens Ag-Reg0.57%
Toronto-Domini Eln 09/270.57%
Texas Instruments Inc0.56%
Ubs AG 7.5 12/260.56%
Us Bancorp0.54%
Us Treasury N/B 5 5/560.54%
Ares Management Corp0.53%
Skydance Corp 8.25 10/310.53%
Johnson & Johnson0.53%
Astrazeneca PLC0.52%
United Parcel Service-Cl0.52%
Amazon.com Inc 5.3 7/360.52%
Goldman Sachs 5.065 1/370.50%

Only in INKM

16 securities, 99.6% of INKM by weight

State Street Spdr Portfolio Lo16.14%
State Street Spdr S+p Global I10.78%
State Street Us Equity Premium9.58%
State Street Spdr Bloomberg Em8.87%
Schwab Us Dividend Equity Etf7.40%
State Street Spdr Portfolio S+7.34%
State Street Spdr Bloomberg Hi5.83%
State Street Spdr Ice Preferre5.80%
State Street Blackstone Senior5.79%
State Street Spdr S+p Internat5.05%
State Street Spdr Bloomberg Em4.85%
State Street Spdr Bloomberg Co3.70%
State Street Spdr Dow Jones Re2.51%
State Street Spdr Portfolio In2.49%
State Street Spdr Portfolio Lo2.01%
State Street Spdr Portfolio In1.49%

Weight gaps

INCM and INKM share no securities.

All 404 INCM holdings⁠All 16 INKM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

INCM vs INKM Cost

Overpaying INKM vs INCM

$2,273

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

INCM 0.38%
$7,706
INKM 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

INCM 0.38%
INKM 0.50%
Overpaying

Year by year

Year	INCM	INKM	Overpaying
10	$688	$900	$212
20	$2,658	$3,460	$802
30	$7,706	$9,979	$2,273

Expense ratio

0.38%INCM, cheaper
0.50%INKM

INCM0.38%INKM0.50%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INCM 2nd cheapest of 15 funds

INKM 3rd cheapest of 15 funds

INCM vs INKM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCM 5.67%, better; INKM 4.69%
Payout (12M): INCM $1.66; INKM $1.59
Last payment: INCM $0.13; INKM $0.34
Ex-dividend: INCM Oct 30, 2026; INKM Sep 25, 2026
Paid on: INCM Pays Nov 4, 2026; INKM Sep 29, 2026
Frequency: INCM Monthly; INKM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

INCMMonthly · 42 paymentsAll INCM payments⁠

INKMQuarterly · 15 paymentsAll INKM payments⁠

INCM vs INKM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: INCM 7.2%, betterINKM 7.8%
Return per unit of riskSharpe ratio, 3 years: INCM 1.19, betterINKM 0.92
Worst fallMax drawdown, 5 years: INCM −7.8%since Jun 2023INKM −19.2%
Market sensitivityBeta, 5 years: INCM 0.70INKM 0.82; Market = 1

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