EHI vs. SHAPX

Last updated Jun 4, 2026

EHI (Western Asset Global High Income Fund Inc) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - EHI is a High Yield Bonds fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, EHI returned 5.53%/yr vs 13.25%/yr for SHAPX. At a 0.34 correlation, their price movements are largely independent. EHI charges 0.01%/yr vs 0.93%/yr for SHAPX.

Performance

EHI vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Global High Income Fund Inc (EHI) and ClearBridge Appreciation Fund (SHAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHI achieves a -1.80% return, which is significantly lower than SHAPX's 6.04% return. Over the past 10 years, EHI has underperformed SHAPX with an annualized return of 5.53%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

EHI

• 1D: -0.50%
• 1M: -1.22%
• YTD: -1.80%
• 6M: -0.41%
• 1Y: 5.75%
• 3Y*: 8.38%
• 5Y*: 0.46%
• 10Y*: 5.53%

SHAPX

• 1D: -0.05%
• 1M: 2.33%
• YTD: 6.04%
• 6M: 5.66%
• 1Y: 17.56%
• 3Y*: 17.64%
• 5Y*: 11.44%
• 10Y*: 13.25%

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

EHI vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EHI Western Asset Global High Income Fund Inc	-1.80%	9.15%	5.63%	19.22%	-25.22%	9.37%	8.81%	30.98%	-12.35%	13.07%
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between EHI and SHAPX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 30, 2003	0.34

Return for Risk

EHI vs. SHAPX — Risk / Return Rank

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

EHI

EHI Risk / Return Rank: 8
EHI Sharpe Ratio Rank: 8
EHI Sortino Ratio Rank: 8
EHI Omega Ratio Rank: 8
EHI Calmar Ratio Rank: 7
EHI Martin Ratio Rank: 7

SHAPX

SHAPX Risk / Return Rank: 37
SHAPX Sharpe Ratio Rank: 36
SHAPX Sortino Ratio Rank: 36
SHAPX Omega Ratio Rank: 36
SHAPX Calmar Ratio Rank: 31
SHAPX Martin Ratio Rank: 45

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.

EHI vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Global High Income Fund Inc (EHI) and ClearBridge Appreciation Fund (SHAPX). 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.

	EHI	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.73	-1.07
Sortino ratio: Return per unit of downside risk	1.00	2.50	-1.50
Omega ratio: Gain probability vs. loss probability	1.13	1.32	-0.19
Calmar ratio: Return relative to maximum drawdown	0.63	2.07	-1.44
Martin ratio: Return relative to average drawdown	2.06	9.48	-7.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EHI vs. SHAPX - Sharpe Ratio Comparison

The current EHI Sharpe Ratio is 0.66, which is lower than the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EHI and SHAPX, 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

	EHI	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	1.73	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.77	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.79	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.79	-0.45

Drawdowns

EHI vs. SHAPX - Drawdown Comparison

The maximum EHI drawdown since its inception was -58.50%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for EHI and SHAPX.

Drawdown Indicators

	EHI	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.50%	-46.19%	-12.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-8.74%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-16.15%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-33.81%	-20.53%	-13.28%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-32.21%	-4.09%
Current Drawdown Current decline from peak	-4.94%	-0.49%	-4.45%
Average Drawdown Average peak-to-trough decline	-8.16%	-4.78%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.91%	+0.89%

Volatility

EHI vs. SHAPX - Volatility Comparison

Western Asset Global High Income Fund Inc (EHI) and ClearBridge Appreciation Fund (SHAPX) have volatilities of 2.44% and 2.46%, 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

	EHI	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.46%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	7.90%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	10.46%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.93%	14.86%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	16.73%	-2.32%

EHI vs. SHAPX - Expense Ratio Comparison

EHI has a 0.02% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

EHI vs. SHAPX - Dividend Comparison

EHI's dividend yield for the trailing twelve months is around 14.12%, more than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHI Western Asset Global High Income Fund Inc	14.12%	13.10%	12.37%	11.12%	11.82%	7.95%	8.02%	7.52%	8.91%	8.32%	11.58%	13.25%
SHAPX ClearBridge Appreciation Fund	13.27%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both EHI and SHAPX in my portfolio?

EHI and SHAPX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EHI or SHAPX?

SHAPX has higher volatility (2.46%) compared to EHI (2.44%). In terms of maximum drawdown, EHI dropped -58.50% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 0.66), 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.