FABZX vs. WRPIX

Last updated Apr 1, 2026

Compare and contrast key facts about Franklin K2 Alternative Strategies Fund (FABZX) and Allspring Alternative Risk Premia Fund (WRPIX).

FABZX is managed by Franklin Templeton. It was launched on Oct 10, 2013. WRPIX is managed by Wells Fargo Funds. It was launched on Jan 28, 2019.

Performance

FABZX vs. WRPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin K2 Alternative Strategies Fund (FABZX) and Allspring Alternative Risk Premia Fund (WRPIX). The values are adjusted to include any dividend payments, if applicable.

FABZX vs. WRPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FABZX Franklin K2 Alternative Strategies Fund	1.44%	8.48%	11.60%	2.86%	-7.86%	2.85%	7.36%	4.43%
WRPIX Allspring Alternative Risk Premia Fund	9.08%	5.37%	11.23%	-0.06%	10.44%	6.84%	-16.77%	-2.86%

Returns By Period

In the year-to-date period, FABZX achieves a 1.44% return, which is significantly lower than WRPIX's 9.08% return.

FABZX

• 1D: -0.18%
• 1M: -1.23%
• YTD: 1.44%
• 6M: 3.09%
• 1Y: 9.54%
• 3Y*: 8.03%
• 5Y*: 3.61%
• 10Y*: 4.11%

WRPIX

• 1D: 0.45%
• 1M: 4.59%
• YTD: 9.08%
• 6M: 12.89%
• 1Y: 11.70%
• 3Y*: 8.20%
• 5Y*: 7.80%
• 10Y*: —

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

FABZX vs. WRPIX - Expense Ratio Comparison

FABZX has a 1.95% expense ratio, which is higher than WRPIX's 0.72% expense ratio.

FABZX

Franklin K2 Alternative Strategies Fund

WRPIX

Allspring Alternative Risk Premia Fund

Return for Risk

FABZX vs. WRPIX — Risk / Return Rank

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

FABZX

FABZX Risk / Return Rank: 95
FABZX Sharpe Ratio Rank: 96
FABZX Sortino Ratio Rank: 96
FABZX Omega Ratio Rank: 94
FABZX Calmar Ratio Rank: 95
FABZX Martin Ratio Rank: 96

WRPIX

WRPIX Risk / Return Rank: 64
WRPIX Sharpe Ratio Rank: 80
WRPIX Sortino Ratio Rank: 76
WRPIX Omega Ratio Rank: 76
WRPIX Calmar Ratio Rank: 61
WRPIX Martin Ratio Rank: 27

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.

FABZX vs. WRPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin K2 Alternative Strategies Fund (FABZX) and Allspring Alternative Risk Premia Fund (WRPIX). 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.

	FABZX	WRPIX	Difference
Sharpe ratio Return per unit of total volatility	2.42	1.46	+0.96
Sortino ratio Return per unit of downside risk	3.42	1.90	+1.51
Omega ratio Gain probability vs. loss probability	1.48	1.29	+0.19
Calmar ratio Return relative to maximum drawdown	3.33	1.41	+1.92
Martin ratio Return relative to average drawdown	14.75	2.89	+11.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FABZX vs. WRPIX - Sharpe Ratio Comparison

The current FABZX Sharpe Ratio is 2.42, which is higher than the WRPIX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FABZX and WRPIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FABZX	WRPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.46	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	1.10	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.40	+0.53

Correlation

The correlation between FABZX and WRPIX is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FABZX vs. WRPIX - Dividend Comparison

FABZX's dividend yield for the trailing twelve months is around 6.92%, more than WRPIX's 6.57% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FABZX Franklin K2 Alternative Strategies Fund	6.92%	7.02%	11.80%	0.70%	3.10%	4.90%	0.80%	0.90%	2.33%	1.56%	0.77%	1.89%
WRPIX Allspring Alternative Risk Premia Fund	6.57%	7.16%	3.25%	4.66%	15.23%	0.00%	0.00%	1.76%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FABZX vs. WRPIX - Drawdown Comparison

The maximum FABZX drawdown since its inception was -11.03%, smaller than the maximum WRPIX drawdown of -21.67%. Use the drawdown chart below to compare losses from any high point for FABZX and WRPIX.

Drawdown Indicators

	FABZX	WRPIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.03%	-21.67%	+10.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-8.19%	+5.74%
Max Drawdown (5Y) Largest decline over 5 years	-11.03%	-8.72%	-2.31%
Max Drawdown (10Y) Largest decline over 10 years	-11.03%	—	—
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-2.42%	-7.49%	+5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	4.00%	-3.39%

Volatility

FABZX vs. WRPIX - Volatility Comparison

The current volatility for Franklin K2 Alternative Strategies Fund (FABZX) is 1.34%, while Allspring Alternative Risk Premia Fund (WRPIX) has a volatility of 2.64%. This indicates that FABZX experiences smaller price fluctuations and is considered to be less risky than WRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FABZX	WRPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	2.64%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	5.68%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	8.26%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	7.11%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	7.12%	-3.06%