FARMX vs. FRNRX

Last updated Aug 1, 2026

FARMX (Fidelity Agricultural Productivity Fund) and FRNRX (Franklin Natural Resources Fund) are both Energy Equities funds. Over the past 5 years, FARMX returned 6.04%/yr vs 24.96%/yr for FRNRX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FARMX charges 0.99%/yr vs 0.96%/yr for FRNRX.

Performance

FARMX vs. FRNRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Agricultural Productivity Fund (FARMX) and Franklin Natural Resources Fund (FRNRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FARMX achieves a 23.52% return, which is significantly higher than FRNRX's 19.30% return.

FARMX

• 1D: -0.45%
• 1M: 2.22%
• 6M: 10.46%
• YTD: 23.52%
• 1Y: 19.48%
• 3Y*: 5.11%
• 5Y*: 6.04%
• 10Y*: —
• ALL TIME*: 15.07%

FRNRX

• 1D: 1.73%
• 1M: 3.32%
• 6M: 6.24%
• YTD: 19.30%
• 1Y: 44.40%
• 3Y*: 15.13%
• 5Y*: 24.96%
• 10Y*: 10.79%
• ALL TIME*: 7.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FARMX Fidelity Agricultural Productivity Fund	$0.00	$0.00	$0.00
FRNRX Franklin Natural Resources Fund	$0.00	$0.00	$0.00

FARMX vs. FRNRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FARMX Fidelity Agricultural Productivity Fund	23.52%	7.99%	-4.83%	-11.61%	13.68%	23.36%	53.58%
FRNRX Franklin Natural Resources Fund	19.30%	30.43%	1.28%	3.25%	30.52%	74.38%	47.48%

Correlation

The correlation between FARMX and FRNRX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.71

The correlation between FARMX and FRNRX shifts across timeframes, from 0.51 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FARMX vs. FRNRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FARMX

FARMX Risk / Return Rank: 42
FARMX Sharpe Ratio Rank: 37
FARMX Sortino Ratio Rank: 40
FARMX Omega Ratio Rank: 34
FARMX Calmar Ratio Rank: 70
FARMX Martin Ratio Rank: 31

FRNRX

FRNRX Risk / Return Rank: 91
FRNRX Sharpe Ratio Rank: 94
FRNRX Sortino Ratio Rank: 87
FRNRX Omega Ratio Rank: 86
FRNRX Calmar Ratio Rank: 96
FRNRX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FARMX vs. FRNRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Agricultural Productivity Fund (FARMX) and Franklin Natural Resources Fund (FRNRX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FARMX	FRNRX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.49	-1.37
Sortino ratio: Return per unit of downside risk	1.71	3.15	-1.44
Omega ratio: Gain probability vs. loss probability	1.20	1.42	-0.22
Calmar ratio: Return relative to maximum drawdown	2.25	4.43	-2.18
Martin ratio: Return relative to average drawdown	4.36	13.58	-9.21

FARMX vs. FRNRX - Sharpe Ratio Comparison

The current FARMX Sharpe Ratio is 1.12, which is lower than the FRNRX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FARMX and FRNRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FARMX vs. FRNRX - Drawdown Comparison

The maximum FARMX drawdown since its inception was -30.27%, smaller than the maximum FRNRX drawdown of -80.54%. Use the drawdown chart below to compare losses from any high point for FARMX and FRNRX.

Drawdown Indicators

	FARMX	FRNRX	Difference
Max Drawdown Largest peak-to-trough decline	-30.27%	-80.54%	+50.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-9.62%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-19.65%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-30.27%	-26.29%	-3.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-70.71%	—
Current Drawdown Current decline from peak	-1.98%	-5.34%	+3.36%
Average Drawdown Average peak-to-trough decline	-12.60%	-23.74%	+11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.14%	+0.97%

Volatility

FARMX vs. FRNRX - Volatility Comparison

Fidelity Agricultural Productivity Fund (FARMX) and Franklin Natural Resources Fund (FRNRX) have volatilities of 4.45% and 4.34%, 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

	FARMX	FRNRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.34%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	13.40%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	17.25%	-1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	25.38%	-6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	28.46%	-8.87%

FARMX vs. FRNRX - Expense Ratio Comparison

FARMX has a 0.99% expense ratio, which is higher than FRNRX's 0.96% expense ratio.

Dividends

FARMX vs. FRNRX - Dividend Comparison

FARMX's dividend yield for the trailing twelve months is around 1.24%, less than FRNRX's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FARMX Fidelity Agricultural Productivity Fund	1.24%	1.85%	2.29%	1.33%	1.17%	0.71%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%
FRNRX Franklin Natural Resources Fund	1.42%	1.70%	2.40%	1.98%	2.38%	22.66%	2.39%	1.64%	2.43%	1.16%	1.02%	0.86%

Frequently Asked Questions

Can I hold both FARMX and FRNRX in my portfolio?

FARMX and FRNRX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FARMX or FRNRX?

FARMX has higher volatility (4.45%) compared to FRNRX (4.34%). In terms of maximum drawdown, FARMX dropped -30.27% vs FRNRX's -80.54%.

Which has better risk-adjusted returns?

FRNRX currently has the higher Sharpe Ratio (2.49 vs 1.12), 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.