FCOTX vs. FRCOX

Last updated Jun 23, 2026

FCOTX (Nuveen Colorado Municipal Bond Fund) and FRCOX (Franklin Colorado Tax Free Income Fund) are both Municipal Bonds funds. Over the past 10 years, FCOTX returned 1.88%/yr vs 1.91%/yr for FRCOX. A 0.72 correlation means they provide meaningful diversification when combined. FCOTX charges 0.77%/yr vs 0.70%/yr for FRCOX.

Performance

FCOTX vs. FRCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Colorado Municipal Bond Fund (FCOTX) and Franklin Colorado Tax Free Income Fund (FRCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCOTX achieves a 1.72% return, which is significantly lower than FRCOX's 2.08% return. Both investments have delivered pretty close results over the past 10 years, with FCOTX having a 1.88% annualized return and FRCOX not far ahead at 1.91%.

FCOTX

• 1D: 0.10%
• 1M: 1.72%
• YTD: 1.72%
• 6M: 2.02%
• 1Y: 6.59%
• 3Y*: 3.34%
• 5Y*: 0.47%
• 10Y*: 1.88%

FRCOX

• 1D: 0.09%
• 1M: 1.91%
• YTD: 2.08%
• 6M: 2.57%
• 1Y: 7.90%
• 3Y*: 4.56%
• 5Y*: 0.93%
• 10Y*: 1.91%

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

FCOTX vs. FRCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCOTX Nuveen Colorado Municipal Bond Fund	1.72%	2.53%	2.07%	6.15%	-9.92%	1.52%	5.31%	7.70%	0.87%	5.79%
FRCOX Franklin Colorado Tax Free Income Fund	2.08%	4.72%	3.21%	5.98%	-10.92%	1.60%	4.97%	7.07%	1.02%	2.48%

Correlation

The correlation between FCOTX and FRCOX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 31, 1987	0.72

The correlation between FCOTX and FRCOX shifts across timeframes, from 0.72 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCOTX vs. FRCOX — Risk / Return Rank

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

FCOTX

FCOTX Risk / Return Rank: 72
FCOTX Sharpe Ratio Rank: 80
FCOTX Sortino Ratio Rank: 86
FCOTX Omega Ratio Rank: 89
FCOTX Calmar Ratio Rank: 58
FCOTX Martin Ratio Rank: 47

FRCOX

FRCOX Risk / Return Rank: 78
FRCOX Sharpe Ratio Rank: 89
FRCOX Sortino Ratio Rank: 93
FRCOX Omega Ratio Rank: 93
FRCOX Calmar Ratio Rank: 63
FRCOX Martin Ratio Rank: 54

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.

FCOTX vs. FRCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Colorado Municipal Bond Fund (FCOTX) and Franklin Colorado Tax Free Income Fund (FRCOX). 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.

	FCOTX	FRCOX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.71	-0.29
Sortino ratio: Return per unit of downside risk	3.80	4.35	-0.55
Omega ratio: Gain probability vs. loss probability	1.59	1.67	-0.08
Calmar ratio: Return relative to maximum drawdown	2.79	2.92	-0.13
Martin ratio: Return relative to average drawdown	9.16	10.33	-1.17

FCOTX vs. FRCOX - Sharpe Ratio Comparison

The current FCOTX Sharpe Ratio is 2.42, which is comparable to the FRCOX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FCOTX and FRCOX, 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

FCOTX vs. FRCOX - Drawdown Comparison

The maximum FCOTX drawdown since its inception was -17.83%, which is greater than FRCOX's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for FCOTX and FRCOX.

Drawdown Indicators

	FCOTX	FRCOX	Difference
Max Drawdown Largest peak-to-trough decline	-17.83%	-15.80%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-2.72%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-6.77%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.40%	-15.64%	+0.24%
Max Drawdown (10Y) Largest decline over 10 years	-15.40%	-15.64%	+0.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.37%	-1.98%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.77%	-0.05%

Volatility

FCOTX vs. FRCOX - Volatility Comparison

The current volatility for Nuveen Colorado Municipal Bond Fund (FCOTX) is 0.70%, while Franklin Colorado Tax Free Income Fund (FRCOX) has a volatility of 0.85%. This indicates that FCOTX experiences smaller price fluctuations and is considered to be less risky than FRCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCOTX	FRCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.85%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	2.16%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.74%	2.93%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	4.22%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	4.02%	+0.27%

FCOTX vs. FRCOX - Expense Ratio Comparison

FCOTX has a 0.77% expense ratio, which is higher than FRCOX's 0.70% expense ratio.

Dividends

FCOTX vs. FRCOX - Dividend Comparison

FCOTX's dividend yield for the trailing twelve months is around 3.29%, which matches FRCOX's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCOTX Nuveen Colorado Municipal Bond Fund	3.29%	3.55%	3.44%	3.10%	2.59%	1.77%	2.27%	2.92%	3.30%	3.15%	3.39%	3.63%
FRCOX Franklin Colorado Tax Free Income Fund	3.30%	4.33%	3.73%	2.66%	2.74%	2.17%	2.52%	3.57%	3.30%	3.16%	3.80%	3.85%

Frequently Asked Questions

Can I hold both FCOTX and FRCOX in my portfolio?

FCOTX and FRCOX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCOTX or FRCOX?

FRCOX has higher volatility (0.85%) compared to FCOTX (0.70%). In terms of maximum drawdown, FCOTX dropped -17.83% vs FRCOX's -15.80%.

Which has better risk-adjusted returns?

FRCOX currently has the higher Sharpe Ratio (2.71 vs 2.42), 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.