FFAAX vs. FRIAX

Last updated Jun 5, 2026

FFAAX (Franklin Global Allocation Fund) and FRIAX (Franklin Income Fund Advisor Class) are both mutual funds - FFAAX is a Global Allocation fund managed by Franklin Templeton, while FRIAX is a Diversified Portfolio fund managed by Franklin Templeton. Over the past 10 years, FFAAX returned 7.80%/yr vs 7.64%/yr for FRIAX. Their correlation of 0.82 suggests significant overlap in exposure. FFAAX charges 0.66%/yr vs 0.46%/yr for FRIAX.

Performance

FFAAX vs. FRIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Global Allocation Fund (FFAAX) and Franklin Income Fund Advisor Class (FRIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFAAX achieves a 7.99% return, which is significantly higher than FRIAX's 5.29% return. Both investments have delivered pretty close results over the past 10 years, with FFAAX having a 7.80% annualized return and FRIAX not far behind at 7.64%.

FFAAX

• 1D: -0.37%
• 1M: 2.68%
• YTD: 7.99%
• 6M: 8.50%
• 1Y: 19.32%
• 3Y*: 15.08%
• 5Y*: 8.24%
• 10Y*: 7.80%

FRIAX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 5.29%
• 6M: 5.72%
• 1Y: 14.62%
• 3Y*: 10.37%
• 5Y*: 6.31%
• 10Y*: 7.64%

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

FFAAX vs. FRIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFAAX Franklin Global Allocation Fund	7.99%	16.24%	13.12%	13.24%	-11.61%	12.01%	1.70%	18.06%	-9.60%	11.59%
FRIAX Franklin Income Fund Advisor Class	5.29%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%

Correlation

The correlation between FFAAX and FRIAX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 21, 2003	0.82

Over the past year, the correlation between FFAAX and FRIAX has dropped to 0.55 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

FFAAX vs. FRIAX — Risk / Return Rank

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

FFAAX

FFAAX Risk / Return Rank: 63
FFAAX Sharpe Ratio Rank: 61
FFAAX Sortino Ratio Rank: 63
FFAAX Omega Ratio Rank: 62
FFAAX Calmar Ratio Rank: 60
FFAAX Martin Ratio Rank: 70

FRIAX

FRIAX Risk / Return Rank: 90
FRIAX Sharpe Ratio Rank: 88
FRIAX Sortino Ratio Rank: 91
FRIAX Omega Ratio Rank: 90
FRIAX Calmar Ratio Rank: 91
FRIAX Martin Ratio Rank: 91

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.

FFAAX vs. FRIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Global Allocation Fund (FFAAX) and Franklin Income Fund Advisor Class (FRIAX). 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.

	FFAAX	FRIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.92	-0.63
Sortino ratio: Return per unit of downside risk	3.29	4.54	-1.25
Omega ratio: Gain probability vs. loss probability	1.43	1.66	-0.23
Calmar ratio: Return relative to maximum drawdown	2.95	4.79	-1.84
Martin ratio: Return relative to average drawdown	13.27	18.32	-5.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFAAX vs. FRIAX - Sharpe Ratio Comparison

The current FFAAX Sharpe Ratio is 2.29, which is comparable to the FRIAX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of FFAAX and FRIAX, 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

	FFAAX	FRIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.92	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.79	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.82	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.80	-0.25

Drawdowns

FFAAX vs. FRIAX - Drawdown Comparison

The maximum FFAAX drawdown since its inception was -52.89%, which is greater than FRIAX's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for FFAAX and FRIAX.

Drawdown Indicators

	FFAAX	FRIAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.89%	-43.23%	-9.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-3.06%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-10.89%	-7.35%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.17%	-13.63%	-4.54%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	-24.10%	-5.99%
Current Drawdown Current decline from peak	-0.37%	-0.33%	-0.04%
Average Drawdown Average peak-to-trough decline	-7.13%	-3.92%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.80%	+0.68%

Volatility

FFAAX vs. FRIAX - Volatility Comparison

Franklin Global Allocation Fund (FFAAX) has a higher volatility of 2.65% compared to Franklin Income Fund Advisor Class (FRIAX) at 1.11%. This indicates that FFAAX's price experiences larger fluctuations and is considered to be riskier than FRIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFAAX	FRIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.11%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	3.80%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	5.04%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.04%	7.98%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.48%	9.29%	+2.19%

FFAAX vs. FRIAX - Expense Ratio Comparison

FFAAX has a 0.66% expense ratio, which is higher than FRIAX's 0.46% expense ratio.

Dividends

FFAAX vs. FRIAX - Dividend Comparison

FFAAX's dividend yield for the trailing twelve months is around 4.74%, less than FRIAX's 5.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFAAX Franklin Global Allocation Fund	4.74%	5.12%	1.33%	1.88%	4.66%	0.90%	7.65%	3.24%	4.24%	3.19%	2.40%	3.22%
FRIAX Franklin Income Fund Advisor Class	5.71%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%

Frequently Asked Questions

Can I hold both FFAAX and FRIAX in my portfolio?

FFAAX and FRIAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFAAX or FRIAX?

FFAAX has higher volatility (2.65%) compared to FRIAX (1.11%). In terms of maximum drawdown, FFAAX dropped -52.89% vs FRIAX's -43.23%.

Which has better risk-adjusted returns?

FRIAX currently has the higher Sharpe Ratio (2.92 vs 2.29), 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.