FFAAX vs. SHAPX

Last updated Jun 25, 2026

FFAAX (Franklin Global Allocation Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - FFAAX is a Global Allocation fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, FFAAX returned 8.02%/yr vs 13.23%/yr for SHAPX. Their correlation of 0.86 suggests significant overlap in exposure. FFAAX charges 0.66%/yr vs 0.93%/yr for SHAPX.

Performance

FFAAX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Global Allocation Fund (FFAAX) 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, FFAAX achieves a 6.71% return, which is significantly higher than SHAPX's 3.19% return. Over the past 10 years, FFAAX has underperformed SHAPX with an annualized return of 8.02%, while SHAPX has yielded a comparatively higher 13.23% annualized return.

FFAAX

• 1D: -1.30%
• 1M: -0.17%
• YTD: 6.71%
• 6M: 6.04%
• 1Y: 16.78%
• 3Y*: 14.46%
• 5Y*: 8.06%
• 10Y*: 8.02%

SHAPX

• 1D: -1.08%
• 1M: -2.63%
• YTD: 3.19%
• 6M: 2.25%
• 1Y: 12.33%
• 3Y*: 16.06%
• 5Y*: 10.61%
• 10Y*: 13.23%

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

FFAAX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFAAX Franklin Global Allocation Fund	6.71%	16.24%	13.12%	13.24%	-11.61%	12.01%	1.70%	18.06%	-9.60%	11.59%
SHAPX ClearBridge Appreciation Fund	3.19%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between FFAAX and SHAPX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 20, 2003	0.86

The correlation between FFAAX and SHAPX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

FFAAX vs. SHAPX — Risk / Return Rank

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

FFAAX

FFAAX Risk / Return Rank: 59
FFAAX Sharpe Ratio Rank: 56
FFAAX Sortino Ratio Rank: 56
FFAAX Omega Ratio Rank: 58
FFAAX Calmar Ratio Rank: 58
FFAAX Martin Ratio Rank: 68

SHAPX

SHAPX Risk / Return Rank: 24
SHAPX Sharpe Ratio Rank: 23
SHAPX Sortino Ratio Rank: 23
SHAPX Omega Ratio Rank: 23
SHAPX Calmar Ratio Rank: 21
SHAPX Martin Ratio Rank: 33

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. SHAPX - Risk-Adjusted Trends Comparison

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

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.

	FFAAX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.23	+0.72
Sortino ratio: Return per unit of downside risk	2.76	1.79	+0.97
Omega ratio: Gain probability vs. loss probability	1.37	1.22	+0.14
Calmar ratio: Return relative to maximum drawdown	2.69	1.54	+1.15
Martin ratio: Return relative to average drawdown	11.86	6.82	+5.04

FFAAX vs. SHAPX - Sharpe Ratio Comparison

The current FFAAX Sharpe Ratio is 1.94, which is higher than the SHAPX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FFAAX 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.

Drawdowns

FFAAX vs. SHAPX - Drawdown Comparison

The maximum FFAAX drawdown since its inception was -52.89%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for FFAAX and SHAPX.

Drawdown Indicators

	FFAAX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-52.89%	-46.19%	-6.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-8.74%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-10.89%	-16.15%	+5.26%
Max Drawdown (5Y) Largest decline over 5 years	-18.17%	-20.53%	+2.36%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	-32.21%	+2.12%
Current Drawdown Current decline from peak	-1.62%	-3.16%	+1.54%
Average Drawdown Average peak-to-trough decline	-7.11%	-4.77%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.97%	-0.47%

Volatility

FFAAX vs. SHAPX - Volatility Comparison

Franklin Global Allocation Fund (FFAAX) and ClearBridge Appreciation Fund (SHAPX) have volatilities of 3.76% and 3.93%, 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

	FFAAX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.93%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	7.77%	8.60%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	10.99%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.14%	14.93%	-4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.40%	16.74%	-5.34%

FFAAX vs. SHAPX - Expense Ratio Comparison

FFAAX has a 0.66% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

FFAAX vs. SHAPX - Dividend Comparison

FFAAX's dividend yield for the trailing twelve months is around 5.03%, less than SHAPX's 13.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFAAX Franklin Global Allocation Fund	5.03%	5.12%	1.33%	1.88%	4.66%	0.90%	7.65%	3.24%	4.24%	3.19%	2.40%	3.22%
SHAPX ClearBridge Appreciation Fund	13.64%	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 FFAAX and SHAPX in my portfolio?

FFAAX and SHAPX have a correlation of 0.90, 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 SHAPX?

SHAPX has higher volatility (3.93%) compared to FFAAX (3.76%). In terms of maximum drawdown, FFAAX dropped -52.89% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

FFAAX currently has the higher Sharpe Ratio (1.94 vs 1.23), 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.