FISEX vs. SHAPX

Last updated Jun 23, 2026

FISEX (Franklin Equity Income Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - FISEX is a Large Cap Value Equities fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, FISEX returned 11.82%/yr vs 13.25%/yr for SHAPX. Their correlation of 0.90 suggests significant overlap in exposure. FISEX charges 0.85%/yr vs 0.93%/yr for SHAPX.

Performance

FISEX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Equity Income Fund (FISEX) 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, FISEX achieves a 9.65% return, which is significantly higher than SHAPX's 5.24% return. Over the past 10 years, FISEX has underperformed SHAPX with an annualized return of 11.82%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

FISEX

• 1D: 0.14%
• 1M: 1.43%
• YTD: 9.65%
• 6M: 9.06%
• 1Y: 24.08%
• 3Y*: 16.58%
• 5Y*: 11.80%
• 10Y*: 11.82%

SHAPX

• 1D: 0.85%
• 1M: -0.71%
• YTD: 5.24%
• 6M: 5.18%
• 1Y: 16.80%
• 3Y*: 16.46%
• 5Y*: 11.50%
• 10Y*: 13.25%

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

FISEX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FISEX Franklin Equity Income Fund	9.65%	17.05%	18.11%	9.04%	-6.88%	25.42%	5.53%	25.51%	-4.76%	15.99%
SHAPX ClearBridge Appreciation Fund	5.24%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between FISEX and SHAPX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.90

The correlation between FISEX and SHAPX shifts across timeframes, from 0.76 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FISEX vs. SHAPX — Risk / Return Rank

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

FISEX

FISEX Risk / Return Rank: 81
FISEX Sharpe Ratio Rank: 81
FISEX Sortino Ratio Rank: 79
FISEX Omega Ratio Rank: 73
FISEX Calmar Ratio Rank: 85
FISEX Martin Ratio Rank: 85

SHAPX

SHAPX Risk / Return Rank: 34
SHAPX Sharpe Ratio Rank: 33
SHAPX Sortino Ratio Rank: 32
SHAPX Omega Ratio Rank: 33
SHAPX Calmar Ratio Rank: 29
SHAPX Martin Ratio Rank: 42

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.

FISEX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Equity Income Fund (FISEX) 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.

	FISEX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.53	+0.92
Sortino ratio: Return per unit of downside risk	3.45	2.20	+1.25
Omega ratio: Gain probability vs. loss probability	1.43	1.28	+0.15
Calmar ratio: Return relative to maximum drawdown	3.77	1.90	+1.87
Martin ratio: Return relative to average drawdown	14.90	8.49	+6.41

FISEX vs. SHAPX - Sharpe Ratio Comparison

The current FISEX Sharpe Ratio is 2.44, which is higher than the SHAPX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FISEX 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

FISEX vs. SHAPX - Drawdown Comparison

The maximum FISEX drawdown since its inception was -56.54%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for FISEX and SHAPX.

Drawdown Indicators

	FISEX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.54%	-46.19%	-10.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-8.74%	+2.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.18%	-16.15%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-20.53%	+1.87%
Max Drawdown (10Y) Largest decline over 10 years	-32.97%	-32.21%	-0.76%
Current Drawdown Current decline from peak	-0.98%	-1.24%	+0.26%
Average Drawdown Average peak-to-trough decline	-6.43%	-4.77%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.95%	-0.33%

Volatility

FISEX vs. SHAPX - Volatility Comparison

The current volatility for Franklin Equity Income Fund (FISEX) is 2.93%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 3.77%. This indicates that FISEX experiences smaller price fluctuations and is considered to be less risky than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISEX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.77%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	8.56%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	10.89%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	14.92%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	16.76%	-0.58%

FISEX vs. SHAPX - Expense Ratio Comparison

FISEX has a 0.85% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

FISEX vs. SHAPX - Dividend Comparison

FISEX's dividend yield for the trailing twelve months is around 8.69%, less than SHAPX's 13.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISEX Franklin Equity Income Fund	8.69%	10.11%	10.50%	4.22%	5.60%	7.19%	3.05%	5.00%	6.99%	4.81%	6.45%	5.38%
SHAPX ClearBridge Appreciation Fund	13.38%	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 FISEX and SHAPX in my portfolio?

FISEX and SHAPX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISEX or SHAPX?

SHAPX has higher volatility (3.77%) compared to FISEX (2.93%). In terms of maximum drawdown, FISEX dropped -56.54% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

FISEX currently has the higher Sharpe Ratio (2.44 vs 1.53), 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.