FKDNX vs. SHDAX

Last updated Jun 24, 2026

FKDNX (Franklin DynaTech Fund) and SHDAX (Western Asset Short Duration Municipal Income Fund) are both mutual funds - FKDNX is a Large Cap Growth Equities fund actively managed by Franklin Templeton, while SHDAX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, FKDNX returned 18.57%/yr vs 1.50%/yr for SHDAX. At a 0.02 correlation, their price movements are largely independent. FKDNX charges 0.77%/yr vs 0.55%/yr for SHDAX.

Performance

FKDNX vs. SHDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin DynaTech Fund (FKDNX) and Western Asset Short Duration Municipal Income Fund (SHDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKDNX achieves a 10.18% return, which is significantly higher than SHDAX's 0.68% return. Over the past 10 years, FKDNX has outperformed SHDAX with an annualized return of 18.57%, while SHDAX has yielded a comparatively lower 1.50% annualized return.

FKDNX

• 1D: -0.52%
• 1M: 1.57%
• YTD: 10.18%
• 6M: 8.19%
• 1Y: 25.62%
• 3Y*: 24.08%
• 5Y*: 8.62%
• 10Y*: 18.57%

SHDAX

• 1D: 0.00%
• 1M: 0.62%
• YTD: 0.68%
• 6M: 0.92%
• 1Y: 3.43%
• 3Y*: 3.37%
• 5Y*: 1.48%
• 10Y*: 1.50%

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

FKDNX vs. SHDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKDNX Franklin DynaTech Fund	10.18%	18.59%	30.57%	44.42%	-40.30%	12.53%	57.68%	36.36%	2.85%	39.29%
SHDAX Western Asset Short Duration Municipal Income Fund	0.68%	4.82%	2.31%	3.28%	-3.47%	0.02%	2.57%	3.39%	1.01%	1.39%

Correlation

The correlation between FKDNX and SHDAX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.02

Return for Risk

FKDNX vs. SHDAX — Risk / Return Rank

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

FKDNX

FKDNX Risk / Return Rank: 19
FKDNX Sharpe Ratio Rank: 22
FKDNX Sortino Ratio Rank: 19
FKDNX Omega Ratio Rank: 21
FKDNX Calmar Ratio Rank: 16
FKDNX Martin Ratio Rank: 16

SHDAX

SHDAX Risk / Return Rank: 75
SHDAX Sharpe Ratio Rank: 78
SHDAX Sortino Ratio Rank: 91
SHDAX Omega Ratio Rank: 98
SHDAX Calmar Ratio Rank: 64
SHDAX Martin Ratio Rank: 45

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.

FKDNX vs. SHDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin DynaTech Fund (FKDNX) and Western Asset Short Duration Municipal Income Fund (SHDAX). 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.

	FKDNX	SHDAX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.39	-1.14
Sortino ratio: Return per unit of downside risk	1.71	4.18	-2.48
Omega ratio: Gain probability vs. loss probability	1.22	2.01	-0.79
Calmar ratio: Return relative to maximum drawdown	1.33	2.94	-1.61
Martin ratio: Return relative to average drawdown	4.08	8.87	-4.79

FKDNX vs. SHDAX - Sharpe Ratio Comparison

The current FKDNX Sharpe Ratio is 1.24, which is lower than the SHDAX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FKDNX and SHDAX, 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

FKDNX vs. SHDAX - Drawdown Comparison

The maximum FKDNX drawdown since its inception was -51.63%, which is greater than SHDAX's maximum drawdown of -6.18%. Use the drawdown chart below to compare losses from any high point for FKDNX and SHDAX.

Drawdown Indicators

	FKDNX	SHDAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.63%	-6.18%	-45.45%
Max Drawdown (1Y) Largest decline over 1 year	-20.49%	-1.17%	-19.32%
Max Drawdown (3Y) Largest decline over 3 years	-26.23%	-1.59%	-24.64%
Max Drawdown (5Y) Largest decline over 5 years	-48.28%	-5.81%	-42.47%
Max Drawdown (10Y) Largest decline over 10 years	-48.28%	-6.18%	-42.10%
Current Drawdown Current decline from peak	-2.92%	-0.32%	-2.60%
Average Drawdown Average peak-to-trough decline	-11.25%	-0.64%	-10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	0.39%	+6.28%

Volatility

FKDNX vs. SHDAX - Volatility Comparison

Franklin DynaTech Fund (FKDNX) has a higher volatility of 9.04% compared to Western Asset Short Duration Municipal Income Fund (SHDAX) at 0.46%. This indicates that FKDNX's price experiences larger fluctuations and is considered to be riskier than SHDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKDNX	SHDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	0.46%	+8.58%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	1.04%	+16.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	1.45%	+20.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.43%	1.85%	+24.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	1.87%	+22.87%

FKDNX vs. SHDAX - Expense Ratio Comparison

FKDNX has a 0.77% expense ratio, which is higher than SHDAX's 0.55% expense ratio.

Dividends

FKDNX vs. SHDAX - Dividend Comparison

FKDNX's dividend yield for the trailing twelve months is around 10.14%, more than SHDAX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKDNX Franklin DynaTech Fund	10.14%	11.17%	0.00%	0.00%	0.00%	1.43%	0.00%	0.74%	2.92%	1.77%	3.55%	2.46%
SHDAX Western Asset Short Duration Municipal Income Fund	2.38%	3.09%	2.28%	1.60%	1.04%	0.79%	1.35%	1.75%	1.40%	1.19%	1.06%	1.10%

Frequently Asked Questions

Can I hold both FKDNX and SHDAX in my portfolio?

FKDNX and SHDAX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKDNX or SHDAX?

FKDNX has higher volatility (9.04%) compared to SHDAX (0.46%). In terms of maximum drawdown, FKDNX dropped -51.63% vs SHDAX's -6.18%.

Which has better risk-adjusted returns?

SHDAX currently has the higher Sharpe Ratio (2.39 vs 1.24), 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.