FKINX vs. FRVAX

Last updated Jun 24, 2026

FKINX (Franklin Income Fund Class A1) and FRVAX (Franklin Virginia Tax Free Income Fund) are both mutual funds - FKINX is a Diversified Portfolio fund managed by Franklin Templeton, while FRVAX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, FKINX returned 7.49%/yr vs 1.29%/yr for FRVAX. At a 0.05 correlation, their price movements are largely independent. FKINX charges 0.62%/yr vs 0.71%/yr for FRVAX.

Performance

FKINX vs. FRVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Fund Class A1 (FKINX) and Franklin Virginia Tax Free Income Fund (FRVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKINX achieves a 4.34% return, which is significantly higher than FRVAX's 2.11% return. Over the past 10 years, FKINX has outperformed FRVAX with an annualized return of 7.49%, while FRVAX has yielded a comparatively lower 1.29% annualized return.

FKINX

• 1D: -0.39%
• 1M: -0.34%
• YTD: 4.34%
• 6M: 4.34%
• 1Y: 12.46%
• 3Y*: 10.00%
• 5Y*: 6.33%
• 10Y*: 7.49%

FRVAX

• 1D: 0.00%
• 1M: 1.80%
• YTD: 2.11%
• 6M: 2.49%
• 1Y: 6.93%
• 3Y*: 3.82%
• 5Y*: 0.40%
• 10Y*: 1.29%

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

FKINX vs. FRVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKINX Franklin Income Fund Class A1	4.34%	12.24%	7.12%	8.65%	-5.29%	17.21%	3.57%	15.75%	-5.54%	8.43%
FRVAX Franklin Virginia Tax Free Income Fund	2.11%	3.20%	2.81%	5.81%	-11.33%	0.81%	3.91%	6.28%	1.29%	1.24%

Correlation

The correlation between FKINX and FRVAX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Aug 31, 1987	0.05

The correlation between FKINX and FRVAX shifts across timeframes, from 0.05 (all time) to 0.34 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FKINX vs. FRVAX — Risk / Return Rank

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

FKINX

FKINX Risk / Return Rank: 82
FKINX Sharpe Ratio Rank: 77
FKINX Sortino Ratio Rank: 80
FKINX Omega Ratio Rank: 81
FKINX Calmar Ratio Rank: 85
FKINX Martin Ratio Rank: 87

FRVAX

FRVAX Risk / Return Rank: 74
FRVAX Sharpe Ratio Rank: 82
FRVAX Sortino Ratio Rank: 87
FRVAX Omega Ratio Rank: 90
FRVAX Calmar Ratio Rank: 62
FRVAX Martin Ratio Rank: 50

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.

FKINX vs. FRVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Fund Class A1 (FKINX) and Franklin Virginia Tax Free Income Fund (FRVAX). 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.

	FKINX	FRVAX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.47	-0.13
Sortino ratio: Return per unit of downside risk	3.47	3.87	-0.39
Omega ratio: Gain probability vs. loss probability	1.49	1.60	-0.12
Calmar ratio: Return relative to maximum drawdown	3.79	2.88	+0.91
Martin ratio: Return relative to average drawdown	15.24	9.62	+5.63

FKINX vs. FRVAX - Sharpe Ratio Comparison

The current FKINX Sharpe Ratio is 2.34, which is comparable to the FRVAX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FKINX and FRVAX, 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

FKINX vs. FRVAX - Drawdown Comparison

The maximum FKINX drawdown since its inception was -43.18%, which is greater than FRVAX's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for FKINX and FRVAX.

Drawdown Indicators

	FKINX	FRVAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.18%	-16.45%	-26.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-2.50%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-7.42%	-6.52%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-13.20%	-16.45%	+3.25%
Max Drawdown (10Y) Largest decline over 10 years	-23.91%	-16.45%	-7.46%
Current Drawdown Current decline from peak	-1.17%	0.00%	-1.17%
Average Drawdown Average peak-to-trough decline	-3.71%	-1.98%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.74%	+0.11%

Volatility

FKINX vs. FRVAX - Volatility Comparison

Franklin Income Fund Class A1 (FKINX) has a higher volatility of 1.70% compared to Franklin Virginia Tax Free Income Fund (FRVAX) at 0.77%. This indicates that FKINX's price experiences larger fluctuations and is considered to be riskier than FRVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKINX	FRVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	0.77%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	2.11%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	2.91%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	4.40%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.26%	3.89%	+5.37%

FKINX vs. FRVAX - Expense Ratio Comparison

FKINX has a 0.62% expense ratio, which is lower than FRVAX's 0.71% expense ratio.

Dividends

FKINX vs. FRVAX - Dividend Comparison

FKINX's dividend yield for the trailing twelve months is around 5.57%, more than FRVAX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKINX Franklin Income Fund Class A1	5.57%	5.58%	5.59%	5.52%	5.22%	6.52%	5.22%	5.11%	5.34%	5.04%	5.19%	5.71%
FRVAX Franklin Virginia Tax Free Income Fund	3.07%	4.01%	3.38%	2.44%	2.38%	1.87%	2.21%	3.34%	3.19%	3.05%	3.63%	3.68%

Frequently Asked Questions

Can I hold both FKINX and FRVAX in my portfolio?

FKINX and FRVAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKINX or FRVAX?

FKINX has higher volatility (1.70%) compared to FRVAX (0.77%). In terms of maximum drawdown, FKINX dropped -43.18% vs FRVAX's -16.45%.

Which has better risk-adjusted returns?

FRVAX currently has the higher Sharpe Ratio (2.47 vs 2.34), 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.