FKTIX vs. ECHMX
FKTIX (Franklin Federal Tax Free Income Fund) and ECHMX (Eaton Vance National Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, FKTIX returned 2.12%/yr vs 1.57%/yr for ECHMX. A 0.73 correlation means they provide meaningful diversification when combined. FKTIX charges 0.64%/yr vs 1.39%/yr for ECHMX.
Performance
FKTIX vs. ECHMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FKTIX achieves a 2.19% return, which is significantly higher than ECHMX's 1.91% return. Over the past 10 years, FKTIX has outperformed ECHMX with an annualized return of 2.12%, while ECHMX has yielded a comparatively lower 1.57% annualized return.
FKTIX
- 1D
- 0.00%
- 1M
- 1.93%
- YTD
- 2.19%
- 6M
- 2.73%
- 1Y
- 8.01%
- 3Y*
- 4.73%
- 5Y*
- 1.01%
- 10Y*
- 2.12%
ECHMX
- 1D
- 0.00%
- 1M
- 1.80%
- YTD
- 1.91%
- 6M
- 2.29%
- 1Y
- 6.93%
- 3Y*
- 3.10%
- 5Y*
- 0.12%
- 10Y*
- 1.57%
FKTIX vs. ECHMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FKTIX Franklin Federal Tax Free Income Fund | 2.19% | 4.84% | 3.44% | 6.72% | -11.67% | 2.51% | 5.64% | 7.41% | 0.61% | 3.61% |
ECHMX Eaton Vance National Municipal Income Fund | 1.91% | 2.64% | 1.45% | 6.36% | -10.60% | 0.70% | 5.01% | 7.51% | 1.02% | 3.90% |
Correlation
The correlation between FKTIX and ECHMX 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 | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 1993 | 0.73 |
The correlation between FKTIX and ECHMX shifts across timeframes, from 0.73 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FKTIX vs. ECHMX — Risk / Return Rank
FKTIX
ECHMX
FKTIX vs. ECHMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Federal Tax Free Income Fund (FKTIX) and Eaton Vance National Municipal Income Fund (ECHMX). 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.
| FKTIX | ECHMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.55 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.38 | +0.21 |
| Martin ratioReturn relative to average drawdown | 9.10 | 7.75 | +1.35 |
Loading charts...
Drawdowns
FKTIX vs. ECHMX - Drawdown Comparison
The maximum FKTIX drawdown since its inception was -18.53%, smaller than the maximum ECHMX drawdown of -40.96%. Use the drawdown chart below to compare losses from any high point for FKTIX and ECHMX.
Loading charts...
Drawdown Indicators
| FKTIX | ECHMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.53% | -40.96% | +22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.92% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.99% | -7.41% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -17.09% | -16.32% | -0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -16.32% | -0.77% |
Current DrawdownCurrent decline from peak | -0.01% | -0.23% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -3.93% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.90% | -0.02% |
Volatility
FKTIX vs. ECHMX - Volatility Comparison
Franklin Federal Tax Free Income Fund (FKTIX) and Eaton Vance National Municipal Income Fund (ECHMX) have volatilities of 0.84% and 0.80%, 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.
Loading charts...
Volatility by Period
| FKTIX | ECHMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.80% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 2.29% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 3.09% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 4.60% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 4.35% | -0.07% |
FKTIX vs. ECHMX - Expense Ratio Comparison
FKTIX has a 0.64% expense ratio, which is lower than ECHMX's 1.39% expense ratio.
Dividends
FKTIX vs. ECHMX - Dividend Comparison
FKTIX's dividend yield for the trailing twelve months is around 3.79%, more than ECHMX's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECHMX Eaton Vance National Municipal Income Fund | 2.98% | 3.76% | 3.29% | 2.41% | 2.27% | 1.38% | 1.92% | 2.76% | 2.86% | 2.90% | 3.07% | 3.14% |
FKTIX Franklin Federal Tax Free Income Fund | 3.79% | 4.92% | 3.94% | 3.15% | 3.23% | 2.64% | 2.88% | 3.81% | 3.77% | 3.80% | 3.86% | 3.78% |
Frequently Asked Questions
FKTIX and ECHMX 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.
FKTIX has higher volatility (0.84%) compared to ECHMX (0.80%). In terms of maximum drawdown, FKTIX dropped -18.53% vs ECHMX's -40.96%.
FKTIX currently has the higher Sharpe Ratio (2.52 vs 2.25), 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.
Find the right allocation for FKTIX and ECHMX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer