FKTIX vs. PYPY

Last updated Apr 1, 2026

Compare and contrast key facts about Franklin Federal Tax Free Income Fund (FKTIX) and Yieldmax PYPL Option Income Strategy ETF (PYPY).

FKTIX is managed by Franklin Templeton. It was launched on Oct 6, 1983. PYPY is an actively managed fund by YieldMax. It was launched on Sep 25, 2023.

Performance

FKTIX vs. PYPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Federal Tax Free Income Fund (FKTIX) and Yieldmax PYPL Option Income Strategy ETF (PYPY). The values are adjusted to include any dividend payments, if applicable.

FKTIX vs. PYPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FKTIX Franklin Federal Tax Free Income Fund	-0.78%	4.84%	3.44%	7.46%
PYPY Yieldmax PYPL Option Income Strategy ETF	-21.00%	-30.17%	43.88%	6.09%

Returns By Period

In the year-to-date period, FKTIX achieves a -0.78% return, which is significantly higher than PYPY's -21.00% return.

FKTIX

• 1D: 0.19%
• 1M: -2.92%
• YTD: -0.78%
• 6M: 1.02%
• 1Y: 3.81%
• 3Y*: 3.70%
• 5Y*: 0.86%
• 10Y*: 2.00%

PYPY

• 1D: 0.78%
• 1M: -1.12%
• YTD: -21.00%
• 6M: -31.66%
• 1Y: -31.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FKTIX vs. PYPY - Expense Ratio Comparison

FKTIX has a 0.64% expense ratio, which is lower than PYPY's 1.01% expense ratio.

PYPY

Yieldmax PYPL Option Income Strategy ETF

FKTIX

Franklin Federal Tax Free Income Fund

Return for Risk

FKTIX vs. PYPY — Risk / Return Rank

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

FKTIX

FKTIX Risk / Return Rank: 37
FKTIX Sharpe Ratio Rank: 37
FKTIX Sortino Ratio Rank: 31
FKTIX Omega Ratio Rank: 57
FKTIX Calmar Ratio Rank: 32
FKTIX Martin Ratio Rank: 26

PYPY

PYPY Risk / Return Rank: 1
PYPY Sharpe Ratio Rank: 1
PYPY Sortino Ratio Rank: 2
PYPY Omega Ratio Rank: 1
PYPY Calmar Ratio Rank: 2
PYPY Martin Ratio Rank: 1

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.

FKTIX vs. PYPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Federal Tax Free Income Fund (FKTIX) and Yieldmax PYPL Option Income Strategy ETF (PYPY). 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.

	FKTIX	PYPY	Difference
Sharpe ratio Return per unit of total volatility	0.79	-0.87	+1.66
Sortino ratio Return per unit of downside risk	1.09	-1.03	+2.12
Omega ratio Gain probability vs. loss probability	1.22	0.84	+0.38
Calmar ratio Return relative to maximum drawdown	0.89	-0.67	+1.56
Martin ratio Return relative to average drawdown	2.79	-1.49	+4.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKTIX vs. PYPY - Sharpe Ratio Comparison

The current FKTIX Sharpe Ratio is 0.79, which is higher than the PYPY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of FKTIX and PYPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FKTIX	PYPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	-0.87	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	-0.21	+1.33

Correlation

The correlation between FKTIX and PYPY is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FKTIX vs. PYPY - Dividend Comparison

FKTIX's dividend yield for the trailing twelve months is around 3.81%, less than PYPY's 76.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKTIX Franklin Federal Tax Free Income Fund	3.81%	4.92%	3.94%	3.15%	3.23%	2.64%	2.88%	3.81%	3.77%	3.80%	3.86%	3.78%
PYPY Yieldmax PYPL Option Income Strategy ETF	76.78%	64.68%	48.65%	5.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FKTIX vs. PYPY - Drawdown Comparison

The maximum FKTIX drawdown since its inception was -18.53%, smaller than the maximum PYPY drawdown of -53.64%. Use the drawdown chart below to compare losses from any high point for FKTIX and PYPY.

Drawdown Indicators

	FKTIX	PYPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-53.64%	+35.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.65%	-47.14%	+41.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.09%	—	—
Current Drawdown Current decline from peak	-2.92%	-47.67%	+44.75%
Average Drawdown Average peak-to-trough decline	-2.35%	-14.10%	+11.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	21.26%	-19.46%

Volatility

FKTIX vs. PYPY - Volatility Comparison

The current volatility for Franklin Federal Tax Free Income Fund (FKTIX) is 1.22%, while Yieldmax PYPL Option Income Strategy ETF (PYPY) has a volatility of 8.62%. This indicates that FKTIX experiences smaller price fluctuations and is considered to be less risky than PYPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKTIX	PYPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	8.62%	-7.40%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	30.24%	-28.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.92%	35.97%	-30.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	31.49%	-26.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	31.49%	-27.24%