FMINX vs. BATVX

Last updated Jun 4, 2026

FMINX (Franklin Minnesota Tax-Free Income Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, FMINX returned 0.66%/yr vs 1.51%/yr for BATVX. At a 0.18 correlation, their price movements are largely independent. FMINX charges 0.69%/yr vs 0.00%/yr for BATVX.

Performance

FMINX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Minnesota Tax-Free Income Fund (FMINX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMINX achieves a 1.52% return, which is significantly higher than BATVX's 0.97% return.

FMINX

• 1D: 0.18%
• 1M: 0.72%
• YTD: 1.52%
• 6M: 2.08%
• 1Y: 8.28%
• 3Y*: 4.30%
• 5Y*: 0.66%
• 10Y*: 1.77%

BATVX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.97%
• 6M: 1.22%
• 1Y: 2.58%
• 3Y*: 2.47%
• 5Y*: 1.51%
• 10Y*: —

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

FMINX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMINX Franklin Minnesota Tax-Free Income Fund	1.52%	5.51%	1.98%	5.37%	-10.66%	0.75%
BATVX BlackRock Allocation Target Shares	0.97%	2.80%	2.48%	1.41%	-0.10%	0.00%

Correlation

The correlation between FMINX and BATVX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.18

The correlation between FMINX and BATVX shifts across timeframes, from 0.18 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FMINX vs. BATVX — Risk / Return Rank

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

FMINX

FMINX Risk / Return Rank: 68
FMINX Sharpe Ratio Rank: 81
FMINX Sortino Ratio Rank: 85
FMINX Omega Ratio Rank: 89
FMINX Calmar Ratio Rank: 42
FMINX 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.

FMINX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Minnesota Tax-Free Income Fund (FMINX) and BlackRock Allocation Target Shares (BATVX). 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.

	FMINX	BATVX	Difference
Sharpe ratio Return per unit of total volatility	2.66	3.57	-0.91
Sortino ratio Return per unit of downside risk	4.07	—	—
Omega ratio Gain probability vs. loss probability	1.66	—	—
Calmar ratio Return relative to maximum drawdown	2.44	—	—
Martin ratio Return relative to average drawdown	9.08	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMINX vs. BATVX - Sharpe Ratio Comparison

The current FMINX Sharpe Ratio is 2.66, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FMINX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMINX	BATVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	3.57	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	2.39	-2.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	2.38	-1.25

Drawdowns

FMINX vs. BATVX - Drawdown Comparison

The maximum FMINX drawdown since its inception was -18.49%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for FMINX and BATVX.

Drawdown Indicators

	FMINX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-0.20%	-18.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	0.00%	-3.41%
Max Drawdown (3Y) Largest decline over 3 years	-7.48%	-0.10%	-7.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-0.20%	-16.26%
Max Drawdown (10Y) Largest decline over 10 years	-16.46%	—	—
Current Drawdown Current decline from peak	-0.41%	0.00%	-0.41%
Average Drawdown Average peak-to-trough decline	-2.19%	-0.03%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.00%	+0.91%

Volatility

FMINX vs. BATVX - Volatility Comparison

Franklin Minnesota Tax-Free Income Fund (FMINX) has a higher volatility of 1.30% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that FMINX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMINX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.20%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	0.49%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	0.73%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	0.64%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	0.63%	+3.76%

FMINX vs. BATVX - Expense Ratio Comparison

FMINX has a 0.69% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

FMINX vs. BATVX - Dividend Comparison

FMINX's dividend yield for the trailing twelve months is around 3.19%, more than BATVX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BATVX BlackRock Allocation Target Shares	2.55%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMINX Franklin Minnesota Tax-Free Income Fund	3.19%	4.20%	3.65%	2.57%	2.53%	1.94%	2.13%	3.10%	2.95%	2.63%	3.10%	3.17%

Frequently Asked Questions

Can I hold both FMINX and BATVX in my portfolio?

FMINX and BATVX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMINX or BATVX?

FMINX has higher volatility (1.30%) compared to BATVX (0.20%). In terms of maximum drawdown, FMINX dropped -18.49% vs BATVX's -0.20%.

Which has better risk-adjusted returns?

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.66), 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.