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FNJZX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNJZX vs. BATVX

Last updated Jun 4, 2026

FNJZX (Franklin NJ Tax Free Income Adv) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, FNJZX returned 0.96%/yr vs 1.51%/yr for BATVX. At a 0.19 correlation, their price movements are largely independent. FNJZX charges 0.58%/yr vs 0.00%/yr for BATVX.

Performance

FNJZX vs. BATVX - Performance Comparison

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

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Returns By Period

In the year-to-date period, FNJZX achieves a 1.87% return, which is significantly higher than BATVX's 0.97% return.

FNJZX

1D
0.10%
1M
0.67%
YTD
1.87%
6M
2.17%
1Y
8.18%
3Y*
4.32%
5Y*
0.96%
10Y*
2.07%

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)

FNJZX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FNJZX
Franklin NJ Tax Free Income Adv		1.87%4.38%3.11%6.07%-10.60%1.27%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between FNJZX 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

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.19

The correlation between FNJZX and BATVX shifts across timeframes, from 0.19 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

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Franklin NJ Tax Free Income Adv

BlackRock Allocation Target Shares

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Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. FOHFXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

FNJZX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNJZX
FNJZX Risk / Return Rank: 7777
Overall Rank
FNJZX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FNJZX Sortino Ratio Rank: 9090
Sortino Ratio Rank
FNJZX Omega Ratio Rank: 9292
Omega Ratio Rank
FNJZX Calmar Ratio Rank: 6262
Calmar Ratio Rank
FNJZX Martin Ratio Rank: 5656
Martin Ratio Rank
BATVX
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.

FNJZX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin NJ Tax Free Income Adv (FNJZX) 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.

FNJZXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.83
3.57

-0.74

Sortino ratioReturn per unit of downside risk
4.50

—

—

Omega ratioGain probability vs. loss probability

1.71

—

—

Calmar ratioReturn relative to maximum drawdown

3.03

—

—

Martin ratioReturn relative to average drawdown

11.32

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNJZX vs. BATVX - Sharpe Ratio Comparison

The current FNJZX Sharpe Ratio is 2.83, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FNJZX 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.

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Sharpe Ratios by Period

FNJZXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.83

3.57

-0.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

2.39

-2.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

2.38

-1.68

Drawdowns

FNJZX vs. BATVX - Drawdown Comparison

The maximum FNJZX drawdown since its inception was -15.42%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for FNJZX and BATVX.

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Drawdown Indicators

FNJZXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-15.42%

-0.20%

-15.22%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

0.00%

-2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-6.17%

-0.10%

-6.07%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-0.20%

-15.22%

Max Drawdown (10Y)

Largest decline over 10 years

-15.42%

—

—

Current Drawdown

Current decline from peak

-0.01%

0.00%

-0.01%

Average Drawdown

Average peak-to-trough decline

-2.76%

-0.03%

-2.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.71%

0.00%

+0.71%

Volatility

FNJZX vs. BATVX - Volatility Comparison

Franklin NJ Tax Free Income Adv (FNJZX) has a higher volatility of 1.14% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that FNJZX'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.

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Volatility by Period

FNJZXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

0.20%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

2.10%

0.49%

+1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

2.89%

0.73%

+2.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.15%

0.64%

+3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.00%

0.63%

+3.37%

FNJZX vs. BATVX - Expense Ratio Comparison

FNJZX has a 0.58% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

FNJZX vs. BATVX - Dividend Comparison

FNJZX's dividend yield for the trailing twelve months is around 3.28%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FNJZX
Franklin NJ Tax Free Income Adv		3.28%4.31%3.74%2.60%2.93%2.52%2.69%3.58%3.68%3.53%4.04%3.98%

Frequently Asked Questions

FNJZX 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.

FNJZX has higher volatility (1.14%) compared to BATVX (0.20%). In terms of maximum drawdown, FNJZX dropped -15.42% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.83), 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.

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