FRAAX vs. FKDNX

Last updated Jun 5, 2026

FRAAX (Franklin Growth Opportunities Fund) and FKDNX (Franklin DynaTech Fund) are both Large Cap Growth Equities funds from Franklin Templeton. Over the past 10 years, FRAAX returned 14.89%/yr vs 18.24%/yr for FKDNX. Their correlation of 0.95 suggests significant overlap in exposure. FRAAX charges 0.65%/yr vs 0.79%/yr for FKDNX.

Performance

FRAAX vs. FKDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Growth Opportunities Fund (FRAAX) and Franklin DynaTech Fund (FKDNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRAAX achieves a 10.86% return, which is significantly lower than FKDNX's 12.20% return. Over the past 10 years, FRAAX has underperformed FKDNX with an annualized return of 14.89%, while FKDNX has yielded a comparatively higher 18.24% annualized return.

FRAAX

• 1D: -0.50%
• 1M: 6.39%
• YTD: 10.86%
• 6M: 10.17%
• 1Y: 17.78%
• 3Y*: 20.78%
• 5Y*: 7.13%
• 10Y*: 14.89%

FKDNX

• 1D: -1.14%
• 1M: 5.66%
• YTD: 12.20%
• 6M: 10.54%
• 1Y: 28.27%
• 3Y*: 25.36%
• 5Y*: 10.69%
• 10Y*: 18.24%

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

FRAAX vs. FKDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRAAX Franklin Growth Opportunities Fund	10.86%	8.35%	26.35%	39.92%	-36.97%	9.71%	45.79%	46.13%	-1.10%	29.12%
FKDNX Franklin DynaTech Fund	12.20%	18.59%	30.57%	44.42%	-40.30%	12.53%	57.68%	36.36%	2.85%	39.29%

Correlation

The correlation between FRAAX and FKDNX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 24, 1999	0.95

The correlation between FRAAX and FKDNX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FRAAX vs. FKDNX — Risk / Return Rank

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

FRAAX

FRAAX Risk / Return Rank: 16
FRAAX Sharpe Ratio Rank: 18
FRAAX Sortino Ratio Rank: 17
FRAAX Omega Ratio Rank: 17
FRAAX Calmar Ratio Rank: 13
FRAAX Martin Ratio Rank: 15

FKDNX

FKDNX Risk / Return Rank: 20
FKDNX Sharpe Ratio Rank: 25
FKDNX Sortino Ratio Rank: 21
FKDNX Omega Ratio Rank: 23
FKDNX Calmar Ratio Rank: 17
FKDNX Martin Ratio Rank: 16

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.

FRAAX vs. FKDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Growth Opportunities Fund (FRAAX) and Franklin DynaTech Fund (FKDNX). 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.

	FRAAX	FKDNX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.44	-0.26
Sortino ratio: Return per unit of downside risk	1.68	1.95	-0.27
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.19	1.43	-0.25
Martin ratio: Return relative to average drawdown	3.96	4.46	-0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRAAX vs. FKDNX - Sharpe Ratio Comparison

The current FRAAX Sharpe Ratio is 1.18, which is comparable to the FKDNX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FRAAX and FKDNX, 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

	FRAAX	FKDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.44	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.41	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.74	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.67	-0.25

Drawdowns

FRAAX vs. FKDNX - Drawdown Comparison

The maximum FRAAX drawdown since its inception was -78.63%, which is greater than FKDNX's maximum drawdown of -51.63%. Use the drawdown chart below to compare losses from any high point for FRAAX and FKDNX.

Drawdown Indicators

	FRAAX	FKDNX	Difference
Max Drawdown Largest peak-to-trough decline	-78.63%	-51.63%	-27.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.75%	-20.49%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-25.26%	-26.23%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-47.54%	-48.28%	+0.74%
Max Drawdown (10Y) Largest decline over 10 years	-47.54%	-48.28%	+0.74%
Current Drawdown Current decline from peak	-0.50%	-1.14%	+0.64%
Average Drawdown Average peak-to-trough decline	-29.10%	-11.25%	-17.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	6.57%	-1.86%

Volatility

FRAAX vs. FKDNX - Volatility Comparison

The current volatility for Franklin Growth Opportunities Fund (FRAAX) is 3.89%, while Franklin DynaTech Fund (FKDNX) has a volatility of 4.99%. This indicates that FRAAX experiences smaller price fluctuations and is considered to be less risky than FKDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRAAX	FKDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.99%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	15.86%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	20.41%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.20%	26.20%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	24.61%	-2.11%

FRAAX vs. FKDNX - Expense Ratio Comparison

FRAAX has a 0.65% expense ratio, which is lower than FKDNX's 0.79% expense ratio.

Dividends

FRAAX vs. FKDNX - Dividend Comparison

FRAAX's dividend yield for the trailing twelve months is around 14.90%, more than FKDNX's 9.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKDNX Franklin DynaTech Fund	9.95%	11.17%	0.00%	0.00%	0.00%	1.43%	0.00%	0.74%	2.92%	1.77%	3.55%	2.46%
FRAAX Franklin Growth Opportunities Fund	14.90%	16.52%	9.57%	11.80%	4.31%	0.48%	5.29%	16.03%	12.10%	8.13%	1.97%	1.93%

Frequently Asked Questions

Can I hold both FRAAX and FKDNX in my portfolio?

With a correlation of 0.97, FRAAX and FKDNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FRAAX or FKDNX?

FKDNX has higher volatility (4.99%) compared to FRAAX (3.89%). In terms of maximum drawdown, FRAAX dropped -78.63% vs FKDNX's -51.63%.

Which has better risk-adjusted returns?

FKDNX currently has the higher Sharpe Ratio (1.44 vs 1.18), 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.