FRBSX vs. SHAPX

Last updated Jun 4, 2026

FRBSX (Franklin Mutual U.S. Mid Cap Value Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - FRBSX is a Mid Cap Value Equities fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, FRBSX returned 8.55%/yr vs 13.25%/yr for SHAPX. A 0.77 correlation means they provide meaningful diversification when combined. FRBSX charges 0.91%/yr vs 0.93%/yr for SHAPX.

Performance

FRBSX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Mutual U.S. Mid Cap Value Fund (FRBSX) and ClearBridge Appreciation Fund (SHAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRBSX achieves a 7.34% return, which is significantly higher than SHAPX's 6.04% return. Over the past 10 years, FRBSX has underperformed SHAPX with an annualized return of 8.55%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

FRBSX

• 1D: 1.31%
• 1M: 1.96%
• YTD: 7.34%
• 6M: 8.08%
• 1Y: 13.40%
• 3Y*: 11.76%
• 5Y*: 5.35%
• 10Y*: 8.55%

SHAPX

• 1D: -0.05%
• 1M: 2.33%
• YTD: 6.04%
• 6M: 5.66%
• 1Y: 17.56%
• 3Y*: 17.64%
• 5Y*: 11.44%
• 10Y*: 13.25%

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

FRBSX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRBSX Franklin Mutual U.S. Mid Cap Value Fund	7.34%	6.57%	10.78%	9.00%	-6.81%	26.62%	-2.40%	24.53%	-12.64%	12.50%
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between FRBSX and SHAPX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 2, 1990	0.77

The correlation between FRBSX and SHAPX shifts across timeframes, from 0.61 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FRBSX vs. SHAPX — Risk / Return Rank

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

FRBSX

FRBSX Risk / Return Rank: 16
FRBSX Sharpe Ratio Rank: 16
FRBSX Sortino Ratio Rank: 17
FRBSX Omega Ratio Rank: 15
FRBSX Calmar Ratio Rank: 17
FRBSX Martin Ratio Rank: 15

SHAPX

SHAPX Risk / Return Rank: 37
SHAPX Sharpe Ratio Rank: 36
SHAPX Sortino Ratio Rank: 36
SHAPX Omega Ratio Rank: 36
SHAPX Calmar Ratio Rank: 31
SHAPX Martin Ratio Rank: 45

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.

FRBSX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Mutual U.S. Mid Cap Value Fund (FRBSX) and ClearBridge Appreciation Fund (SHAPX). 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.

	FRBSX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.73	-0.60
Sortino ratio: Return per unit of downside risk	1.74	2.50	-0.76
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.47	2.07	-0.60
Martin ratio: Return relative to average drawdown	4.23	9.48	-5.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRBSX vs. SHAPX - Sharpe Ratio Comparison

The current FRBSX Sharpe Ratio is 1.13, which is lower than the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FRBSX and SHAPX, 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

	FRBSX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.73	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.77	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.79	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.79	-0.16

Drawdowns

FRBSX vs. SHAPX - Drawdown Comparison

The maximum FRBSX drawdown since its inception was -63.47%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for FRBSX and SHAPX.

Drawdown Indicators

	FRBSX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-63.47%	-46.19%	-17.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-8.74%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-16.15%	-1.14%
Max Drawdown (5Y) Largest decline over 5 years	-21.76%	-20.53%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.69%	-32.21%	-11.48%
Current Drawdown Current decline from peak	-1.43%	-0.49%	-0.94%
Average Drawdown Average peak-to-trough decline	-8.14%	-4.78%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	1.91%	+1.61%

Volatility

FRBSX vs. SHAPX - Volatility Comparison

Franklin Mutual U.S. Mid Cap Value Fund (FRBSX) has a higher volatility of 4.10% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that FRBSX's price experiences larger fluctuations and is considered to be riskier than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRBSX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	2.46%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	7.90%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	10.46%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	14.86%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	16.73%	+2.59%

FRBSX vs. SHAPX - Expense Ratio Comparison

FRBSX has a 0.91% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

FRBSX vs. SHAPX - Dividend Comparison

FRBSX's dividend yield for the trailing twelve months is around 4.29%, less than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRBSX Franklin Mutual U.S. Mid Cap Value Fund	4.29%	4.60%	8.44%	2.32%	4.39%	13.02%	3.71%	7.88%	16.87%	8.07%	6.60%	17.29%
SHAPX ClearBridge Appreciation Fund	13.27%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both FRBSX and SHAPX in my portfolio?

FRBSX and SHAPX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRBSX or SHAPX?

FRBSX has higher volatility (4.10%) compared to SHAPX (2.46%). In terms of maximum drawdown, FRBSX dropped -63.47% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 1.13), 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.