FRIAX vs. FRORX

Last updated Jul 17, 2026

FRIAX (Franklin Income Fund Advisor Class) and FRORX (Franklin Oregon Tax Free Income Fund) are both mutual funds - FRIAX is a Diversified Portfolio fund managed by Franklin Templeton, while FRORX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, FRIAX returned 7.20%/yr vs 1.68%/yr for FRORX. At a correlation of -0.03, they often move in opposite directions. FRIAX charges 0.46%/yr vs 0.66%/yr for FRORX.

Performance

FRIAX vs. FRORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Fund Advisor Class (FRIAX) and Franklin Oregon Tax Free Income Fund (FRORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIAX achieves a 5.36% return, which is significantly higher than FRORX's 2.10% return. Over the past 10 years, FRIAX has outperformed FRORX with an annualized return of 7.20%, while FRORX has yielded a comparatively lower 1.68% annualized return.

FRIAX

• 1D: 0.40%
• 1M: -0.33%
• 6M: 3.20%
• YTD: 5.36%
• 1Y: 11.77%
• 3Y*: 9.72%
• 5Y*: 6.58%
• 10Y*: 7.20%

FRORX

• 1D: -0.10%
• 1M: 0.30%
• 6M: 1.81%
• YTD: 2.10%
• 1Y: 8.39%
• 3Y*: 4.13%
• 5Y*: 0.56%
• 10Y*: 1.68%

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

FRIAX vs. FRORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIAX Franklin Income Fund Advisor Class	5.36%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%
FRORX Franklin Oregon Tax Free Income Fund	2.10%	4.61%	2.66%	5.24%	-10.60%	1.36%	5.00%	6.74%	0.73%	3.45%

Correlation

The correlation between FRIAX and FRORX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Dec 31, 1996	-0.03

The correlation between FRIAX and FRORX shifts across timeframes, from -0.03 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FRIAX vs. FRORX — Risk / Return Rank

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

FRIAX

FRIAX Risk / Return Rank: 90
FRIAX Sharpe Ratio Rank: 88
FRIAX Sortino Ratio Rank: 89
FRIAX Omega Ratio Rank: 89
FRIAX Calmar Ratio Rank: 92
FRIAX Martin Ratio Rank: 92

FRORX

FRORX Risk / Return Rank: 86
FRORX Sharpe Ratio Rank: 93
FRORX Sortino Ratio Rank: 94
FRORX Omega Ratio Rank: 95
FRORX Calmar Ratio Rank: 74
FRORX Martin Ratio Rank: 73

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.

FRIAX vs. FRORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Fund Advisor Class (FRIAX) and Franklin Oregon Tax Free Income Fund (FRORX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FRIAX	FRORX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.68	-0.32
Sortino ratio: Return per unit of downside risk	3.60	4.37	-0.77
Omega ratio: Gain probability vs. loss probability	1.52	1.68	-0.16
Calmar ratio: Return relative to maximum drawdown	3.86	2.82	+1.04
Martin ratio: Return relative to average drawdown	14.42	11.00	+3.42

FRIAX vs. FRORX - Sharpe Ratio Comparison

The current FRIAX Sharpe Ratio is 2.36, which is comparable to the FRORX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FRIAX and FRORX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRIAX vs. FRORX - Drawdown Comparison

The maximum FRIAX drawdown since its inception was -43.23%, which is greater than FRORX's maximum drawdown of -15.27%. Use the drawdown chart below to compare losses from any high point for FRIAX and FRORX.

Drawdown Indicators

	FRIAX	FRORX	Difference
Max Drawdown Largest peak-to-trough decline	-43.23%	-15.27%	-27.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.84%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-7.35%	-6.44%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-13.63%	-15.27%	+1.64%
Max Drawdown (10Y) Largest decline over 10 years	-24.10%	-15.27%	-8.83%
Current Drawdown Current decline from peak	-0.40%	-0.57%	+0.17%
Average Drawdown Average peak-to-trough decline	-3.91%	-1.94%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.74%	+0.08%

Volatility

FRIAX vs. FRORX - Volatility Comparison

Franklin Income Fund Advisor Class (FRIAX) has a higher volatility of 1.46% compared to Franklin Oregon Tax Free Income Fund (FRORX) at 0.62%. This indicates that FRIAX's price experiences larger fluctuations and is considered to be riskier than FRORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIAX	FRORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	0.62%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.76%	2.23%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	3.00%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.93%	4.28%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	4.06%	+5.14%

FRIAX vs. FRORX - Expense Ratio Comparison

FRIAX has a 0.46% expense ratio, which is lower than FRORX's 0.66% expense ratio.

Dividends

FRIAX vs. FRORX - Dividend Comparison

FRIAX's dividend yield for the trailing twelve months is around 5.75%, more than FRORX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIAX Franklin Income Fund Advisor Class	5.75%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%
FRORX Franklin Oregon Tax Free Income Fund	3.53%	4.52%	3.77%	2.75%	2.66%	2.10%	2.39%	3.35%	3.17%	3.05%	3.20%	3.66%

Frequently Asked Questions

Can I hold both FRIAX and FRORX in my portfolio?

FRIAX and FRORX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRIAX or FRORX?

FRIAX has higher volatility (1.46%) compared to FRORX (0.62%). In terms of maximum drawdown, FRIAX dropped -43.23% vs FRORX's -15.27%.

Which has better risk-adjusted returns?

FRORX currently has the higher Sharpe Ratio (2.68 vs 2.36), 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.