FRIAX vs. SHORX

Last updated Jun 23, 2026

FRIAX (Franklin Income Fund Advisor Class) and SHORX (Western Asset Oregon Municipals Fund) are both mutual funds - FRIAX is a Diversified Portfolio fund managed by Franklin Templeton, while SHORX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, FRIAX returned 7.50%/yr vs 1.55%/yr for SHORX. At a 0.00 correlation, their price movements are largely independent. FRIAX charges 0.46%/yr vs 1.30%/yr for SHORX.

Performance

FRIAX vs. SHORX - Performance Comparison

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

Returns By Period

In the year-to-date period, FRIAX achieves a 4.88% return, which is significantly higher than SHORX's 1.70% return. Over the past 10 years, FRIAX has outperformed SHORX with an annualized return of 7.50%, while SHORX has yielded a comparatively lower 1.55% annualized return.

FRIAX

• 1D: 0.00%
• 1M: -0.33%
• YTD: 4.88%
• 6M: 4.88%
• 1Y: 13.20%
• 3Y*: 9.73%
• 5Y*: 6.65%
• 10Y*: 7.50%

SHORX

• 1D: 0.10%
• 1M: 1.57%
• YTD: 1.70%
• 6M: 1.94%
• 1Y: 6.77%
• 3Y*: 3.45%
• 5Y*: 0.54%
• 10Y*: 1.55%

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

FRIAX vs. SHORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIAX Franklin Income Fund Advisor Class	4.88%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%
SHORX Western Asset Oregon Municipals Fund	1.70%	4.73%	1.52%	4.03%	-9.24%	1.50%	4.37%	6.67%	0.28%	4.10%

Correlation

The correlation between FRIAX and SHORX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.22
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	0.00

The correlation between FRIAX and SHORX shifts across timeframes, from 0.00 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FRIAX vs. SHORX — Risk / Return Rank

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

FRIAX

FRIAX Risk / Return Rank: 89
FRIAX Sharpe Ratio Rank: 86
FRIAX Sortino Ratio Rank: 89
FRIAX Omega Ratio Rank: 88
FRIAX Calmar Ratio Rank: 90
FRIAX Martin Ratio Rank: 90

SHORX

SHORX Risk / Return Rank: 74
SHORX Sharpe Ratio Rank: 87
SHORX Sortino Ratio Rank: 88
SHORX Omega Ratio Rank: 93
SHORX Calmar Ratio Rank: 53
SHORX Martin Ratio Rank: 48

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. SHORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Fund Advisor Class (FRIAX) and Western Asset Oregon Municipals Fund (SHORX). 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	SHORX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.63	-0.02
Sortino ratio: Return per unit of downside risk	4.00	3.96	+0.04
Omega ratio: Gain probability vs. loss probability	1.58	1.69	-0.11
Calmar ratio: Return relative to maximum drawdown	4.32	2.68	+1.64
Martin ratio: Return relative to average drawdown	16.41	9.51	+6.91

FRIAX vs. SHORX - Sharpe Ratio Comparison

The current FRIAX Sharpe Ratio is 2.61, which is comparable to the SHORX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FRIAX and SHORX, 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. SHORX - Drawdown Comparison

The maximum FRIAX drawdown since its inception was -43.23%, which is greater than SHORX's maximum drawdown of -13.44%. Use the drawdown chart below to compare losses from any high point for FRIAX and SHORX.

Drawdown Indicators

	FRIAX	SHORX	Difference
Max Drawdown Largest peak-to-trough decline	-43.23%	-13.44%	-29.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.54%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-7.35%	-5.38%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-13.63%	-13.43%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-24.10%	-13.43%	-10.67%
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-3.92%	-1.85%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.71%	+0.10%

Volatility

FRIAX vs. SHORX - Volatility Comparison

Franklin Income Fund Advisor Class (FRIAX) has a higher volatility of 1.32% compared to Western Asset Oregon Municipals Fund (SHORX) at 0.61%. This indicates that FRIAX's price experiences larger fluctuations and is considered to be riskier than SHORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIAX	SHORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.61%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	3.80%	1.82%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	5.08%	2.58%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	3.66%	+4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	3.97%	+5.31%

FRIAX vs. SHORX - Expense Ratio Comparison

FRIAX has a 0.46% expense ratio, which is lower than SHORX's 1.30% expense ratio.

Dividends

FRIAX vs. SHORX - Dividend Comparison

FRIAX's dividend yield for the trailing twelve months is around 5.73%, more than SHORX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIAX Franklin Income Fund Advisor Class	5.73%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%
SHORX Western Asset Oregon Municipals Fund	2.34%	3.11%	2.45%	2.03%	1.77%	1.58%	1.96%	2.70%	3.33%	3.21%	3.42%	3.59%

Frequently Asked Questions

Can I hold both FRIAX and SHORX in my portfolio?

FRIAX and SHORX have a correlation of 0.18, 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 SHORX?

FRIAX has higher volatility (1.32%) compared to SHORX (0.61%). In terms of maximum drawdown, FRIAX dropped -43.23% vs SHORX's -13.44%.

Which has better risk-adjusted returns?

SHORX currently has the higher Sharpe Ratio (2.63 vs 2.61), 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.