FRNJX vs. MUC
FRNJX (Franklin New Jersey Tax Free Income Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, FRNJX returned 1.92%/yr vs 0.90%/yr for MUC. At a 0.27 correlation, their price movements are largely independent. FRNJX charges 0.68%/yr vs 2.14%/yr for MUC.
Performance
FRNJX vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, FRNJX achieves a 2.60% return, which is significantly lower than MUC's 7.01% return. Over the past 10 years, FRNJX has outperformed MUC with an annualized return of 1.92%, while MUC has yielded a comparatively lower 0.90% annualized return.
FRNJX
- 1D
- 0.27%
- 1M
- 0.95%
- 6M
- 2.60%
- YTD
- 2.60%
- 1Y
- 7.53%
- 3Y*
- 4.37%
- 5Y*
- 0.98%
- 10Y*
- 1.92%
MUC
- 1D
- 0.18%
- 1M
- 2.74%
- 6M
- 7.01%
- YTD
- 7.01%
- 1Y
- 12.85%
- 3Y*
- 6.17%
- 5Y*
- -2.38%
- 10Y*
- 0.90%
FRNJX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRNJX Franklin New Jersey Tax Free Income Fund | 2.60% | 4.25% | 3.00% | 6.24% | -10.70% | 2.42% | 4.03% | 7.02% | 1.54% | 2.31% |
MUC BlackRock MuniHoldings California Quality Fund | 7.01% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between FRNJX and MUC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.27 |
The correlation between FRNJX and MUC shifts across timeframes, from 0.27 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FRNJX vs. MUC — Risk / Return Rank
FRNJX
MUC
FRNJX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin New Jersey Tax Free Income Fund (FRNJX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| FRNJX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.30 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 1.98 | +0.85 |
| Martin ratioReturn relative to average drawdown | 10.47 | 8.02 | +2.45 |
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Drawdowns
FRNJX vs. MUC - Drawdown Comparison
The maximum FRNJX drawdown since its inception was -15.53%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for FRNJX and MUC.
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Drawdown Indicators
| FRNJX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.53% | -48.97% | +33.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -6.53% | +3.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.19% | -14.51% | +8.32% |
Max Drawdown (5Y)Largest decline over 5 years | -15.53% | -38.29% | +22.76% |
Max Drawdown (10Y)Largest decline over 10 years | -15.53% | -38.29% | +22.76% |
Current DrawdownCurrent decline from peak | 0.00% | -14.13% | +14.13% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -9.92% | +8.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 1.61% | -0.89% |
Volatility
FRNJX vs. MUC - Volatility Comparison
The current volatility for Franklin New Jersey Tax Free Income Fund (FRNJX) is 0.46%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 2.02%. This indicates that FRNJX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRNJX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 2.02% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 6.30% | -4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 8.19% | -5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 11.51% | -7.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 11.90% | -7.91% |
FRNJX vs. MUC - Expense Ratio Comparison
FRNJX has a 0.68% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
FRNJX vs. MUC - Dividend Comparison
FRNJX's dividend yield for the trailing twelve months is around 3.19%, less than MUC's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRNJX Franklin New Jersey Tax Free Income Fund | 3.19% | 4.18% | 3.63% | 2.76% | 2.83% | 2.48% | 2.60% | 3.47% | 3.59% | 3.44% | 3.95% | 3.88% |
MUC BlackRock MuniHoldings California Quality Fund | 5.83% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Frequently Asked Questions
FRNJX and MUC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (2.02%) compared to FRNJX (0.46%). In terms of maximum drawdown, FRNJX dropped -15.53% vs MUC's -48.97%.
FRNJX currently has the higher Sharpe Ratio (2.65 vs 1.58), 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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