FRNRX vs. ^SP500TR

Last updated Jun 24, 2026

FRNRX (Franklin Natural Resources Fund) is Energy Equities fund managed by Franklin Templeton, while ^SP500TR (S&P 500 Total Return) is an index. Over the past 10 years, FRNRX returned 10.68%/yr vs 15.64%/yr for ^SP500TR. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

FRNRX vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Natural Resources Fund (FRNRX) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNRX achieves a 18.70% return, which is significantly higher than ^SP500TR's 8.22% return. Over the past 10 years, FRNRX has underperformed ^SP500TR with an annualized return of 10.68%, while ^SP500TR has yielded a comparatively higher 15.64% annualized return.

FRNRX

• 1D: 0.60%
• 1M: -4.56%
• YTD: 18.70%
• 6M: 17.79%
• 1Y: 44.28%
• 3Y*: 19.72%
• 5Y*: 23.09%
• 10Y*: 10.68%

^SP500TR

• 1D: -1.44%
• 1M: -1.34%
• YTD: 8.22%
• 6M: 7.24%
• 1Y: 23.73%
• 3Y*: 20.82%
• 5Y*: 13.16%
• 10Y*: 15.64%

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

FRNRX vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRNRX Franklin Natural Resources Fund	18.70%	30.43%	1.28%	3.25%	30.52%	74.38%	-21.58%	10.03%	-23.78%	0.32%
^SP500TR S&P 500 Total Return	8.22%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%

Correlation

The correlation between FRNRX and ^SP500TR is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 5, 1995	0.59

Over the past year, the correlation between FRNRX and ^SP500TR has dropped to 0.36 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

FRNRX vs. ^SP500TR — Risk / Return Rank

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

FRNRX

FRNRX Risk / Return Rank: 84
FRNRX Sharpe Ratio Rank: 85
FRNRX Sortino Ratio Rank: 73
FRNRX Omega Ratio Rank: 73
FRNRX Calmar Ratio Rank: 97
FRNRX Martin Ratio Rank: 96

^SP500TR

^SP500TR Risk / Return Rank: 68
^SP500TR Sharpe Ratio Rank: 63
^SP500TR Sortino Ratio Rank: 64
^SP500TR Omega Ratio Rank: 67
^SP500TR Calmar Ratio Rank: 66
^SP500TR Martin Ratio Rank: 77

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.

FRNRX vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Natural Resources Fund (FRNRX) and S&P 500 Total Return (^SP500TR). 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.

	FRNRX	^SP500TR	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.90	+0.64
Sortino ratio: Return per unit of downside risk	3.23	2.59	+0.64
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	6.65	2.68	+3.97
Martin ratio: Return relative to average drawdown	21.07	12.05	+9.03

FRNRX vs. ^SP500TR - Sharpe Ratio Comparison

The current FRNRX Sharpe Ratio is 2.55, which is higher than the ^SP500TR Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FRNRX and ^SP500TR, 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

FRNRX vs. ^SP500TR - Drawdown Comparison

The maximum FRNRX drawdown since its inception was -80.54%, which is greater than ^SP500TR's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for FRNRX and ^SP500TR.

Drawdown Indicators

	FRNRX	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-80.54%	-55.25%	-25.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.53%	-8.89%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-18.75%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-26.29%	-24.49%	-1.80%
Max Drawdown (10Y) Largest decline over 10 years	-70.71%	-33.79%	-36.92%
Current Drawdown Current decline from peak	-5.82%	-3.13%	-2.69%
Average Drawdown Average peak-to-trough decline	-23.79%	-8.16%	-15.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.97%	+0.09%

Volatility

FRNRX vs. ^SP500TR - Volatility Comparison

Franklin Natural Resources Fund (FRNRX) has a higher volatility of 5.71% compared to S&P 500 Total Return (^SP500TR) at 4.90%. This indicates that FRNRX's price experiences larger fluctuations and is considered to be riskier than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNRX	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	4.90%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	9.93%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.09%	12.57%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.55%	17.00%	+8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.56%	18.08%	+10.48%

Frequently Asked Questions

Can I hold both FRNRX and ^SP500TR in my portfolio?

FRNRX and ^SP500TR have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRNRX or ^SP500TR?

FRNRX has higher volatility (5.71%) compared to ^SP500TR (4.90%). In terms of maximum drawdown, FRNRX dropped -80.54% vs ^SP500TR's -55.25%.

Which has better risk-adjusted returns?

FRNRX currently has the higher Sharpe Ratio (2.55 vs 1.90), 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.