FRNRX vs. HAP
FRNRX (Franklin Natural Resources Fund) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds. Over the past 10 years, FRNRX returned 10.79%/yr vs 11.44%/yr for HAP. Their correlation of 0.89 means they have usually moved in the same direction. FRNRX charges 0.96%/yr vs 0.42%/yr for HAP.
Performance
FRNRX vs. HAP - Performance Comparison
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Returns By Period
In the year-to-date period, FRNRX achieves a 19.30% return, which is significantly higher than HAP's 18.12% return. Over the past 10 years, FRNRX has underperformed HAP with an annualized return of 10.79%, while HAP has yielded a comparatively higher 11.44% annualized return.
FRNRX
- 1D
- 1.73%
- 1M
- 3.32%
- 6M
- 6.24%
- YTD
- 19.30%
- 1Y
- 44.40%
- 3Y*
- 15.13%
- 5Y*
- 24.96%
- 10Y*
- 10.79%
- ALL TIME*
- 7.79%
HAP
- 1D
- -1.03%
- 1M
- 2.81%
- 6M
- 5.60%
- YTD
- 18.12%
- 1Y
- 39.17%
- 3Y*
- 14.98%
- 5Y*
- 12.25%
- 10Y*
- 11.44%
- ALL TIME*
- 5.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.89M | $2.98M | $2.39M |
FRNRX vs. HAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRNRX Franklin Natural Resources Fund | 19.30% | 30.43% | 1.28% | 3.25% | 30.52% | 74.38% | -21.58% | 10.03% | -23.78% | 0.32% |
HAP VanEck Natural Resources ETF | 18.12% | 34.91% | -4.08% | 2.46% | 7.84% | 25.04% | 6.30% | 18.60% | -10.68% | 17.12% |
Correlation
The correlation between FRNRX and HAP is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2008 | 0.89 |
The correlation between FRNRX and HAP has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
FRNRX vs. HAP — Risk / Return Rank
FRNRX
HAP
FRNRX vs. HAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Natural Resources Fund (FRNRX) and VanEck Natural Resources ETF (HAP). 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 | HAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.44 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.43 | 4.28 | +0.16 |
| Martin ratioReturn relative to average drawdown | 13.58 | 12.10 | +1.48 |
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Drawdowns
FRNRX vs. HAP - Drawdown Comparison
The maximum FRNRX drawdown since its inception was -80.54%, which is greater than HAP's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for FRNRX and HAP.
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Drawdown Indicators
| FRNRX | HAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.54% | -50.99% | -29.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -9.09% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -16.92% | -2.73% |
Max Drawdown (5Y)Largest decline over 5 years | -26.29% | -25.66% | -0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -70.71% | -44.07% | -26.64% |
Current DrawdownCurrent decline from peak | -5.34% | -4.67% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -23.74% | -12.03% | -11.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.21% | -0.07% |
Volatility
FRNRX vs. HAP - Volatility Comparison
Franklin Natural Resources Fund (FRNRX) has a higher volatility of 4.34% compared to VanEck Natural Resources ETF (HAP) at 4.08%. This indicates that FRNRX's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRNRX | HAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 4.08% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 12.98% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.25% | 15.67% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.38% | 18.21% | +7.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.46% | 19.67% | +8.79% |
FRNRX vs. HAP - Expense Ratio Comparison
FRNRX has a 0.96% expense ratio, which is higher than HAP's 0.42% expense ratio.
Dividends
FRNRX vs. HAP - Dividend Comparison
FRNRX's dividend yield for the trailing twelve months is around 1.42%, less than HAP's 1.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRNRX Franklin Natural Resources Fund | 1.42% | 1.70% | 2.40% | 1.98% | 2.38% | 22.66% | 2.39% | 1.64% | 2.43% | 1.16% | 1.02% | 0.86% |
HAP VanEck Natural Resources ETF | 1.92% | 2.27% | 2.65% | 3.27% | 3.28% | 2.16% | 2.45% | 2.80% | 2.85% | 2.02% | 1.99% | 3.00% |
Frequently Asked Questions
With a correlation of 0.91, FRNRX and HAP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FRNRX has higher volatility (4.34%) compared to HAP (4.08%). In terms of maximum drawdown, FRNRX dropped -80.54% vs HAP's -50.99%.
FRNRX currently has the higher Sharpe Ratio (2.49 vs 2.48), 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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