FRORX vs. FXIEX
FRORX (Franklin Oregon Tax Free Income Fund) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, FRORX returned 1.68%/yr vs 2.77%/yr for FXIEX. A 0.70 correlation means they provide meaningful diversification when combined. FRORX charges 0.66%/yr vs 0.07%/yr for FXIEX.
Performance
FRORX vs. FXIEX - Performance Comparison
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Returns By Period
In the year-to-date period, FRORX achieves a 1.99% return, which is significantly higher than FXIEX's 1.81% return. Over the past 10 years, FRORX has underperformed FXIEX with an annualized return of 1.68%, while FXIEX has yielded a comparatively higher 2.77% annualized return.
FRORX
- 1D
- 0.00%
- 1M
- 1.96%
- YTD
- 1.99%
- 6M
- 2.40%
- 1Y
- 7.51%
- 3Y*
- 4.12%
- 5Y*
- 0.75%
- 10Y*
- 1.68%
FXIEX
- 1D
- -0.10%
- 1M
- 1.74%
- YTD
- 1.81%
- 6M
- 2.34%
- 1Y
- 6.34%
- 3Y*
- 4.97%
- 5Y*
- 1.63%
- 10Y*
- 2.77%
FRORX vs. FXIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRORX Franklin Oregon Tax Free Income Fund | 1.99% | 4.61% | 2.66% | 5.24% | -10.60% | 1.36% | 5.00% | 6.74% | 0.73% | 3.45% |
FXIEX PIMCO Fixed Income SHares: Series TE | 1.81% | 3.37% | 5.16% | 8.92% | -10.89% | 2.19% | 7.22% | 8.45% | 1.00% | 7.71% |
Correlation
The correlation between FRORX and FXIEX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012 | 0.70 |
The correlation between FRORX and FXIEX shifts across timeframes, from 0.70 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FRORX vs. FXIEX — Risk / Return Rank
FRORX
FXIEX
FRORX vs. FXIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Oregon Tax Free Income Fund (FRORX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.
| FRORX | FXIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.57 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 3.32 | -0.59 |
| Martin ratioReturn relative to average drawdown | 9.50 | 11.01 | -1.51 |
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Drawdowns
FRORX vs. FXIEX - Drawdown Comparison
The maximum FRORX drawdown since its inception was -15.27%, roughly equal to the maximum FXIEX drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for FRORX and FXIEX.
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Drawdown Indicators
| FRORX | FXIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.27% | -15.25% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -2.42% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -6.44% | -5.56% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.27% | -15.25% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -15.27% | -15.25% | -0.02% |
Current DrawdownCurrent decline from peak | 0.00% | -0.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -2.89% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.65% | -0.84% |
Volatility
FRORX vs. FXIEX - Volatility Comparison
Franklin Oregon Tax Free Income Fund (FRORX) and PIMCO Fixed Income SHares: Series TE (FXIEX) have volatilities of 0.83% and 0.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRORX | FXIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.84% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 2.17% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 3.47% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 4.37% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 4.10% | -0.04% |
FRORX vs. FXIEX - Expense Ratio Comparison
FRORX has a 0.66% expense ratio, which is higher than FXIEX's 0.07% expense ratio.
Dividends
FRORX vs. FXIEX - Dividend Comparison
FRORX's dividend yield for the trailing twelve months is around 3.50%, more than FXIEX's 2.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRORX Franklin Oregon Tax Free Income Fund | 3.50% | 4.52% | 3.77% | 2.75% | 2.66% | 2.10% | 2.39% | 3.35% | 3.17% | 3.05% | 3.20% | 3.66% |
FXIEX PIMCO Fixed Income SHares: Series TE | 2.79% | 2.75% | 4.53% | 3.98% | 3.25% | 2.63% | 3.37% | 3.63% | 3.79% | 2.67% | 0.00% | 0.00% |
Frequently Asked Questions
FRORX and FXIEX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXIEX has higher volatility (0.84%) compared to FRORX (0.83%). In terms of maximum drawdown, FRORX dropped -15.27% vs FXIEX's -15.25%.
FRORX currently has the higher Sharpe Ratio (2.57 vs 2.32), 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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