FRVAX vs. SHAPX

Last updated Jun 5, 2026

FRVAX (Franklin Virginia Tax Free Income Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - FRVAX is a Municipal Bonds fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, FRVAX returned 1.40%/yr vs 13.17%/yr for SHAPX. At a correlation of -0.03, they often move in opposite directions. FRVAX charges 0.71%/yr vs 0.93%/yr for SHAPX.

Performance

FRVAX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Virginia Tax Free Income Fund (FRVAX) and ClearBridge Appreciation Fund (SHAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRVAX achieves a 1.91% return, which is significantly lower than SHAPX's 5.26% return. Over the past 10 years, FRVAX has underperformed SHAPX with an annualized return of 1.40%, while SHAPX has yielded a comparatively higher 13.17% annualized return.

FRVAX

• 1D: -0.10%
• 1M: 0.77%
• YTD: 1.91%
• 6M: 2.29%
• 1Y: 7.05%
• 3Y*: 3.96%
• 5Y*: 0.36%
• 10Y*: 1.40%

SHAPX

• 1D: -0.73%
• 1M: 1.27%
• YTD: 5.26%
• 6M: 4.83%
• 1Y: 16.57%
• 3Y*: 17.35%
• 5Y*: 11.12%
• 10Y*: 13.17%

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

FRVAX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRVAX Franklin Virginia Tax Free Income Fund	1.91%	3.20%	2.81%	5.81%	-11.33%	0.81%	3.91%	6.28%	1.29%	1.24%
SHAPX ClearBridge Appreciation Fund	5.26%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between FRVAX and SHAPX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 3, 1990	-0.03

The correlation between FRVAX and SHAPX shifts across timeframes, from -0.03 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FRVAX vs. SHAPX — Risk / Return Rank

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

FRVAX

FRVAX Risk / Return Rank: 72
FRVAX Sharpe Ratio Rank: 77
FRVAX Sortino Ratio Rank: 83
FRVAX Omega Ratio Rank: 87
FRVAX Calmar Ratio Rank: 63
FRVAX Martin Ratio Rank: 49

SHAPX

SHAPX Risk / Return Rank: 32
SHAPX Sharpe Ratio Rank: 31
SHAPX Sortino Ratio Rank: 31
SHAPX Omega Ratio Rank: 31
SHAPX Calmar Ratio Rank: 27
SHAPX Martin Ratio Rank: 41

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.

FRVAX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Virginia Tax Free Income Fund (FRVAX) and ClearBridge Appreciation Fund (SHAPX). 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.

	FRVAX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.60	+0.91
Sortino ratio: Return per unit of downside risk	3.95	2.32	+1.63
Omega ratio: Gain probability vs. loss probability	1.61	1.29	+0.32
Calmar ratio: Return relative to maximum drawdown	2.97	1.92	+1.05
Martin ratio: Return relative to average drawdown	9.92	8.78	+1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRVAX vs. SHAPX - Sharpe Ratio Comparison

The current FRVAX Sharpe Ratio is 2.51, which is higher than the SHAPX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of FRVAX and SHAPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRVAX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.60	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.75	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.79	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.79	+0.31

Drawdowns

FRVAX vs. SHAPX - Drawdown Comparison

The maximum FRVAX drawdown since its inception was -16.45%, smaller than the maximum SHAPX drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for FRVAX and SHAPX.

Drawdown Indicators

	FRVAX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-46.19%	+29.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.50%	-8.74%	+6.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.52%	-16.15%	+9.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-20.53%	+4.08%
Max Drawdown (10Y) Largest decline over 10 years	-16.45%	-32.21%	+15.76%
Current Drawdown Current decline from peak	-0.10%	-1.21%	+1.11%
Average Drawdown Average peak-to-trough decline	-1.98%	-4.78%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.91%	-1.16%

Volatility

FRVAX vs. SHAPX - Volatility Comparison

The current volatility for Franklin Virginia Tax Free Income Fund (FRVAX) is 1.22%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 2.47%. This indicates that FRVAX experiences smaller price fluctuations and is considered to be less risky than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRVAX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	2.47%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	7.91%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	10.48%	-7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	14.86%	-10.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	16.73%	-12.84%

FRVAX vs. SHAPX - Expense Ratio Comparison

FRVAX has a 0.71% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

FRVAX vs. SHAPX - Dividend Comparison

FRVAX's dividend yield for the trailing twelve months is around 3.07%, less than SHAPX's 13.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRVAX Franklin Virginia Tax Free Income Fund	3.07%	4.01%	3.38%	2.44%	2.38%	1.87%	2.21%	3.34%	3.19%	3.05%	3.63%	3.68%
SHAPX ClearBridge Appreciation Fund	13.37%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both FRVAX and SHAPX in my portfolio?

FRVAX and SHAPX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRVAX or SHAPX?

SHAPX has higher volatility (2.47%) compared to FRVAX (1.22%). In terms of maximum drawdown, FRVAX dropped -16.45% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

FRVAX currently has the higher Sharpe Ratio (2.51 vs 1.60), 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.