FTTMX vs. TFEQX

Last updated Aug 4, 2026

FTTMX (Franklin Michigan Tax-Free Income Fund) and TFEQX (Templeton Institutional Fund International Equity Series) are both mutual funds - FTTMX is a Municipal Bonds fund managed by Franklin Templeton, while TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton. Over the past 10 years, FTTMX returned 1.64%/yr vs 8.98%/yr for TFEQX. Their -0.05 correlation means they have often moved in opposite directions in the past. FTTMX charges 0.68%/yr vs 0.83%/yr for TFEQX.

Performance

FTTMX vs. TFEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Michigan Tax-Free Income Fund (FTTMX) and Templeton Institutional Fund International Equity Series (TFEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTTMX achieves a 0.65% return, which is significantly lower than TFEQX's 13.92% return. Over the past 10 years, FTTMX has underperformed TFEQX with an annualized return of 1.64%, while TFEQX has yielded a comparatively higher 8.98% annualized return.

FTTMX

• 1D: -0.10%
• 1M: -1.99%
• 6M: 0.27%
• YTD: 0.65%
• 1Y: 5.61%
• 3Y*: 3.59%
• 5Y*: 0.24%
• 10Y*: 1.64%
• ALL TIME*: 4.07%

TFEQX

• 1D: 0.00%
• 1M: -0.65%
• 6M: 6.29%
• YTD: 13.92%
• 1Y: 26.67%
• 3Y*: 20.29%
• 5Y*: 12.36%
• 10Y*: 8.98%
• ALL TIME*: 7.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTTMX Franklin Michigan Tax-Free Income Fund	$0.00	$0.00	$0.00
TFEQX Templeton Institutional Fund International Equity Series	$0.00	$0.00	$0.00

FTTMX vs. TFEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTTMX Franklin Michigan Tax-Free Income Fund	0.65%	4.37%	2.68%	5.59%	-10.64%	1.08%	5.20%	7.75%	0.85%	3.03%
TFEQX Templeton Institutional Fund International Equity Series	13.92%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%

Correlation

The correlation between FTTMX and TFEQX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	0.00
Correlation (All Time) Calculated using the full available price history since Jan 2, 1991	-0.05

The correlation between FTTMX and TFEQX shifts across timeframes, from -0.05 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FTTMX vs. TFEQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTTMX

FTTMX Risk / Return Rank: 76
FTTMX Sharpe Ratio Rank: 84
FTTMX Sortino Ratio Rank: 86
FTTMX Omega Ratio Rank: 91
FTTMX Calmar Ratio Rank: 66
FTTMX Martin Ratio Rank: 55

TFEQX

TFEQX Risk / Return Rank: 60
TFEQX Sharpe Ratio Rank: 58
TFEQX Sortino Ratio Rank: 61
TFEQX Omega Ratio Rank: 61
TFEQX Calmar Ratio Rank: 63
TFEQX Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTTMX vs. TFEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Michigan Tax-Free Income Fund (FTTMX) and Templeton Institutional Fund International Equity Series (TFEQX). 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.

	FTTMX	TFEQX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.56	+0.50
Sortino ratio: Return per unit of downside risk	3.11	2.29	+0.82
Omega ratio: Gain probability vs. loss probability	1.48	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	2.33	2.26	+0.07
Martin ratio: Return relative to average drawdown	7.98	8.07	-0.10

FTTMX vs. TFEQX - Sharpe Ratio Comparison

The current FTTMX Sharpe Ratio is 2.06, which is higher than the TFEQX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FTTMX and TFEQX, 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

FTTMX vs. TFEQX - Drawdown Comparison

The maximum FTTMX drawdown since its inception was -18.79%, smaller than the maximum TFEQX drawdown of -57.70%. Use the drawdown chart below to compare losses from any high point for FTTMX and TFEQX.

Drawdown Indicators

	FTTMX	TFEQX	Difference
Max Drawdown Largest peak-to-trough decline	-18.79%	-57.70%	+38.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-11.56%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-5.29%	-16.94%	+11.65%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-29.20%	+13.55%
Max Drawdown (10Y) Largest decline over 10 years	-15.65%	-42.65%	+27.00%
Current Drawdown Current decline from peak	-1.99%	-3.01%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.21%	-10.47%	+8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	3.23%	-2.49%

Volatility

FTTMX vs. TFEQX - Volatility Comparison

The current volatility for Franklin Michigan Tax-Free Income Fund (FTTMX) is 0.88%, while Templeton Institutional Fund International Equity Series (TFEQX) has a volatility of 4.11%. This indicates that FTTMX experiences smaller price fluctuations and is considered to be less risky than TFEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTTMX	TFEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	4.11%	-3.23%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	14.40%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	16.84%	-13.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	18.84%	-14.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	17.37%	-13.42%

FTTMX vs. TFEQX - Expense Ratio Comparison

FTTMX has a 0.68% expense ratio, which is lower than TFEQX's 0.83% expense ratio.

Dividends

FTTMX vs. TFEQX - Dividend Comparison

FTTMX's dividend yield for the trailing twelve months is around 3.13%, less than TFEQX's 37.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTTMX Franklin Michigan Tax-Free Income Fund	3.13%	4.31%	3.69%	2.78%	2.84%	2.34%	2.50%	3.24%	3.13%	2.97%	3.59%	3.23%
TFEQX Templeton Institutional Fund International Equity Series	37.61%	42.84%	16.75%	14.08%	6.20%	34.04%	6.78%	6.65%	22.18%	1.60%	3.46%	2.46%

Frequently Asked Questions

Can I hold both FTTMX and TFEQX in my portfolio?

FTTMX and TFEQX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTTMX or TFEQX?

TFEQX has higher volatility (4.11%) compared to FTTMX (0.88%). In terms of maximum drawdown, FTTMX dropped -18.79% vs TFEQX's -57.70%.

Which has better risk-adjusted returns?

FTTMX currently has the higher Sharpe Ratio (2.06 vs 1.56), 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.