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FXNCX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXNCX vs. BATVX

Last updated Jun 23, 2026

FXNCX (Franklin North Carolina Tax-Free Income Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, FXNCX returned 0.68%/yr vs 1.51%/yr for BATVX. At a 0.18 correlation, their price movements are largely independent. FXNCX charges 0.69%/yr vs 0.00%/yr for BATVX.

Performance

FXNCX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin North Carolina Tax-Free Income Fund (FXNCX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXNCX achieves a 2.08% return, which is significantly higher than BATVX's 0.97% return.

FXNCX

1D
0.09%
1M
1.81%
YTD
2.08%
6M
2.55%
1Y
7.71%
3Y*
4.06%
5Y*
0.68%
10Y*
1.62%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXNCX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FXNCX
Franklin North Carolina Tax-Free Income Fund		2.08%4.53%2.47%5.80%-10.83%0.85%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between FXNCX and BATVX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.18

The correlation between FXNCX and BATVX shifts across timeframes, from 0.18 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

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Franklin North Carolina Tax-Free Income Fund

BlackRock Allocation Target Shares

Often compared with FXNCX:
FXNCX vs. EMOFXNCX vs. FKINXFXNCX vs. FRDPXFXNCX vs. LSMSXFXNCX vs. NMTRXFXNCX vs. USMTXFXNCX vs. ATOIX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. PTEAXBATVX vs. NMTRX

Return for Risk

FXNCX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXNCX
FXNCX Risk / Return Rank: 7373
Overall Rank
FXNCX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FXNCX Sortino Ratio Rank: 9090
Sortino Ratio Rank
FXNCX Omega Ratio Rank: 9090
Omega Ratio Rank
FXNCX Calmar Ratio Rank: 5050
Calmar Ratio Rank
FXNCX Martin Ratio Rank: 4848
Martin Ratio Rank
BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FXNCX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin North Carolina Tax-Free Income Fund (FXNCX) and BlackRock Allocation Target Shares (BATVX). 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.

FXNCXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.61
3.57

-0.96

Sortino ratioReturn per unit of downside risk
4.10

—

—

Omega ratioGain probability vs. loss probability

1.62

—

—

Calmar ratioReturn relative to maximum drawdown

2.58

—

—

Martin ratioReturn relative to average drawdown

9.36

—

—

FXNCX vs. BATVX - Sharpe Ratio Comparison

The current FXNCX Sharpe Ratio is 2.61, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FXNCX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FXNCX vs. BATVX - Drawdown Comparison

The maximum FXNCX drawdown since its inception was -16.12%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for FXNCX and BATVX.

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Drawdown Indicators

FXNCXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-16.12%

-0.20%

-15.92%

Max Drawdown (1Y)

Largest decline over 1 year

-3.00%

0.00%

-3.00%

Max Drawdown (3Y)

Largest decline over 3 years

-7.04%

-0.10%

-6.94%

Max Drawdown (5Y)

Largest decline over 5 years

-16.12%

-0.20%

-15.92%

Max Drawdown (10Y)

Largest decline over 10 years

-16.12%

—

—

Current Drawdown

Current decline from peak

-0.04%

0.00%

-0.04%

Average Drawdown

Average peak-to-trough decline

-1.97%

-0.03%

-1.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.83%

0.00%

+0.83%

Volatility

FXNCX vs. BATVX - Volatility Comparison

Franklin North Carolina Tax-Free Income Fund (FXNCX) has a higher volatility of 0.78% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that FXNCX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXNCXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.78%

0.20%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

2.23%

0.49%

+1.74%

Volatility (1Y)

Calculated over the trailing 1-year period

2.97%

0.73%

+2.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.49%

0.64%

+3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.00%

0.63%

+3.37%

FXNCX vs. BATVX - Expense Ratio Comparison

FXNCX has a 0.69% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

FXNCX vs. BATVX - Dividend Comparison

FXNCX's dividend yield for the trailing twelve months is around 3.03%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FXNCX
Franklin North Carolina Tax-Free Income Fund		3.03%3.88%3.31%2.40%2.37%2.03%2.40%3.23%3.12%3.02%3.53%3.27%

Frequently Asked Questions

FXNCX and BATVX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FXNCX has higher volatility (0.78%) compared to BATVX (0.20%). In terms of maximum drawdown, FXNCX dropped -16.12% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.61), 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.

Portfolio Optimizer

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