HIMFX vs. FRHIX

Last updated Jun 24, 2026

HIMFX (American High-Income Municipal Bond Fund Class F-3) and FRHIX (Franklin High Yield Tax Free Income Fund) are both High Yield Muni funds. Over the past 5 years, HIMFX returned 1.74%/yr vs 1.44%/yr for FRHIX. Their correlation of 0.89 suggests significant overlap in exposure. HIMFX charges 0.31%/yr vs 0.65%/yr for FRHIX.

Performance

HIMFX vs. FRHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Franklin High Yield Tax Free Income Fund (FRHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMFX achieves a 2.51% return, which is significantly lower than FRHIX's 2.93% return.

HIMFX

• 1D: -0.06%
• 1M: 1.80%
• YTD: 2.51%
• 6M: 3.09%
• 1Y: 8.18%
• 3Y*: 5.82%
• 5Y*: 1.74%
• 10Y*: —

FRHIX

• 1D: -0.11%
• 1M: 1.98%
• YTD: 2.93%
• 6M: 3.59%
• 1Y: 8.66%
• 3Y*: 6.05%
• 5Y*: 1.44%
• 10Y*: 2.60%

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

HIMFX vs. FRHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIMFX American High-Income Municipal Bond Fund Class F-3	2.51%	4.69%	6.23%	7.89%	-12.36%	5.60%	4.74%	8.92%	1.91%	8.22%
FRHIX Franklin High Yield Tax Free Income Fund	2.93%	5.33%	7.28%	6.01%	-13.96%	4.89%	5.87%	8.35%	1.96%	3.20%

Correlation

The correlation between HIMFX and FRHIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.89

The correlation between HIMFX and FRHIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

HIMFX vs. FRHIX — Risk / Return Rank

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

HIMFX

HIMFX Risk / Return Rank: 80
HIMFX Sharpe Ratio Rank: 90
HIMFX Sortino Ratio Rank: 94
HIMFX Omega Ratio Rank: 93
HIMFX Calmar Ratio Rank: 68
HIMFX Martin Ratio Rank: 58

FRHIX

FRHIX Risk / Return Rank: 75
FRHIX Sharpe Ratio Rank: 85
FRHIX Sortino Ratio Rank: 91
FRHIX Omega Ratio Rank: 90
FRHIX Calmar Ratio Rank: 56
FRHIX Martin Ratio Rank: 52

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.

HIMFX vs. FRHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Franklin High Yield Tax Free Income Fund (FRHIX). 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.

	HIMFX	FRHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	2.56	+0.18
Sortino ratio: Return per unit of downside risk	4.50	4.15	+0.35
Omega ratio: Gain probability vs. loss probability	1.67	1.61	+0.06
Calmar ratio: Return relative to maximum drawdown	3.03	2.75	+0.28
Martin ratio: Return relative to average drawdown	10.88	10.02	+0.86

HIMFX vs. FRHIX - Sharpe Ratio Comparison

The current HIMFX Sharpe Ratio is 2.74, which is comparable to the FRHIX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of HIMFX and FRHIX, 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

HIMFX vs. FRHIX - Drawdown Comparison

The maximum HIMFX drawdown since its inception was -17.57%, smaller than the maximum FRHIX drawdown of -21.54%. Use the drawdown chart below to compare losses from any high point for HIMFX and FRHIX.

Drawdown Indicators

	HIMFX	FRHIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.57%	-21.54%	+3.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-3.21%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-7.36%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.57%	-19.01%	+1.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.01%	—
Current Drawdown Current decline from peak	-0.06%	-0.11%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.15%	-2.26%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.88%	-0.11%

Volatility

HIMFX vs. FRHIX - Volatility Comparison

The current volatility for American High-Income Municipal Bond Fund Class F-3 (HIMFX) is 0.78%, while Franklin High Yield Tax Free Income Fund (FRHIX) has a volatility of 0.94%. This indicates that HIMFX experiences smaller price fluctuations and is considered to be less risky than FRHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMFX	FRHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.94%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	2.52%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	3.45%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	5.15%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	4.67%	-0.08%

HIMFX vs. FRHIX - Expense Ratio Comparison

HIMFX has a 0.31% expense ratio, which is lower than FRHIX's 0.65% expense ratio.

Dividends

HIMFX vs. FRHIX - Dividend Comparison

HIMFX's dividend yield for the trailing twelve months is around 4.22%, less than FRHIX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHIX Franklin High Yield Tax Free Income Fund	4.58%	5.79%	5.32%	4.16%	4.27%	3.61%	3.83%	4.99%	4.46%	4.06%	4.42%	4.27%
HIMFX American High-Income Municipal Bond Fund Class F-3	4.22%	4.32%	3.83%	3.71%	2.80%	3.54%	3.73%	3.49%	3.99%	3.61%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIMFX and FRHIX in my portfolio?

With a correlation of 0.90, HIMFX and FRHIX 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.

Which is riskier, HIMFX or FRHIX?

FRHIX has higher volatility (0.94%) compared to HIMFX (0.78%). In terms of maximum drawdown, HIMFX dropped -17.57% vs FRHIX's -21.54%.

Which has better risk-adjusted returns?

HIMFX currently has the higher Sharpe Ratio (2.74 vs 2.56), 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.