HIO vs. FKUTX
HIO (Western Asset High Income Opportunity Fund Inc) and FKUTX (Franklin Utilities Fund) are both mutual funds - HIO is a High Yield Bonds fund managed by Franklin Templeton, while FKUTX is a Utilities Equities fund managed by Franklin Templeton. Over the past 10 years, HIO returned 5.44%/yr vs 9.21%/yr for FKUTX. Their 0.21 correlation means their historical movements had little consistent relationship. HIO charges 0.01%/yr vs 0.72%/yr for FKUTX.
Performance
HIO vs. FKUTX - Performance Comparison
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Returns By Period
In the year-to-date period, HIO achieves a 1.83% return, which is significantly lower than FKUTX's 7.52% return. Over the past 10 years, HIO has underperformed FKUTX with an annualized return of 5.44%, while FKUTX has yielded a comparatively higher 9.21% annualized return.
HIO
- 1D
- 0.57%
- 1M
- -2.58%
- 6M
- -0.73%
- YTD
- 1.83%
- 1Y
- 0.16%
- 3Y*
- 8.36%
- 5Y*
- 2.20%
- 10Y*
- 5.44%
- ALL TIME*
- 6.14%
FKUTX
- 1D
- -0.31%
- 1M
- -2.82%
- 6M
- 4.71%
- YTD
- 7.52%
- 1Y
- 9.61%
- 3Y*
- 14.72%
- 5Y*
- 10.77%
- 10Y*
- 9.21%
- ALL TIME*
- 8.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.80M | $1.29M | $1.25M |
HIO vs. FKUTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 1.83% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 6.07% | 24.23% | -7.60% | 8.97% |
FKUTX Franklin Utilities Fund | 7.52% | 14.59% | 27.18% | -4.91% | 1.67% | 18.00% | -1.87% | 27.28% | 2.54% | 9.58% |
Correlation
The correlation between HIO and FKUTX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.21 |
Over the past year, the correlation between HIO and FKUTX has dropped to 0.01 - well below their long-term average of 0.21, suggesting their price drivers have been diverging.
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Return for Risk
HIO vs. FKUTX — Risk / Return Rank
HIO
FKUTX
HIO vs. FKUTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and Franklin Utilities Fund (FKUTX). 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.
| HIO | FKUTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.13 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 1.31 | -1.33 |
| Martin ratioReturn relative to average drawdown | -0.03 | 3.04 | -3.07 |
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Drawdowns
HIO vs. FKUTX - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than FKUTX's maximum drawdown of -43.59%. Use the drawdown chart below to compare losses from any high point for HIO and FKUTX.
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Drawdown Indicators
| HIO | FKUTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -43.59% | -6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -8.10% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -12.26% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -22.53% | -3.65% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | -36.56% | -4.01% |
Current DrawdownCurrent decline from peak | -2.96% | -4.98% | +2.02% |
Average DrawdownAverage peak-to-trough decline | -6.44% | -6.99% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.49% | -0.32% |
Volatility
HIO vs. FKUTX - Volatility Comparison
The current volatility for Western Asset High Income Opportunity Fund Inc (HIO) is 2.76%, while Franklin Utilities Fund (FKUTX) has a volatility of 4.72%. This indicates that HIO experiences smaller price fluctuations and is considered to be less risky than FKUTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIO | FKUTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 4.72% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 7.92% | 11.73% | -3.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 14.43% | -3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 16.94% | -4.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 18.88% | -2.93% |
HIO vs. FKUTX - Expense Ratio Comparison
HIO has a 0.02% expense ratio, which is lower than FKUTX's 0.72% expense ratio.
Dividends
HIO vs. FKUTX - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 12.07%, more than FKUTX's 7.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FKUTX Franklin Utilities Fund | 7.70% | 7.70% | 8.66% | 6.47% | 3.73% | 4.96% | 9.88% | 4.29% | 5.83% | 3.55% | 2.76% | 6.14% |
HIO Western Asset High Income Opportunity Fund Inc | 12.07% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
Frequently Asked Questions
HIO and FKUTX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FKUTX has higher volatility (4.72%) compared to HIO (2.76%). In terms of maximum drawdown, HIO dropped -49.69% vs FKUTX's -43.59%.
FKUTX currently has the higher Sharpe Ratio (0.74 vs -0.01), 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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