HIX vs. SHAPX

Last updated Jun 23, 2026

HIX (Western Asset High Income Fund II) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - HIX is a High Yield Bonds fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, HIX returned 5.29%/yr vs 13.25%/yr for SHAPX. At a 0.35 correlation, their price movements are largely independent. HIX charges 3.70%/yr vs 0.93%/yr for SHAPX.

Performance

HIX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Income Fund II (HIX) 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, HIX achieves a 1.83% return, which is significantly lower than SHAPX's 5.24% return. Over the past 10 years, HIX has underperformed SHAPX with an annualized return of 5.29%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

HIX

• 1D: 0.25%
• 1M: 1.27%
• YTD: 1.83%
• 6M: 4.06%
• 1Y: 8.08%
• 3Y*: 7.88%
• 5Y*: 0.70%
• 10Y*: 5.29%

SHAPX

• 1D: 0.85%
• 1M: -0.71%
• YTD: 5.24%
• 6M: 5.18%
• 1Y: 16.80%
• 3Y*: 16.46%
• 5Y*: 11.50%
• 10Y*: 13.25%

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

HIX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIX Western Asset High Income Fund II	1.83%	13.56%	-1.32%	15.72%	-24.60%	13.02%	12.36%	27.26%	-9.99%	7.13%
SHAPX ClearBridge Appreciation Fund	5.24%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between HIX and SHAPX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 22, 1998	0.35

Return for Risk

HIX vs. SHAPX — Risk / Return Rank

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

HIX

HIX Risk / Return Rank: 8
HIX Sharpe Ratio Rank: 8
HIX Sortino Ratio Rank: 8
HIX Omega Ratio Rank: 8
HIX Calmar Ratio Rank: 8
HIX Martin Ratio Rank: 9

SHAPX

SHAPX Risk / Return Rank: 34
SHAPX Sharpe Ratio Rank: 33
SHAPX Sortino Ratio Rank: 32
SHAPX Omega Ratio Rank: 33
SHAPX Calmar Ratio Rank: 29
SHAPX Martin Ratio Rank: 42

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.

HIX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Fund II (HIX) 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.

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.

	HIX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.53	-0.91
Sortino ratio: Return per unit of downside risk	0.97	2.20	-1.23
Omega ratio: Gain probability vs. loss probability	1.12	1.28	-0.16
Calmar ratio: Return relative to maximum drawdown	0.73	1.90	-1.17
Martin ratio: Return relative to average drawdown	2.36	8.49	-6.13

HIX vs. SHAPX - Sharpe Ratio Comparison

The current HIX Sharpe Ratio is 0.61, which is lower than the SHAPX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HIX 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.

Drawdowns

HIX vs. SHAPX - Drawdown Comparison

The maximum HIX drawdown since its inception was -61.03%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for HIX and SHAPX.

Drawdown Indicators

	HIX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-61.03%	-46.19%	-14.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-8.74%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.86%	-16.15%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-20.53%	-18.22%
Max Drawdown (10Y) Largest decline over 10 years	-44.77%	-32.21%	-12.56%
Current Drawdown Current decline from peak	-4.85%	-1.24%	-3.61%
Average Drawdown Average peak-to-trough decline	-8.92%	-4.77%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	1.95%	+1.48%

Volatility

HIX vs. SHAPX - Volatility Comparison

The current volatility for Western Asset High Income Fund II (HIX) is 3.10%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 3.77%. This indicates that HIX 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

	HIX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.77%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	8.56%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	10.89%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	14.92%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	16.76%	+1.36%

HIX vs. SHAPX - Expense Ratio Comparison

HIX has a 3.70% expense ratio, which is higher than SHAPX's 0.93% expense ratio.

Dividends

HIX vs. SHAPX - Dividend Comparison

HIX's dividend yield for the trailing twelve months is around 14.74%, more than SHAPX's 13.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIX Western Asset High Income Fund II	14.74%	14.13%	13.95%	11.85%	12.15%	8.21%	8.53%	8.28%	9.50%	8.73%	10.53%	13.12%
SHAPX ClearBridge Appreciation Fund	13.38%	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 HIX and SHAPX in my portfolio?

HIX and SHAPX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIX or SHAPX?

SHAPX has higher volatility (3.77%) compared to HIX (3.10%). In terms of maximum drawdown, HIX dropped -61.03% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.53 vs 0.61), 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.