IMNYX vs. SHAPX

Last updated Jun 4, 2026

IMNYX (Western Asset Intermediate Maturity NY Municipals Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - IMNYX is a Municipal Bonds fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, IMNYX returned 1.56%/yr vs 13.25%/yr for SHAPX. At a 0.01 correlation, their price movements are largely independent. IMNYX charges 0.75%/yr vs 0.93%/yr for SHAPX.

Performance

IMNYX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Intermediate Maturity NY Municipals Fund (IMNYX) 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, IMNYX achieves a 1.04% return, which is significantly lower than SHAPX's 6.04% return. Over the past 10 years, IMNYX has underperformed SHAPX with an annualized return of 1.56%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

IMNYX

• 1D: 0.12%
• 1M: 0.60%
• YTD: 1.04%
• 6M: 1.41%
• 1Y: 5.48%
• 3Y*: 3.14%
• 5Y*: 0.65%
• 10Y*: 1.56%

SHAPX

• 1D: -0.05%
• 1M: 2.33%
• YTD: 6.04%
• 6M: 5.66%
• 1Y: 17.56%
• 3Y*: 17.64%
• 5Y*: 11.44%
• 10Y*: 13.25%

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

IMNYX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMNYX Western Asset Intermediate Maturity NY Municipals Fund	1.04%	4.36%	1.33%	4.65%	-8.04%	2.65%	3.15%	6.00%	1.46%	2.83%
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between IMNYX and SHAPX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 31, 1991	0.01

The correlation between IMNYX and SHAPX shifts across timeframes, from 0.01 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IMNYX vs. SHAPX — Risk / Return Rank

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

IMNYX

IMNYX Risk / Return Rank: 74
IMNYX Sharpe Ratio Rank: 84
IMNYX Sortino Ratio Rank: 90
IMNYX Omega Ratio Rank: 95
IMNYX Calmar Ratio Rank: 56
IMNYX Martin Ratio Rank: 47

SHAPX

SHAPX Risk / Return Rank: 37
SHAPX Sharpe Ratio Rank: 36
SHAPX Sortino Ratio Rank: 36
SHAPX Omega Ratio Rank: 36
SHAPX Calmar Ratio Rank: 31
SHAPX Martin Ratio Rank: 45

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.

IMNYX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Intermediate Maturity NY Municipals Fund (IMNYX) 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.

	IMNYX	SHAPX	Difference
Sharpe ratio Return per unit of total volatility	2.73	1.73	+1.00
Sortino ratio Return per unit of downside risk	4.41	2.50	+1.92
Omega ratio Gain probability vs. loss probability	1.80	1.32	+0.48
Calmar ratio Return relative to maximum drawdown	2.85	2.07	+0.78
Martin ratio Return relative to average drawdown	9.78	9.48	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMNYX vs. SHAPX - Sharpe Ratio Comparison

The current IMNYX Sharpe Ratio is 2.73, which is higher than the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of IMNYX 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.

Sharpe Ratios by Period

	IMNYX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	1.73	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.77	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.79	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.79	+0.28

Drawdowns

IMNYX vs. SHAPX - Drawdown Comparison

The maximum IMNYX drawdown since its inception was -11.80%, smaller than the maximum SHAPX drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for IMNYX and SHAPX.

Drawdown Indicators

	IMNYX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-11.80%	-46.19%	+34.39%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-8.74%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-4.87%	-16.15%	+11.28%
Max Drawdown (5Y) Largest decline over 5 years	-11.80%	-20.53%	+8.73%
Max Drawdown (10Y) Largest decline over 10 years	-11.80%	-32.21%	+20.41%
Current Drawdown Current decline from peak	-0.27%	-0.49%	+0.22%
Average Drawdown Average peak-to-trough decline	-1.78%	-4.78%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	1.91%	-1.35%

Volatility

IMNYX vs. SHAPX - Volatility Comparison

The current volatility for Western Asset Intermediate Maturity NY Municipals Fund (IMNYX) is 0.80%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 2.46%. This indicates that IMNYX 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

	IMNYX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	2.46%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	7.90%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	10.46%	-8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	14.86%	-11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	16.73%	-13.32%

IMNYX vs. SHAPX - Expense Ratio Comparison

IMNYX has a 0.75% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

IMNYX vs. SHAPX - Dividend Comparison

IMNYX's dividend yield for the trailing twelve months is around 2.47%, less than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMNYX Western Asset Intermediate Maturity NY Municipals Fund	2.47%	3.49%	2.55%	2.18%	1.66%	1.49%	2.14%	2.90%	3.08%	3.16%	3.02%	2.98%
SHAPX ClearBridge Appreciation Fund	13.27%	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 IMNYX and SHAPX in my portfolio?

IMNYX and SHAPX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMNYX or SHAPX?

SHAPX has higher volatility (2.46%) compared to IMNYX (0.80%). In terms of maximum drawdown, IMNYX dropped -11.80% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

IMNYX currently has the higher Sharpe Ratio (2.73 vs 1.73), 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.