LCLAX vs. SHAPX

Last updated Jun 4, 2026

LCLAX (ClearBridge Select Fund Class A) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - LCLAX is a Mid Cap Growth Equities fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, LCLAX returned 16.58%/yr vs 13.25%/yr for SHAPX. A 0.80 correlation means they provide meaningful diversification when combined. LCLAX charges 1.10%/yr vs 0.93%/yr for SHAPX.

Performance

LCLAX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Select Fund Class A (LCLAX) 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, LCLAX achieves a 5.32% return, which is significantly lower than SHAPX's 6.04% return. Over the past 10 years, LCLAX has outperformed SHAPX with an annualized return of 16.58%, while SHAPX has yielded a comparatively lower 13.25% annualized return.

LCLAX

• 1D: -0.20%
• 1M: 6.58%
• YTD: 5.32%
• 6M: 5.01%
• 1Y: 13.96%
• 3Y*: 14.67%
• 5Y*: 4.34%
• 10Y*: 16.58%

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)

LCLAX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCLAX ClearBridge Select Fund Class A	5.32%	6.87%	21.13%	23.82%	-33.28%	19.86%	58.29%	33.03%	10.18%	38.69%
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 LCLAX and SHAPX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.80

The correlation between LCLAX and SHAPX has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

LCLAX vs. SHAPX — Risk / Return Rank

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

LCLAX

LCLAX Risk / Return Rank: 12
LCLAX Sharpe Ratio Rank: 14
LCLAX Sortino Ratio Rank: 13
LCLAX Omega Ratio Rank: 12
LCLAX Calmar Ratio Rank: 11
LCLAX Martin Ratio Rank: 11

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.

LCLAX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Select Fund Class A (LCLAX) 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.

	LCLAX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.73	-0.72
Sortino ratio: Return per unit of downside risk	1.45	2.50	-1.05
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.03	2.07	-1.04
Martin ratio: Return relative to average drawdown	3.16	9.48	-6.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LCLAX vs. SHAPX - Sharpe Ratio Comparison

The current LCLAX Sharpe Ratio is 1.01, which is lower than the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of LCLAX 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

	LCLAX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.73	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.77	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.79	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.79	-0.15

Drawdowns

LCLAX vs. SHAPX - Drawdown Comparison

The maximum LCLAX drawdown since its inception was -43.64%, smaller than the maximum SHAPX drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for LCLAX and SHAPX.

Drawdown Indicators

	LCLAX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-43.64%	-46.19%	+2.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.36%	-8.74%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.75%	-16.15%	-7.60%
Max Drawdown (5Y) Largest decline over 5 years	-43.64%	-20.53%	-23.11%
Max Drawdown (10Y) Largest decline over 10 years	-43.64%	-32.21%	-11.43%
Current Drawdown Current decline from peak	-0.20%	-0.49%	+0.29%
Average Drawdown Average peak-to-trough decline	-10.09%	-4.78%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	1.91%	+2.76%

Volatility

LCLAX vs. SHAPX - Volatility Comparison

ClearBridge Select Fund Class A (LCLAX) has a higher volatility of 3.12% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that LCLAX's price experiences larger fluctuations and is considered to be riskier than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCLAX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	2.46%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	7.90%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	10.46%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	14.86%	+6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	16.73%	+5.18%

LCLAX vs. SHAPX - Expense Ratio Comparison

LCLAX has a 1.10% expense ratio, which is higher than SHAPX's 0.93% expense ratio.

Dividends

LCLAX vs. SHAPX - Dividend Comparison

LCLAX has not paid dividends to shareholders, while SHAPX's dividend yield for the trailing twelve months is around 13.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCLAX ClearBridge Select Fund Class A	0.00%	0.00%	0.00%	0.00%	0.01%	3.38%	0.00%	0.00%	1.31%	2.15%	1.13%	5.31%
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 LCLAX and SHAPX in my portfolio?

LCLAX and SHAPX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCLAX or SHAPX?

LCLAX has higher volatility (3.12%) compared to SHAPX (2.46%). In terms of maximum drawdown, LCLAX dropped -43.64% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 1.01), 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.