SBCPX vs. SHAPX

Last updated Aug 1, 2026

SBCPX (Franklin Multi-Asset Defensive Growth Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - SBCPX is a Diversified Portfolio fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, SBCPX returned 4.84%/yr vs 12.90%/yr for SHAPX. Their correlation of 0.80 means they have usually moved in the same direction. SBCPX charges 0.52%/yr vs 0.93%/yr for SHAPX.

Performance

SBCPX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Multi-Asset Defensive Growth Fund (SBCPX) 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, SBCPX achieves a 3.95% return, which is significantly lower than SHAPX's 5.87% return. Over the past 10 years, SBCPX has underperformed SHAPX with an annualized return of 4.84%, while SHAPX has yielded a comparatively higher 12.90% annualized return.

SBCPX

• 1D: 0.82%
• 1M: -0.59%
• 6M: 2.67%
• YTD: 3.95%
• 1Y: 9.54%
• 3Y*: 8.46%
• 5Y*: 3.58%
• 10Y*: 4.84%
• ALL TIME*: 5.03%

SHAPX

• 1D: 0.90%
• 1M: 0.44%
• 6M: 3.63%
• YTD: 5.87%
• 1Y: 12.65%
• 3Y*: 15.46%
• 5Y*: 10.51%
• 10Y*: 12.90%
• ALL TIME*: 12.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SBCPX Franklin Multi-Asset Defensive Growth Fund	$0.00	$0.00	$0.00
SHAPX ClearBridge Appreciation Fund	$0.00	$0.00	$0.00

SBCPX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBCPX Franklin Multi-Asset Defensive Growth Fund	3.95%	10.80%	7.76%	10.29%	-13.81%	5.87%	8.80%	13.64%	-3.87%	8.02%
SHAPX ClearBridge Appreciation Fund	5.87%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between SBCPX and SHAPX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.80

The correlation between SBCPX and SHAPX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

SBCPX vs. SHAPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBCPX

SBCPX Risk / Return Rank: 52
SBCPX Sharpe Ratio Rank: 51
SBCPX Sortino Ratio Rank: 50
SBCPX Omega Ratio Rank: 50
SBCPX Calmar Ratio Rank: 48
SBCPX Martin Ratio Rank: 60

SHAPX

SHAPX Risk / Return Rank: 32
SHAPX Sharpe Ratio Rank: 31
SHAPX Sortino Ratio Rank: 31
SHAPX Omega Ratio Rank: 30
SHAPX Calmar Ratio Rank: 29
SHAPX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBCPX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Multi-Asset Defensive Growth Fund (SBCPX) 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.

	SBCPX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.99	+0.46
Sortino ratio: Return per unit of downside risk	2.07	1.45	+0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.09
Calmar ratio: Return relative to maximum drawdown	1.95	1.26	+0.69
Martin ratio: Return relative to average drawdown	8.29	5.39	+2.90

SBCPX vs. SHAPX - Sharpe Ratio Comparison

The current SBCPX Sharpe Ratio is 1.45, which is higher than the SHAPX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SBCPX 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

SBCPX vs. SHAPX - Drawdown Comparison

The maximum SBCPX drawdown since its inception was -32.37%, smaller than the maximum SHAPX drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for SBCPX and SHAPX.

Drawdown Indicators

	SBCPX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-32.37%	-46.19%	+13.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-8.74%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-7.42%	-16.15%	+8.73%
Max Drawdown (5Y) Largest decline over 5 years	-20.66%	-20.53%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-20.66%	-32.21%	+11.55%
Current Drawdown Current decline from peak	-1.11%	-1.13%	+0.02%
Average Drawdown Average peak-to-trough decline	-3.10%	-4.76%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	2.03%	-0.92%

Volatility

SBCPX vs. SHAPX - Volatility Comparison

The current volatility for Franklin Multi-Asset Defensive Growth Fund (SBCPX) is 1.87%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 2.72%. This indicates that SBCPX 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

	SBCPX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	2.72%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	5.35%	8.61%	-3.26%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	11.10%	-4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.77%	14.92%	-7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	16.73%	-9.68%

SBCPX vs. SHAPX - Expense Ratio Comparison

SBCPX has a 0.52% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

SBCPX vs. SHAPX - Dividend Comparison

SBCPX's dividend yield for the trailing twelve months is around 8.26%, less than SHAPX's 13.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBCPX Franklin Multi-Asset Defensive Growth Fund	8.26%	5.17%	3.25%	2.36%	6.06%	5.14%	3.25%	4.08%	4.18%	7.15%	3.37%	2.28%
SHAPX ClearBridge Appreciation Fund	13.30%	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 SBCPX and SHAPX in my portfolio?

SBCPX and SHAPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBCPX or SHAPX?

SHAPX has higher volatility (2.72%) compared to SBCPX (1.87%). In terms of maximum drawdown, SBCPX dropped -32.37% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SBCPX currently has the higher Sharpe Ratio (1.45 vs 0.99), 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.