SCHAX vs. SHAPX

Last updated Jun 4, 2026

SCHAX (Franklin Multi-Asset Growth Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - SCHAX 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, SCHAX returned 10.07%/yr vs 13.25%/yr for SHAPX. Their correlation of 0.90 suggests significant overlap in exposure. SCHAX charges 0.43%/yr vs 0.93%/yr for SHAPX.

Performance

SCHAX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Multi-Asset Growth Fund (SCHAX) 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, SCHAX achieves a 11.16% return, which is significantly higher than SHAPX's 6.04% return. Over the past 10 years, SCHAX has underperformed SHAPX with an annualized return of 10.07%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

SCHAX

• 1D: 0.25%
• 1M: 5.86%
• YTD: 11.16%
• 6M: 11.90%
• 1Y: 24.98%
• 3Y*: 18.08%
• 5Y*: 9.40%
• 10Y*: 10.07%

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)

SCHAX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHAX Franklin Multi-Asset Growth Fund	11.16%	16.36%	16.62%	17.14%	-14.05%	17.06%	8.64%	21.47%	-9.13%	15.25%
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 SCHAX and SHAPX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.90

The correlation between SCHAX and SHAPX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

SCHAX vs. SHAPX — Risk / Return Rank

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

SCHAX

SCHAX Risk / Return Rank: 58
SCHAX Sharpe Ratio Rank: 57
SCHAX Sortino Ratio Rank: 53
SCHAX Omega Ratio Rank: 53
SCHAX Calmar Ratio Rank: 59
SCHAX Martin Ratio Rank: 68

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.

SCHAX vs. SHAPX - Risk-Adjusted Trends Comparison

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

	SCHAX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.73	+0.49
Sortino ratio: Return per unit of downside risk	3.06	2.50	+0.57
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	2.93	2.07	+0.86
Martin ratio: Return relative to average drawdown	13.19	9.48	+3.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHAX vs. SHAPX - Sharpe Ratio Comparison

The current SCHAX Sharpe Ratio is 2.22, which is comparable to the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SCHAX 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

	SCHAX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.73	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.77	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.79	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.79	-0.41

Drawdowns

SCHAX vs. SHAPX - Drawdown Comparison

The maximum SCHAX drawdown since its inception was -54.85%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for SCHAX and SHAPX.

Drawdown Indicators

	SCHAX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-54.85%	-46.19%	-8.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-8.74%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.78%	-16.15%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.61%	-20.53%	-5.08%
Max Drawdown (10Y) Largest decline over 10 years	-32.00%	-32.21%	+0.21%
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-11.00%	-4.78%	-6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.91%	+0.02%

Volatility

SCHAX vs. SHAPX - Volatility Comparison

Franklin Multi-Asset Growth Fund (SCHAX) has a higher volatility of 2.94% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that SCHAX'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

	SCHAX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.46%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	7.90%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	10.46%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.50%	14.86%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	16.73%	-1.82%

SCHAX vs. SHAPX - Expense Ratio Comparison

SCHAX has a 0.43% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

SCHAX vs. SHAPX - Dividend Comparison

SCHAX's dividend yield for the trailing twelve months is around 9.95%, less than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHAX Franklin Multi-Asset Growth Fund	9.95%	11.06%	6.23%	5.47%	8.83%	7.37%	4.95%	5.78%	6.27%	11.21%	4.27%	11.46%
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 SCHAX and SHAPX in my portfolio?

With a correlation of 0.93, SCHAX and SHAPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SCHAX or SHAPX?

SCHAX has higher volatility (2.94%) compared to SHAPX (2.46%). In terms of maximum drawdown, SCHAX dropped -54.85% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SCHAX currently has the higher Sharpe Ratio (2.22 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.