SHAPX vs. SHNJX
SHAPX (ClearBridge Appreciation Fund) and SHNJX (Western Asset New Jersey Municipals Fund) are both mutual funds - SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton, while SHNJX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, SHAPX returned 13.23%/yr vs 2.16%/yr for SHNJX. At a 0.04 correlation, their price movements are largely independent. SHAPX charges 0.93%/yr vs 0.80%/yr for SHNJX.
Performance
SHAPX vs. SHNJX - Performance Comparison
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Returns By Period
In the year-to-date period, SHAPX achieves a 3.19% return, which is significantly higher than SHNJX's 1.86% return. Over the past 10 years, SHAPX has outperformed SHNJX with an annualized return of 13.23%, while SHNJX has yielded a comparatively lower 2.16% annualized return.
SHAPX
- 1D
- -1.08%
- 1M
- -2.63%
- YTD
- 3.19%
- 6M
- 2.25%
- 1Y
- 12.33%
- 3Y*
- 16.06%
- 5Y*
- 10.61%
- 10Y*
- 13.23%
SHNJX
- 1D
- 0.00%
- 1M
- 1.48%
- YTD
- 1.86%
- 6M
- 2.23%
- 1Y
- 7.00%
- 3Y*
- 3.82%
- 5Y*
- 1.09%
- 10Y*
- 2.16%
SHAPX vs. SHNJX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHAPX ClearBridge Appreciation Fund | 3.19% | 14.32% | 22.37% | 19.50% | -12.56% | 23.52% | 14.53% | 29.84% | -2.19% | 18.31% |
SHNJX Western Asset New Jersey Municipals Fund | 1.86% | 4.30% | 2.75% | 6.22% | -9.69% | 3.58% | 3.96% | 7.11% | 0.81% | 5.51% |
Correlation
The correlation between SHAPX and SHNJX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.04 |
The correlation between SHAPX and SHNJX shifts across timeframes, from 0.03 (10 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHAPX vs. SHNJX — Risk / Return Rank
SHAPX
SHNJX
SHAPX vs. SHNJX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearBridge Appreciation Fund (SHAPX) and Western Asset New Jersey Municipals Fund (SHNJX). 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.
| SHAPX | SHNJX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.65 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.02 | -1.49 |
| Martin ratioReturn relative to average drawdown | 6.82 | 10.82 | -4.00 |
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Drawdowns
SHAPX vs. SHNJX - Drawdown Comparison
The maximum SHAPX drawdown since its inception was -46.19%, which is greater than SHNJX's maximum drawdown of -14.33%. Use the drawdown chart below to compare losses from any high point for SHAPX and SHNJX.
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Drawdown Indicators
| SHAPX | SHNJX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.19% | -14.33% | -31.86% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -2.29% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -16.15% | -5.92% | -10.23% |
Max Drawdown (5Y)Largest decline over 5 years | -20.53% | -13.75% | -6.78% |
Max Drawdown (10Y)Largest decline over 10 years | -32.21% | -14.33% | -17.88% |
Current DrawdownCurrent decline from peak | -3.16% | -0.09% | -3.07% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -1.75% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.64% | +1.33% |
Volatility
SHAPX vs. SHNJX - Volatility Comparison
ClearBridge Appreciation Fund (SHAPX) has a higher volatility of 3.93% compared to Western Asset New Jersey Municipals Fund (SHNJX) at 0.70%. This indicates that SHAPX's price experiences larger fluctuations and is considered to be riskier than SHNJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHAPX | SHNJX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 0.70% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 8.60% | 1.91% | +6.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.99% | 2.62% | +8.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.93% | 3.83% | +11.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.74% | 4.14% | +12.60% |
SHAPX vs. SHNJX - Expense Ratio Comparison
SHAPX has a 0.93% expense ratio, which is higher than SHNJX's 0.80% expense ratio.
Dividends
SHAPX vs. SHNJX - Dividend Comparison
SHAPX's dividend yield for the trailing twelve months is around 13.64%, more than SHNJX's 2.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHAPX ClearBridge Appreciation Fund | 13.64% | 14.08% | 9.00% | 4.17% | 8.85% | 6.54% | 4.13% | 7.09% | 6.71% | 5.10% | 3.29% | 4.76% |
SHNJX Western Asset New Jersey Municipals Fund | 2.88% | 3.88% | 3.15% | 2.75% | 2.38% | 2.10% | 2.76% | 3.32% | 3.69% | 3.95% | 3.76% | 3.81% |
Frequently Asked Questions
SHAPX and SHNJX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHAPX has higher volatility (3.93%) compared to SHNJX (0.70%). In terms of maximum drawdown, SHAPX dropped -46.19% vs SHNJX's -14.33%.
SHNJX currently has the higher Sharpe Ratio (2.65 vs 1.23), 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.
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