SHAPX vs. SOPAX

Last updated Jun 4, 2026

SHAPX (ClearBridge Appreciation Fund) and SOPAX (ClearBridge Dividend Strategy Fund) are both Large Cap Blend Equities funds from Franklin Templeton. Over the past 10 years, SHAPX returned 13.25%/yr vs 12.09%/yr for SOPAX. Their correlation of 0.88 suggests significant overlap in exposure. SHAPX charges 0.93%/yr vs 1.02%/yr for SOPAX.

Performance

SHAPX vs. SOPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Appreciation Fund (SHAPX) and ClearBridge Dividend Strategy Fund (SOPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SHAPX having a 6.04% return and SOPAX slightly lower at 5.76%. Over the past 10 years, SHAPX has outperformed SOPAX with an annualized return of 13.25%, while SOPAX has yielded a comparatively lower 12.09% annualized return.

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%

SOPAX

• 1D: 0.26%
• 1M: 0.79%
• YTD: 5.76%
• 6M: 6.37%
• 1Y: 14.99%
• 3Y*: 14.83%
• 5Y*: 10.13%
• 10Y*: 12.09%

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

SHAPX vs. SOPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%
SOPAX ClearBridge Dividend Strategy Fund	5.76%	12.27%	16.77%	14.13%	-8.41%	26.36%	7.62%	30.97%	-5.18%	18.58%

Correlation

The correlation between SHAPX and SOPAX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 5, 1993	0.88

Over the past year, the correlation between SHAPX and SOPAX has dropped to 0.68 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

SHAPX vs. SOPAX — Risk / Return Rank

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

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

SOPAX

SOPAX Risk / Return Rank: 31
SOPAX Sharpe Ratio Rank: 33
SOPAX Sortino Ratio Rank: 33
SOPAX Omega Ratio Rank: 31
SOPAX Calmar Ratio Rank: 26
SOPAX Martin Ratio Rank: 33

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.

SHAPX vs. SOPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Appreciation Fund (SHAPX) and ClearBridge Dividend Strategy Fund (SOPAX). 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.

	SHAPX	SOPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.64	+0.09
Sortino ratio: Return per unit of downside risk	2.50	2.37	+0.13
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.07	1.89	+0.18
Martin ratio: Return relative to average drawdown	9.48	7.56	+1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHAPX vs. SOPAX - Sharpe Ratio Comparison

The current SHAPX Sharpe Ratio is 1.73, which is comparable to the SOPAX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SHAPX and SOPAX, 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

	SHAPX	SOPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.64	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.72	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.74	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.96	-0.16

Drawdowns

SHAPX vs. SOPAX - Drawdown Comparison

The maximum SHAPX drawdown since its inception was -46.19%, roughly equal to the maximum SOPAX drawdown of -46.78%. Use the drawdown chart below to compare losses from any high point for SHAPX and SOPAX.

Drawdown Indicators

	SHAPX	SOPAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.19%	-46.78%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-8.04%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-13.72%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.53%	-19.31%	-1.22%
Max Drawdown (10Y) Largest decline over 10 years	-32.21%	-34.72%	+2.51%
Current Drawdown Current decline from peak	-0.49%	-0.87%	+0.38%
Average Drawdown Average peak-to-trough decline	-4.78%	-4.88%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.01%	-0.10%

Volatility

SHAPX vs. SOPAX - Volatility Comparison

ClearBridge Appreciation Fund (SHAPX) has a higher volatility of 2.46% compared to ClearBridge Dividend Strategy Fund (SOPAX) at 2.22%. This indicates that SHAPX's price experiences larger fluctuations and is considered to be riskier than SOPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHAPX	SOPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.22%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.90%	7.01%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	9.27%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	14.23%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	16.37%	+0.36%

SHAPX vs. SOPAX - Expense Ratio Comparison

SHAPX has a 0.93% expense ratio, which is lower than SOPAX's 1.02% expense ratio.

Dividends

SHAPX vs. SOPAX - Dividend Comparison

SHAPX's dividend yield for the trailing twelve months is around 13.27%, more than SOPAX's 12.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOPAX ClearBridge Dividend Strategy Fund	12.91%	13.65%	9.54%	9.20%	5.68%	9.93%	1.76%	7.32%	6.56%	6.75%	3.03%	1.53%

Frequently Asked Questions

Can I hold both SHAPX and SOPAX in my portfolio?

SHAPX and SOPAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHAPX or SOPAX?

SHAPX has higher volatility (2.46%) compared to SOPAX (2.22%). In terms of maximum drawdown, SHAPX dropped -46.19% vs SOPAX's -46.78%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 1.64), 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.