SHRCX vs. SHAPX
SHRCX (Western Asset California Municipals Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - SHRCX is a Municipal Bonds fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, SHRCX returned 1.68%/yr vs 13.23%/yr for SHAPX. At a 0.03 correlation, their price movements are largely independent. SHRCX charges 0.76%/yr vs 0.93%/yr for SHAPX.
Performance
SHRCX vs. SHAPX - Performance Comparison
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Returns By Period
In the year-to-date period, SHRCX achieves a 1.39% return, which is significantly lower than SHAPX's 3.19% return. Over the past 10 years, SHRCX has underperformed SHAPX with an annualized return of 1.68%, while SHAPX has yielded a comparatively higher 13.23% annualized return.
SHRCX
- 1D
- 0.00%
- 1M
- 1.64%
- YTD
- 1.39%
- 6M
- 1.75%
- 1Y
- 7.27%
- 3Y*
- 3.66%
- 5Y*
- 0.57%
- 10Y*
- 1.68%
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%
SHRCX vs. SHAPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHRCX Western Asset California Municipals Fund | 1.39% | 5.05% | 2.18% | 5.32% | -10.83% | 1.71% | 3.76% | 7.92% | 0.42% | 4.95% |
SHAPX ClearBridge Appreciation Fund | 3.19% | 14.32% | 22.37% | 19.50% | -12.56% | 23.52% | 14.53% | 29.84% | -2.19% | 18.31% |
Correlation
The correlation between SHRCX and SHAPX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
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 | 0.03 |
The correlation between SHRCX and SHAPX shifts across timeframes, from 0.03 (10 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHRCX vs. SHAPX — Risk / Return Rank
SHRCX
SHAPX
SHRCX vs. SHAPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset California Municipals Fund (SHRCX) 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.
| SHRCX | SHAPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.22 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.54 | +0.92 |
| Martin ratioReturn relative to average drawdown | 8.38 | 6.82 | +1.56 |
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Drawdowns
SHRCX vs. SHAPX - Drawdown Comparison
The maximum SHRCX drawdown since its inception was -15.79%, smaller than the maximum SHAPX drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for SHRCX and SHAPX.
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Drawdown Indicators
| SHRCX | SHAPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.79% | -46.19% | +30.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -8.74% | +5.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.77% | -16.15% | +10.38% |
Max Drawdown (5Y)Largest decline over 5 years | -15.51% | -20.53% | +5.02% |
Max Drawdown (10Y)Largest decline over 10 years | -15.51% | -32.21% | +16.70% |
Current DrawdownCurrent decline from peak | -0.38% | -3.16% | +2.78% |
Average DrawdownAverage peak-to-trough decline | -1.99% | -4.77% | +2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.97% | -1.11% |
Volatility
SHRCX vs. SHAPX - Volatility Comparison
The current volatility for Western Asset California Municipals Fund (SHRCX) is 0.73%, while ClearBridge Appreciation Fund (SHAPX) has a volatility of 3.93%. This indicates that SHRCX 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.
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Volatility by Period
| SHRCX | SHAPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 3.93% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 8.60% | -6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 10.99% | -8.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.08% | 14.93% | -10.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.10% | 16.74% | -12.64% |
SHRCX vs. SHAPX - Expense Ratio Comparison
SHRCX has a 0.76% expense ratio, which is lower than SHAPX's 0.93% expense ratio.
Dividends
SHRCX vs. SHAPX - Dividend Comparison
SHRCX's dividend yield for the trailing twelve months is around 2.93%, less than SHAPX's 13.64% 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% |
SHRCX Western Asset California Municipals Fund | 2.93% | 4.13% | 3.02% | 2.55% | 2.37% | 3.10% | 4.21% | 3.93% | 3.68% | 3.94% | 4.03% | 4.31% |
Frequently Asked Questions
SHRCX and SHAPX have a correlation of 0.16, 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 SHRCX (0.73%). In terms of maximum drawdown, SHRCX dropped -15.79% vs SHAPX's -46.19%.
SHRCX currently has the higher Sharpe Ratio (2.57 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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