STXAX vs. FRHIX
STXAX (Western Asset Municipal High Income Fund) and FRHIX (Franklin High Yield Tax Free Income Fund) are both High Yield Muni funds from Franklin Templeton. Over the past 10 years, STXAX returned 2.38%/yr vs 2.60%/yr for FRHIX. A 0.65 correlation means they provide meaningful diversification when combined. STXAX charges 0.83%/yr vs 0.65%/yr for FRHIX.
Performance
STXAX vs. FRHIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, STXAX achieves a 2.08% return, which is significantly lower than FRHIX's 2.93% return. Over the past 10 years, STXAX has underperformed FRHIX with an annualized return of 2.38%, while FRHIX has yielded a comparatively higher 2.60% annualized return.
STXAX
- 1D
- -0.08%
- 1M
- 1.90%
- YTD
- 2.08%
- 6M
- 2.66%
- 1Y
- 7.45%
- 3Y*
- 4.31%
- 5Y*
- 1.11%
- 10Y*
- 2.38%
FRHIX
- 1D
- -0.11%
- 1M
- 1.98%
- YTD
- 2.93%
- 6M
- 3.59%
- 1Y
- 8.66%
- 3Y*
- 6.05%
- 5Y*
- 1.44%
- 10Y*
- 2.60%
STXAX vs. FRHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
STXAX Western Asset Municipal High Income Fund | 2.08% | 4.23% | 3.41% | 7.63% | -11.29% | 3.36% | 3.77% | 8.18% | 1.08% | 6.82% |
FRHIX Franklin High Yield Tax Free Income Fund | 2.93% | 5.33% | 7.28% | 6.01% | -13.96% | 4.89% | 5.87% | 8.35% | 1.96% | 3.40% |
Correlation
The correlation between STXAX and FRHIX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1993 | 0.65 |
Over the past year, STXAX and FRHIX have become more correlated (0.88) than their long-term average of 0.65, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
STXAX vs. FRHIX — Risk / Return Rank
STXAX
FRHIX
STXAX vs. FRHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Municipal High Income Fund (STXAX) and Franklin High Yield Tax Free Income Fund (FRHIX). 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.
| STXAX | FRHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.61 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.75 | -0.28 |
| Martin ratioReturn relative to average drawdown | 8.35 | 10.02 | -1.67 |
Loading charts...
Drawdowns
STXAX vs. FRHIX - Drawdown Comparison
The maximum STXAX drawdown since its inception was -22.48%, roughly equal to the maximum FRHIX drawdown of -21.54%. Use the drawdown chart below to compare losses from any high point for STXAX and FRHIX.
Loading charts...
Drawdown Indicators
| STXAX | FRHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.48% | -21.54% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -3.21% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.19% | -7.36% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -19.01% | +2.55% |
Max Drawdown (10Y)Largest decline over 10 years | -16.46% | -19.01% | +2.55% |
Current DrawdownCurrent decline from peak | -0.08% | -0.11% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.21% | -2.26% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.88% | +0.03% |
Volatility
STXAX vs. FRHIX - Volatility Comparison
The current volatility for Western Asset Municipal High Income Fund (STXAX) is 0.88%, while Franklin High Yield Tax Free Income Fund (FRHIX) has a volatility of 0.94%. This indicates that STXAX experiences smaller price fluctuations and is considered to be less risky than FRHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| STXAX | FRHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.94% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 2.52% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 3.45% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 5.15% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 4.67% | -0.03% |
STXAX vs. FRHIX - Expense Ratio Comparison
STXAX has a 0.83% expense ratio, which is higher than FRHIX's 0.65% expense ratio.
Dividends
STXAX vs. FRHIX - Dividend Comparison
STXAX's dividend yield for the trailing twelve months is around 3.49%, less than FRHIX's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRHIX Franklin High Yield Tax Free Income Fund | 4.58% | 5.79% | 5.32% | 4.16% | 4.27% | 3.61% | 3.83% | 4.99% | 4.46% | 4.06% | 4.42% | 4.27% |
STXAX Western Asset Municipal High Income Fund | 3.49% | 4.77% | 3.83% | 3.56% | 2.97% | 2.47% | 3.32% | 4.41% | 4.30% | 4.30% | 4.11% | 4.44% |
Frequently Asked Questions
STXAX and FRHIX 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.
FRHIX has higher volatility (0.94%) compared to STXAX (0.88%). In terms of maximum drawdown, STXAX dropped -22.48% vs FRHIX's -21.54%.
FRHIX currently has the higher Sharpe Ratio (2.56 vs 2.27), 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.
Find the right allocation for STXAX and FRHIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer