TFEQX vs. SHAPX

Last updated Jun 4, 2026

TFEQX (Templeton Institutional Fund International Equity Series) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, TFEQX returned 9.07%/yr vs 13.25%/yr for SHAPX. A 0.56 correlation means they provide meaningful diversification when combined. TFEQX charges 0.83%/yr vs 0.93%/yr for SHAPX.

Performance

TFEQX vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Institutional Fund International Equity Series (TFEQX) 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, TFEQX achieves a 17.45% return, which is significantly higher than SHAPX's 6.04% return. Over the past 10 years, TFEQX has underperformed SHAPX with an annualized return of 9.07%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

TFEQX

• 1D: 1.01%
• 1M: 5.99%
• YTD: 17.45%
• 6M: 20.24%
• 1Y: 32.02%
• 3Y*: 23.40%
• 5Y*: 12.20%
• 10Y*: 9.07%

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)

TFEQX vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFEQX Templeton Institutional Fund International Equity Series	17.45%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%
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 TFEQX and SHAPX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 3, 1991	0.56

The correlation between TFEQX and SHAPX shifts across timeframes, from 0.56 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TFEQX vs. SHAPX — Risk / Return Rank

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

TFEQX

TFEQX Risk / Return Rank: 48
TFEQX Sharpe Ratio Rank: 46
TFEQX Sortino Ratio Rank: 47
TFEQX Omega Ratio Rank: 46
TFEQX Calmar Ratio Rank: 51
TFEQX Martin Ratio Rank: 48

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.

TFEQX vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Institutional Fund International Equity Series (TFEQX) 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.

	TFEQX	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.73	+0.25
Sortino ratio: Return per unit of downside risk	2.87	2.50	+0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	2.73	2.07	+0.66
Martin ratio: Return relative to average drawdown	9.91	9.48	+0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFEQX vs. SHAPX - Sharpe Ratio Comparison

The current TFEQX Sharpe Ratio is 1.99, which is comparable to the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of TFEQX 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

	TFEQX	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.73	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.77	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.79	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.79	-0.33

Drawdowns

TFEQX vs. SHAPX - Drawdown Comparison

The maximum TFEQX drawdown since its inception was -57.70%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for TFEQX and SHAPX.

Drawdown Indicators

	TFEQX	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-57.70%	-46.19%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-8.74%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-16.15%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-29.77%	-20.53%	-9.24%
Max Drawdown (10Y) Largest decline over 10 years	-42.65%	-32.21%	-10.44%
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-10.51%	-4.78%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	1.91%	+1.27%

Volatility

TFEQX vs. SHAPX - Volatility Comparison

Templeton Institutional Fund International Equity Series (TFEQX) has a higher volatility of 5.11% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that TFEQX'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

	TFEQX	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	2.46%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	7.90%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.93%	10.46%	+5.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	14.86%	+3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	16.73%	+0.93%

TFEQX vs. SHAPX - Expense Ratio Comparison

TFEQX has a 0.83% expense ratio, which is lower than SHAPX's 0.93% expense ratio.

Dividends

TFEQX vs. SHAPX - Dividend Comparison

TFEQX's dividend yield for the trailing twelve months is around 36.48%, more than SHAPX's 13.27% 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%
TFEQX Templeton Institutional Fund International Equity Series	36.48%	42.84%	16.75%	14.08%	6.20%	34.04%	6.78%	6.65%	22.18%	1.60%	3.46%	2.46%

Frequently Asked Questions

Can I hold both TFEQX and SHAPX in my portfolio?

TFEQX and SHAPX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFEQX or SHAPX?

TFEQX has higher volatility (5.11%) compared to SHAPX (2.46%). In terms of maximum drawdown, TFEQX dropped -57.70% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

TFEQX currently has the higher Sharpe Ratio (1.99 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.