TFSCX vs. FRIAX

Last updated Aug 1, 2026

TFSCX (Templeton Institutional Foreign Smaller Companies Series Fund) and FRIAX (Franklin Income Fund Advisor Class) are both mutual funds - TFSCX is a Foreign Small & Mid Cap Equities fund managed by Franklin Templeton, while FRIAX is a Diversified Portfolio fund managed by Franklin Templeton. Over the past 10 years, TFSCX returned 4.71%/yr vs 7.29%/yr for FRIAX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TFSCX charges 1.02%/yr vs 0.46%/yr for FRIAX.

Performance

TFSCX vs. FRIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) and Franklin Income Fund Advisor Class (FRIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFSCX achieves a 7.86% return, which is significantly higher than FRIAX's 5.78% return. Over the past 10 years, TFSCX has underperformed FRIAX with an annualized return of 4.71%, while FRIAX has yielded a comparatively higher 7.29% annualized return.

TFSCX

• 1D: 2.04%
• 1M: -2.40%
• 6M: 0.00%
• YTD: 7.86%
• 1Y: 9.99%
• 3Y*: 6.26%
• 5Y*: 0.19%
• 10Y*: 4.71%
• ALL TIME*: 8.37%

FRIAX

• 1D: 0.40%
• 1M: 0.00%
• 6M: 2.79%
• YTD: 5.78%
• 1Y: 12.15%
• 3Y*: 9.55%
• 5Y*: 6.50%
• 10Y*: 7.29%
• ALL TIME*: 7.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRIAX Franklin Income Fund Advisor Class	$0.00	$0.00	$0.00
TFSCX Templeton Institutional Foreign Smaller Companies Series Fund	$0.00	$0.00	$0.00

TFSCX vs. FRIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFSCX Templeton Institutional Foreign Smaller Companies Series Fund	7.86%	10.61%	-2.43%	15.89%	-23.28%	10.58%	8.95%	22.86%	-18.60%	30.60%
FRIAX Franklin Income Fund Advisor Class	5.78%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%

Correlation

The correlation between TFSCX and FRIAX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.60

The correlation between TFSCX and FRIAX shifts across timeframes, from 0.51 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TFSCX vs. FRIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TFSCX

TFSCX Risk / Return Rank: 16
TFSCX Sharpe Ratio Rank: 16
TFSCX Sortino Ratio Rank: 17
TFSCX Omega Ratio Rank: 17
TFSCX Calmar Ratio Rank: 16
TFSCX Martin Ratio Rank: 16

FRIAX

FRIAX Risk / Return Rank: 93
FRIAX Sharpe Ratio Rank: 92
FRIAX Sortino Ratio Rank: 92
FRIAX Omega Ratio Rank: 92
FRIAX Calmar Ratio Rank: 94
FRIAX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TFSCX vs. FRIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) and Franklin Income Fund Advisor Class (FRIAX). 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.

	TFSCX	FRIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.36	-1.68
Sortino ratio: Return per unit of downside risk	1.04	3.60	-2.56
Omega ratio: Gain probability vs. loss probability	1.13	1.52	-0.39
Calmar ratio: Return relative to maximum drawdown	0.83	3.85	-3.02
Martin ratio: Return relative to average drawdown	2.34	14.58	-12.25

TFSCX vs. FRIAX - Sharpe Ratio Comparison

The current TFSCX Sharpe Ratio is 0.68, which is lower than the FRIAX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of TFSCX and FRIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TFSCX vs. FRIAX - Drawdown Comparison

The maximum TFSCX drawdown since its inception was -61.28%, which is greater than FRIAX's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for TFSCX and FRIAX.

Drawdown Indicators

	TFSCX	FRIAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.28%	-43.23%	-18.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-3.06%	-8.52%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-7.08%	-13.02%
Max Drawdown (5Y) Largest decline over 5 years	-37.98%	-13.63%	-24.35%
Max Drawdown (10Y) Largest decline over 10 years	-43.43%	-24.10%	-19.33%
Current Drawdown Current decline from peak	-5.02%	0.00%	-5.02%
Average Drawdown Average peak-to-trough decline	-11.18%	-3.90%	-7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	0.81%	+3.28%

Volatility

TFSCX vs. FRIAX - Volatility Comparison

Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) has a higher volatility of 4.39% compared to Franklin Income Fund Advisor Class (FRIAX) at 1.51%. This indicates that TFSCX's price experiences larger fluctuations and is considered to be riskier than FRIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFSCX	FRIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	1.51%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	3.74%	+7.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.12%	5.03%	+9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	7.91%	+8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	9.20%	+6.73%

TFSCX vs. FRIAX - Expense Ratio Comparison

TFSCX has a 1.02% expense ratio, which is higher than FRIAX's 0.46% expense ratio.

Dividends

TFSCX vs. FRIAX - Dividend Comparison

TFSCX's dividend yield for the trailing twelve months is around 66.55%, more than FRIAX's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIAX Franklin Income Fund Advisor Class	5.28%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%
TFSCX Templeton Institutional Foreign Smaller Companies Series Fund	66.55%	71.78%	14.37%	1.28%	2.34%	16.40%	1.23%	3.06%	14.00%	3.83%	1.83%	1.43%

Frequently Asked Questions

Can I hold both TFSCX and FRIAX in my portfolio?

TFSCX and FRIAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFSCX or FRIAX?

TFSCX has higher volatility (4.39%) compared to FRIAX (1.51%). In terms of maximum drawdown, TFSCX dropped -61.28% vs FRIAX's -43.23%.

Which has better risk-adjusted returns?

FRIAX currently has the higher Sharpe Ratio (2.36 vs 0.68), 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.