WAIIX vs. FRIAX

Last updated Jun 4, 2026

WAIIX (Western Asset Inflation Indexed Plus Bond Fund) and FRIAX (Franklin Income Fund Advisor Class) are both mutual funds - WAIIX is a Inflation-Protected Bonds fund managed by Franklin Templeton, while FRIAX is a Diversified Portfolio fund managed by Franklin Templeton. Over the past 10 years, WAIIX returned 2.26%/yr vs 7.64%/yr for FRIAX. At a 0.01 correlation, their price movements are largely independent. WAIIX charges 0.54%/yr vs 0.46%/yr for FRIAX.

Performance

WAIIX vs. FRIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Inflation Indexed Plus Bond Fund (WAIIX) 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, WAIIX achieves a 1.43% return, which is significantly lower than FRIAX's 5.29% return. Over the past 10 years, WAIIX has underperformed FRIAX with an annualized return of 2.26%, while FRIAX has yielded a comparatively higher 7.64% annualized return.

WAIIX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.43%
• 6M: 0.98%
• 1Y: 4.83%
• 3Y*: 3.39%
• 5Y*: 0.54%
• 10Y*: 2.26%

FRIAX

• 1D: 0.00%
• 1M: 0.86%
• YTD: 5.29%
• 6M: 5.72%
• 1Y: 14.62%
• 3Y*: 10.37%
• 5Y*: 6.39%
• 10Y*: 7.64%

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

WAIIX vs. FRIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAIIX Western Asset Inflation Indexed Plus Bond Fund	1.43%	6.41%	1.05%	3.30%	-12.64%	4.74%	9.84%	9.79%	-2.25%	3.82%
FRIAX Franklin Income Fund Advisor Class	5.29%	12.02%	7.29%	8.84%	-5.36%	17.51%	3.72%	16.02%	-5.23%	8.63%

Correlation

The correlation between WAIIX and FRIAX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 1, 2001	0.01

Over the past year, WAIIX and FRIAX have become more correlated (0.33) than their long-term average of 0.01, meaning their price movements have been converging.

Return for Risk

WAIIX vs. FRIAX — Risk / Return Rank

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

WAIIX

WAIIX Risk / Return Rank: 27
WAIIX Sharpe Ratio Rank: 22
WAIIX Sortino Ratio Rank: 24
WAIIX Omega Ratio Rank: 22
WAIIX Calmar Ratio Rank: 33
WAIIX Martin Ratio Rank: 32

FRIAX

FRIAX Risk / Return Rank: 92
FRIAX Sharpe Ratio Rank: 90
FRIAX Sortino Ratio Rank: 93
FRIAX Omega Ratio Rank: 92
FRIAX Calmar Ratio Rank: 92
FRIAX Martin Ratio Rank: 91

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.

WAIIX vs. FRIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Inflation Indexed Plus Bond Fund (WAIIX) 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.

	WAIIX	FRIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	3.01	-1.64
Sortino ratio: Return per unit of downside risk	2.06	4.68	-2.62
Omega ratio: Gain probability vs. loss probability	1.25	1.68	-0.44
Calmar ratio: Return relative to maximum drawdown	2.18	4.95	-2.78
Martin ratio: Return relative to average drawdown	7.31	18.94	-11.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAIIX vs. FRIAX - Sharpe Ratio Comparison

The current WAIIX Sharpe Ratio is 1.37, which is lower than the FRIAX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of WAIIX 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.

Sharpe Ratios by Period

	WAIIX	FRIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	3.01	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.81	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.82	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.80	-0.16

Drawdowns

WAIIX vs. FRIAX - Drawdown Comparison

The maximum WAIIX drawdown since its inception was -16.55%, smaller than the maximum FRIAX drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for WAIIX and FRIAX.

Drawdown Indicators

	WAIIX	FRIAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.55%	-43.23%	+26.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-3.06%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-7.35%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	-13.63%	-2.36%
Max Drawdown (10Y) Largest decline over 10 years	-15.99%	-24.10%	+8.11%
Current Drawdown Current decline from peak	-2.10%	-0.33%	-1.77%
Average Drawdown Average peak-to-trough decline	-3.83%	-3.92%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.80%	-0.15%

Volatility

WAIIX vs. FRIAX - Volatility Comparison

The current volatility for Western Asset Inflation Indexed Plus Bond Fund (WAIIX) is 0.93%, while Franklin Income Fund Advisor Class (FRIAX) has a volatility of 1.19%. This indicates that WAIIX experiences smaller price fluctuations and is considered to be less risky than FRIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAIIX	FRIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.19%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	3.80%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	5.04%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	7.98%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.65%	9.30%	-3.65%

WAIIX vs. FRIAX - Expense Ratio Comparison

WAIIX has a 0.54% expense ratio, which is higher than FRIAX's 0.46% expense ratio.

Dividends

WAIIX vs. FRIAX - Dividend Comparison

WAIIX's dividend yield for the trailing twelve months is around 3.45%, less than FRIAX's 5.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIAX Franklin Income Fund Advisor Class	5.71%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%
WAIIX Western Asset Inflation Indexed Plus Bond Fund	3.45%	4.12%	3.44%	2.80%	6.69%	12.25%	1.38%	2.18%	2.82%	2.03%	1.30%	0.37%

Frequently Asked Questions

Can I hold both WAIIX and FRIAX in my portfolio?

WAIIX and FRIAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAIIX or FRIAX?

FRIAX has higher volatility (1.19%) compared to WAIIX (0.93%). In terms of maximum drawdown, WAIIX dropped -16.55% vs FRIAX's -43.23%.

Which has better risk-adjusted returns?

FRIAX currently has the higher Sharpe Ratio (3.01 vs 1.37), 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.