WHYIX vs. FQTHX

Last updated Jun 4, 2026

WHYIX (Allspring High Yield Municipal Bond Fund) and FQTHX (Franklin Templeton SMACS: Series H) are both High Yield Muni funds. Over the past 5 years, WHYIX returned 1.11%/yr vs 2.63%/yr for FQTHX. Their correlation of 0.85 suggests significant overlap in exposure. WHYIX charges 0.55%/yr vs 0.00%/yr for FQTHX.

Performance

WHYIX vs. FQTHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring High Yield Municipal Bond Fund (WHYIX) and Franklin Templeton SMACS: Series H (FQTHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WHYIX achieves a 2.77% return, which is significantly lower than FQTHX's 2.99% return.

WHYIX

• 1D: 0.11%
• 1M: 1.13%
• YTD: 2.77%
• 6M: 3.42%
• 1Y: 8.60%
• 3Y*: 4.85%
• 5Y*: 1.11%
• 10Y*: 2.84%

FQTHX

• 1D: 0.22%
• 1M: 1.30%
• YTD: 2.99%
• 6M: 3.48%
• 1Y: 9.91%
• 3Y*: 7.75%
• 5Y*: 2.63%
• 10Y*: —

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

WHYIX vs. FQTHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WHYIX Allspring High Yield Municipal Bond Fund	2.77%	2.76%	5.61%	5.78%	-12.07%	5.02%	2.19%	3.59%
FQTHX Franklin Templeton SMACS: Series H	2.99%	5.94%	8.76%	8.88%	-14.00%	6.04%	4.90%	1.65%

Correlation

The correlation between WHYIX and FQTHX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019	0.85

The correlation between WHYIX and FQTHX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

WHYIX vs. FQTHX — Risk / Return Rank

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

WHYIX

WHYIX Risk / Return Rank: 74
WHYIX Sharpe Ratio Rank: 76
WHYIX Sortino Ratio Rank: 85
WHYIX Omega Ratio Rank: 86
WHYIX Calmar Ratio Rank: 70
WHYIX Martin Ratio Rank: 52

FQTHX

FQTHX Risk / Return Rank: 75
FQTHX Sharpe Ratio Rank: 81
FQTHX Sortino Ratio Rank: 89
FQTHX Omega Ratio Rank: 89
FQTHX Calmar Ratio Rank: 62
FQTHX Martin Ratio Rank: 51

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.

WHYIX vs. FQTHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring High Yield Municipal Bond Fund (WHYIX) and Franklin Templeton SMACS: Series H (FQTHX). 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.

	WHYIX	FQTHX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.63	-0.09
Sortino ratio: Return per unit of downside risk	4.12	4.33	-0.21
Omega ratio: Gain probability vs. loss probability	1.61	1.64	-0.04
Calmar ratio: Return relative to maximum drawdown	3.23	3.02	+0.20
Martin ratio: Return relative to average drawdown	10.60	10.51	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WHYIX vs. FQTHX - Sharpe Ratio Comparison

The current WHYIX Sharpe Ratio is 2.54, which is comparable to the FQTHX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of WHYIX and FQTHX, 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

	WHYIX	FQTHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.63	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.49	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.55	+0.36

Drawdowns

WHYIX vs. FQTHX - Drawdown Comparison

The maximum WHYIX drawdown since its inception was -16.88%, smaller than the maximum FQTHX drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for WHYIX and FQTHX.

Drawdown Indicators

	WHYIX	FQTHX	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-18.96%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-3.30%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-7.18%	-7.78%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-16.88%	-18.96%	+2.08%
Max Drawdown (10Y) Largest decline over 10 years	-16.88%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.04%	-4.71%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.95%	-0.15%

Volatility

WHYIX vs. FQTHX - Volatility Comparison

The current volatility for Allspring High Yield Municipal Bond Fund (WHYIX) is 1.16%, while Franklin Templeton SMACS: Series H (FQTHX) has a volatility of 1.41%. This indicates that WHYIX experiences smaller price fluctuations and is considered to be less risky than FQTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WHYIX	FQTHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.41%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.78%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.81%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	5.37%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	6.08%	-1.55%

WHYIX vs. FQTHX - Expense Ratio Comparison

WHYIX has a 0.55% expense ratio, which is higher than FQTHX's 0.00% expense ratio.

Dividends

WHYIX vs. FQTHX - Dividend Comparison

WHYIX's dividend yield for the trailing twelve months is around 4.71%, less than FQTHX's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQTHX Franklin Templeton SMACS: Series H	5.07%	6.76%	5.86%	3.67%	3.82%	3.03%	3.05%	1.43%	0.00%	0.00%	0.00%	0.00%
WHYIX Allspring High Yield Municipal Bond Fund	4.71%	4.69%	4.71%	3.74%	4.04%	3.81%	4.24%	3.73%	3.96%	3.89%	4.41%	3.96%

Frequently Asked Questions

Can I hold both WHYIX and FQTHX in my portfolio?

WHYIX and FQTHX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WHYIX or FQTHX?

FQTHX has higher volatility (1.41%) compared to WHYIX (1.16%). In terms of maximum drawdown, WHYIX dropped -16.88% vs FQTHX's -18.96%.

Which has better risk-adjusted returns?

FQTHX currently has the higher Sharpe Ratio (2.63 vs 2.54), 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.