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Franklin Michigan Tax-Free Income Fund Class A FMQTX
Historical return decomposition and an investable replication portfolio, using data through 2026-10-09.
Fund and replication metrics
| Measure | FMQTX | Replication |
|---|---|---|
| Annualized growth | -0.8% | -0.2% |
| Annualized volatility | 5.3% | 4.9% |
| Sharpe ratio | -0.12 | -0.01 |
| Maximum drawdown | 14.8% | 12.0% |
| Replication fit (R²) | 0.97 · Tracking error 1.0% | |
Replication portfolio
The published portfolio below is the investable basket used to model FMQTX’s historical return behavior.
| Ticker | Building block | Weight |
|---|---|---|
| MUB | FI · Municipal | 97.2% |
| SPTL | FI · Long Gov | 2.8% |