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Franklin California High Yield Municipal Fund Advisor Class (FVCAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

The fund seeks to provide investors with a high level of income exempt from regular federal and California personal income taxes, with capital appreciation as a secondary goal, by investing in municipal securities of any rating category, including higher yielding, lower-rated securities.

Looking to diversify beyond FVCAX? The mutual funds below have the lowest correlation with FVCAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from FVCAX.

Best Diversifiers for FVCAX

1 mutual funds have low correlation with FVCAX (below 0.3), 0 of which are negatively correlated. The least correlated is Franklin Global Allocation Fund Class C (FFACX) (Global Allocation) with a 1Y correlation of 0.26, roughly unchanged from 0.20 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FFACX
Franklin Global Allocation Fund Class C0.260.240.20
61
Global AllocationFVCAX vs FFACX
NVHIX
Nuveen Short Duration High Yield Municipal Bond Fu...0.670.710.71
65
High Yield MuniFVCAX vs NVHIX
RTHAX
Russell Investments Tax-Exempt High Yield Bond Fun...0.680.810.84
68
High Yield MuniFVCAX vs RTHAX
AHYMX
abrdn Short Duration High Yield Municipal Fund0.710.770.79
54
High Yield MuniFVCAX vs AHYMX
TMNIX
Counterpoint Tactical Municipal Fund0.720.660.62
69
High Yield MuniFVCAX vs TMNIX
See all 23 diversifiers for FVCAX

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