FCAVX vs. NRK
FCAVX (Franklin California Tax-Free Income Fund Advisor Class) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Both are actively managed. Over the past 10 years, FCAVX returned 2.28%/yr vs 2.30%/yr for NRK. At a 0.25 correlation, their price movements are largely independent. FCAVX charges 0.51%/yr vs 2.16%/yr for NRK.
Performance
FCAVX vs. NRK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCAVX achieves a 2.38% return, which is significantly lower than NRK's 9.49% return. Both investments have delivered pretty close results over the past 10 years, with FCAVX having a 2.28% annualized return and NRK not far ahead at 2.30%.
FCAVX
- 1D
- 0.15%
- 1M
- 1.38%
- YTD
- 2.38%
- 6M
- 2.73%
- 1Y
- 7.80%
- 3Y*
- 4.49%
- 5Y*
- 1.13%
- 10Y*
- 2.28%
NRK
- 1D
- 0.09%
- 1M
- 1.58%
- YTD
- 9.49%
- 6M
- 10.25%
- 1Y
- 18.50%
- 3Y*
- 8.01%
- 5Y*
- 0.30%
- 10Y*
- 2.30%
FCAVX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAVX Franklin California Tax-Free Income Fund Advisor Class | 2.38% | 4.38% | 3.08% | 6.22% | -10.12% | 1.89% | 5.26% | 9.86% | 0.53% | 6.19% |
NRK Nuveen New York AMT Free Quality Municipal Income | 9.49% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between FCAVX and NRK is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.25 |
Over the past year, FCAVX and NRK have become more correlated (0.51) than their long-term average of 0.25, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCAVX vs. NRK — Risk / Return Rank
FCAVX
NRK
FCAVX vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin California Tax-Free Income Fund Advisor Class (FCAVX) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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.
| FCAVX | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.43 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.49 | -0.88 |
| Martin ratioReturn relative to average drawdown | 8.83 | 9.31 | -0.49 |
Loading charts...
Drawdowns
FCAVX vs. NRK - Drawdown Comparison
The maximum FCAVX drawdown since its inception was -16.05%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for FCAVX and NRK.
Loading charts...
Drawdown Indicators
| FCAVX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.05% | -40.18% | +24.13% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -5.32% | +2.26% |
Max Drawdown (3Y)Largest decline over 3 years | -6.46% | -12.67% | +6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.05% | -31.06% | +15.01% |
Max Drawdown (10Y)Largest decline over 10 years | -16.05% | -31.06% | +15.01% |
Current DrawdownCurrent decline from peak | 0.00% | -1.20% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -8.17% | +5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.99% | -1.09% |
Volatility
FCAVX vs. NRK - Volatility Comparison
The current volatility for Franklin California Tax-Free Income Fund Advisor Class (FCAVX) is 0.82%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 2.99%. This indicates that FCAVX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCAVX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 2.99% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 6.66% | -4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | 8.50% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.61% | 9.95% | -5.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 10.34% | -5.52% |
FCAVX vs. NRK - Expense Ratio Comparison
FCAVX has a 0.51% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
FCAVX vs. NRK - Dividend Comparison
FCAVX's dividend yield for the trailing twelve months is around 3.85%, less than NRK's 7.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCAVX Franklin California Tax-Free Income Fund Advisor Class | 3.85% | 5.10% | 4.36% | 3.31% | 3.41% | 2.78% | 3.01% | 3.95% | 3.67% | 3.67% | 3.76% | 4.02% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.76% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
Frequently Asked Questions
FCAVX and NRK 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.
NRK has higher volatility (2.99%) compared to FCAVX (0.82%). In terms of maximum drawdown, FCAVX dropped -16.05% vs NRK's -40.18%.
FCAVX currently has the higher Sharpe Ratio (2.51 vs 2.19), 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.
Find the right allocation for FCAVX and NRK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer