FFACX vs. FVCAX

Last updated Aug 1, 2026

FFACX (Franklin Global Allocation Fund Class C) and FVCAX (Franklin California High Yield Municipal Fund Advisor Class) are both mutual funds - FFACX is a Global Allocation fund actively managed by Franklin, while FVCAX is a High Yield Muni fund actively managed by Franklin. Both are actively managed. Over the past 10 years, FFACX returned 6.44%/yr vs 2.29%/yr for FVCAX. Their -0.10 correlation means they have often moved in opposite directions in the past. FFACX charges 1.74%/yr vs 0.55%/yr for FVCAX.

Performance

FFACX vs. FVCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Global Allocation Fund Class C (FFACX) and Franklin California High Yield Municipal Fund Advisor Class (FVCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFACX achieves a 6.82% return, which is significantly higher than FVCAX's 1.06% return. Over the past 10 years, FFACX has outperformed FVCAX with an annualized return of 6.44%, while FVCAX has yielded a comparatively lower 2.29% annualized return.

FFACX

• 1D: 1.31%
• 1M: -0.22%
• 6M: 4.66%
• YTD: 6.82%
• 1Y: 15.17%
• 3Y*: 12.45%
• 5Y*: 6.95%
• 10Y*: 6.44%
• ALL TIME*: 5.85%

FVCAX

• 1D: -0.31%
• 1M: -2.04%
• 6M: 0.48%
• YTD: 1.06%
• 1Y: 6.49%
• 3Y*: 4.56%
• 5Y*: 0.45%
• 10Y*: 2.29%
• ALL TIME*: 3.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFACX Franklin Global Allocation Fund Class C	$0.00	$0.00	$0.00
FVCAX Franklin California High Yield Municipal Fund Advisor Class	$0.00	$0.00	$0.00

FFACX vs. FVCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFACX Franklin Global Allocation Fund Class C	6.82%	15.09%	12.06%	11.99%	-12.43%	10.89%	0.71%	16.90%	-10.54%	10.44%
FVCAX Franklin California High Yield Municipal Fund Advisor Class	1.06%	4.77%	4.98%	4.66%	-11.86%	3.97%	4.64%	10.29%	1.15%	6.87%

Correlation

The correlation between FFACX and FVCAX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Nov 15, 2006	-0.10

The correlation between FFACX and FVCAX shifts across timeframes, from -0.10 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FFACX vs. FVCAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFACX

FFACX Risk / Return Rank: 61
FFACX Sharpe Ratio Rank: 58
FFACX Sortino Ratio Rank: 58
FFACX Omega Ratio Rank: 57
FFACX Calmar Ratio Rank: 59
FFACX Martin Ratio Rank: 71

FVCAX

FVCAX Risk / Return Rank: 87
FVCAX Sharpe Ratio Rank: 91
FVCAX Sortino Ratio Rank: 93
FVCAX Omega Ratio Rank: 94
FVCAX Calmar Ratio Rank: 80
FVCAX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFACX vs. FVCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Global Allocation Fund Class C (FFACX) and Franklin California High Yield Municipal Fund Advisor Class (FVCAX). 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.

	FFACX	FVCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.35	-0.87
Sortino ratio: Return per unit of downside risk	2.14	3.68	-1.54
Omega ratio: Gain probability vs. loss probability	1.27	1.56	-0.29
Calmar ratio: Return relative to maximum drawdown	2.08	2.68	-0.61
Martin ratio: Return relative to average drawdown	8.93	9.54	-0.61

FFACX vs. FVCAX - Sharpe Ratio Comparison

The current FFACX Sharpe Ratio is 1.49, which is lower than the FVCAX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FFACX and FVCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FFACX vs. FVCAX - Drawdown Comparison

The maximum FFACX drawdown since its inception was -53.66%, which is greater than FVCAX's maximum drawdown of -24.06%. Use the drawdown chart below to compare losses from any high point for FFACX and FVCAX.

Drawdown Indicators

	FFACX	FVCAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.66%	-24.06%	-29.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-2.84%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-10.99%	-6.15%	-4.84%
Max Drawdown (5Y) Largest decline over 5 years	-18.76%	-17.59%	-1.17%
Max Drawdown (10Y) Largest decline over 10 years	-30.23%	-17.59%	-12.64%
Current Drawdown Current decline from peak	-1.11%	-2.04%	+0.93%
Average Drawdown Average peak-to-trough decline	-7.92%	-3.54%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.80%	+0.77%

Volatility

FFACX vs. FVCAX - Volatility Comparison

Franklin Global Allocation Fund Class C (FFACX) has a higher volatility of 2.73% compared to Franklin California High Yield Municipal Fund Advisor Class (FVCAX) at 0.99%. This indicates that FFACX's price experiences larger fluctuations and is considered to be riskier than FVCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFACX	FVCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	0.99%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	2.55%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	3.24%	+6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	4.73%	+5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	4.84%	+6.48%

FFACX vs. FVCAX - Expense Ratio Comparison

FFACX has a 1.74% expense ratio, which is higher than FVCAX's 0.55% expense ratio.

Dividends

FFACX vs. FVCAX - Dividend Comparison

FFACX's dividend yield for the trailing twelve months is around 4.46%, more than FVCAX's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFACX Franklin Global Allocation Fund Class C	4.46%	4.52%	0.39%	0.90%	3.57%	0.45%	6.72%	2.24%	2.38%	2.21%	1.48%	2.17%
FVCAX Franklin California High Yield Municipal Fund Advisor Class	4.11%	5.82%	4.87%	3.46%	3.65%	3.10%	3.30%	4.05%	3.85%	3.45%	3.86%	4.06%

Frequently Asked Questions

Can I hold both FFACX and FVCAX in my portfolio?

FFACX and FVCAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFACX or FVCAX?

FFACX has higher volatility (2.73%) compared to FVCAX (0.99%). In terms of maximum drawdown, FFACX dropped -53.66% vs FVCAX's -24.06%.

Which has better risk-adjusted returns?

FVCAX currently has the higher Sharpe Ratio (2.35 vs 1.49), 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.