FGRAX vs. FVCAX
FGRAX (Franklin Growth Opportunities Fund Class A) and FVCAX (Franklin California High Yield Municipal Fund Advisor Class) are both mutual funds - FGRAX is a Large Cap Growth Equities 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, FGRAX returned 17.14%/yr vs 2.29%/yr for FVCAX. Their -0.07 correlation means they have often moved in opposite directions in the past. FGRAX charges 0.89%/yr vs 0.55%/yr for FVCAX.
Performance
FGRAX vs. FVCAX - Performance Comparison
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Returns By Period
In the year-to-date period, FGRAX achieves a 4.01% return, which is significantly higher than FVCAX's 1.06% return. Over the past 10 years, FGRAX has outperformed FVCAX with an annualized return of 17.14%, while FVCAX has yielded a comparatively lower 2.29% annualized return.
FGRAX
- 1D
- 2.86%
- 1M
- -3.61%
- 6M
- 4.99%
- YTD
- 4.01%
- 1Y
- 7.23%
- 3Y*
- 14.93%
- 5Y*
- 9.86%
- 10Y*
- 17.14%
- ALL TIME*
- 11.34%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FGRAX vs. FVCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGRAX Franklin Growth Opportunities Fund Class A | 4.01% | 8.10% | 25.65% | 39.54% | -37.14% | 48.19% | 45.48% | 46.91% | -1.32% | 28.78% |
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 FGRAX and FVCAX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2006 | -0.07 |
The correlation between FGRAX and FVCAX shifts across timeframes, from -0.07 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FGRAX vs. FVCAX — Risk / Return Rank
FGRAX
FVCAX
FGRAX vs. FVCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Growth Opportunities Fund Class A (FGRAX) 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.
| FGRAX | FVCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.56 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 2.68 | -2.34 |
| Martin ratioReturn relative to average drawdown | 1.10 | 9.54 | -8.44 |
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Drawdowns
FGRAX vs. FVCAX - Drawdown Comparison
The maximum FGRAX drawdown since its inception was -78.79%, which is greater than FVCAX's maximum drawdown of -24.06%. Use the drawdown chart below to compare losses from any high point for FGRAX and FVCAX.
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Drawdown Indicators
| FGRAX | FVCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.79% | -24.06% | -54.73% |
Max Drawdown (1Y)Largest decline over 1 year | -15.82% | -2.84% | -12.98% |
Max Drawdown (3Y)Largest decline over 3 years | -26.30% | -6.15% | -20.15% |
Max Drawdown (5Y)Largest decline over 5 years | -40.30% | -17.59% | -22.71% |
Max Drawdown (10Y)Largest decline over 10 years | -40.30% | -17.59% | -22.71% |
Current DrawdownCurrent decline from peak | -6.61% | -2.04% | -4.57% |
Average DrawdownAverage peak-to-trough decline | -28.65% | -3.54% | -25.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 0.80% | +4.18% |
Volatility
FGRAX vs. FVCAX - Volatility Comparison
Franklin Growth Opportunities Fund Class A (FGRAX) has a higher volatility of 6.11% compared to Franklin California High Yield Municipal Fund Advisor Class (FVCAX) at 0.99%. This indicates that FGRAX'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.
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Volatility by Period
| FGRAX | FVCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.11% | 0.99% | +5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 15.06% | 2.55% | +12.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.22% | 3.24% | +14.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.85% | 4.73% | +22.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.43% | 4.84% | +19.59% |
FGRAX vs. FVCAX - Expense Ratio Comparison
FGRAX has a 0.89% expense ratio, which is higher than FVCAX's 0.55% expense ratio.
Dividends
FGRAX vs. FVCAX - Dividend Comparison
FGRAX's dividend yield for the trailing twelve months is around 18.97%, more than FVCAX's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGRAX Franklin Growth Opportunities Fund Class A | 18.97% | 19.73% | 10.72% | 13.47% | 4.83% | 28.81% | 5.83% | 17.52% | 13.10% | 8.71% | 2.09% | 2.04% |
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
FGRAX and FVCAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FGRAX has higher volatility (6.11%) compared to FVCAX (0.99%). In terms of maximum drawdown, FGRAX dropped -78.79% vs FVCAX's -24.06%.
FVCAX currently has the higher Sharpe Ratio (2.35 vs 0.30), 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.
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