FKTFX vs. VCITX

Last updated Jun 3, 2026

FKTFX (Franklin California Tax Free Income Fund) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, FKTFX returned 2.34%/yr vs 2.53%/yr for VCITX. A 0.71 correlation means they provide meaningful diversification when combined. FKTFX charges 0.62%/yr vs 0.17%/yr for VCITX.

Performance

FKTFX vs. VCITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin California Tax Free Income Fund (FKTFX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKTFX achieves a 1.58% return, which is significantly lower than VCITX's 1.76% return. Over the past 10 years, FKTFX has underperformed VCITX with an annualized return of 2.34%, while VCITX has yielded a comparatively higher 2.53% annualized return.

FKTFX

• 1D: 0.00%
• 1M: 0.62%
• YTD: 1.58%
• 6M: 2.07%
• 1Y: 7.54%
• 3Y*: 4.25%
• 5Y*: 0.92%
• 10Y*: 2.34%

VCITX

• 1D: 0.17%
• 1M: 0.92%
• YTD: 1.76%
• 6M: 2.16%
• 1Y: 8.47%
• 3Y*: 4.78%
• 5Y*: 1.34%
• 10Y*: 2.53%

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

FKTFX vs. VCITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKTFX Franklin California Tax Free Income Fund	1.58%	4.38%	2.78%	6.25%	-10.31%	1.80%	5.29%	9.73%	0.31%	6.08%
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares	1.76%	4.90%	2.66%	7.51%	-10.06%	1.46%	5.60%	8.81%	0.67%	6.82%

Correlation

The correlation between FKTFX and VCITX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 8, 1986	0.71

The correlation between FKTFX and VCITX shifts across timeframes, from 0.71 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FKTFX vs. VCITX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FKTFX

FKTFX Risk / Return Rank: 57
FKTFX Sharpe Ratio Rank: 57
FKTFX Sortino Ratio Rank: 70
FKTFX Omega Ratio Rank: 86
FKTFX Calmar Ratio Rank: 36
FKTFX Martin Ratio Rank: 33

VCITX

VCITX Risk / Return Rank: 69
VCITX Sharpe Ratio Rank: 83
VCITX Sortino Ratio Rank: 88
VCITX Omega Ratio Rank: 91
VCITX Calmar Ratio Rank: 42
VCITX Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FKTFX vs. VCITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin California Tax Free Income Fund (FKTFX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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.

	FKTFX	VCITX	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.68	-0.43
Sortino ratio Return per unit of downside risk	3.50	4.23	-0.73
Omega ratio Gain probability vs. loss probability	1.59	1.66	-0.07
Calmar ratio Return relative to maximum drawdown	2.32	2.45	-0.13
Martin ratio Return relative to average drawdown	7.62	8.75	-1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKTFX vs. VCITX - Sharpe Ratio Comparison

The current FKTFX Sharpe Ratio is 2.25, which is comparable to the VCITX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FKTFX and VCITX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FKTFX	VCITX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.68	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.30	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.56	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.02	-0.40

Drawdowns

FKTFX vs. VCITX - Drawdown Comparison

The maximum FKTFX drawdown since its inception was -31.16%, which is greater than VCITX's maximum drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for FKTFX and VCITX.

Drawdown Indicators

	FKTFX	VCITX	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	-22.71%	-8.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.20%	-3.43%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-6.47%	-6.57%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-15.79%	-0.42%
Max Drawdown (10Y) Largest decline over 10 years	-16.21%	-15.79%	-0.42%
Current Drawdown Current decline from peak	-0.65%	-0.47%	-0.18%
Average Drawdown Average peak-to-trough decline	-6.10%	-2.58%	-3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.96%	+0.01%

Volatility

FKTFX vs. VCITX - Volatility Comparison

Franklin California Tax Free Income Fund (FKTFX) has a higher volatility of 1.32% compared to Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) at 1.23%. This indicates that FKTFX's price experiences larger fluctuations and is considered to be riskier than VCITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKTFX	VCITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.23%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	2.41%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	3.15%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	4.56%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	4.56%	+0.21%

FKTFX vs. VCITX - Expense Ratio Comparison

FKTFX has a 0.62% expense ratio, which is higher than VCITX's 0.17% expense ratio.

Dividends

FKTFX vs. VCITX - Dividend Comparison

FKTFX's dividend yield for the trailing twelve months is around 3.77%, more than VCITX's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKTFX Franklin California Tax Free Income Fund	3.77%	4.96%	4.22%	3.20%	3.29%	2.68%	2.91%	3.85%	3.58%	3.58%	3.65%	3.93%
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares	3.55%	4.34%	3.85%	2.99%	2.66%	2.56%	3.21%	3.16%	3.32%	3.22%	3.45%	3.50%

Frequently Asked Questions

Can I hold both FKTFX and VCITX in my portfolio?

FKTFX and VCITX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKTFX or VCITX?

FKTFX has higher volatility (1.32%) compared to VCITX (1.23%). In terms of maximum drawdown, FKTFX dropped -31.16% vs VCITX's -22.71%.

Which has better risk-adjusted returns?

VCITX currently has the higher Sharpe Ratio (2.68 vs 2.25), 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.