FVCAX vs. BATEX
Compare and contrast key facts about Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX).
FVCAX is an actively managed fund by Franklin. It was launched on May 3, 1993. BATEX is managed by BlackRock. It was launched on Aug 3, 2014.
Performance
FVCAX vs. BATEX - Performance Comparison
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FVCAX vs. BATEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FVCAX Franklin California High Yield Municipal Fund Advisor Class | -0.32% | 4.77% | 4.98% | 4.66% | -11.86% | 3.97% | 4.64% | 10.29% | 1.15% | 6.87% |
BATEX BlackRock Allocation Target Shares Series E Portfolio | -0.39% | 3.22% | 4.74% | 6.45% | -14.23% | 8.28% | 5.77% | 10.92% | 1.75% | 8.76% |
Returns By Period
In the year-to-date period, FVCAX achieves a -0.32% return, which is significantly higher than BATEX's -0.39% return. Over the past 10 years, FVCAX has underperformed BATEX with an annualized return of 2.65%, while BATEX has yielded a comparatively higher 2.99% annualized return.
FVCAX
- 1D
- 0.31%
- 1M
- -2.03%
- YTD
- -0.32%
- 6M
- 1.33%
- 1Y
- 3.40%
- 3Y*
- 4.14%
- 5Y*
- 0.94%
- 10Y*
- 2.65%
BATEX
- 1D
- 0.51%
- 1M
- -2.17%
- YTD
- -0.39%
- 6M
- 0.76%
- 1Y
- 1.94%
- 3Y*
- 3.68%
- 5Y*
- 0.78%
- 10Y*
- 2.99%
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FVCAX vs. BATEX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is higher than BATEX's 0.11% expense ratio.
Return for Risk
FVCAX vs. BATEX — Risk / Return Rank
FVCAX
BATEX
FVCAX vs. BATEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX). 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.
| FVCAX | BATEX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.29 | +0.39 |
Sortino ratioReturn per unit of downside risk | 0.95 | 0.44 | +0.51 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.10 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.43 | +0.45 |
Martin ratioReturn relative to average drawdown | 2.56 | 1.09 | +1.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FVCAX | BATEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.29 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.14 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.51 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.59 | +0.26 |
Correlation
The correlation between FVCAX and BATEX is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FVCAX vs. BATEX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.45%, less than BATEX's 4.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FVCAX Franklin California High Yield Municipal Fund Advisor Class | 4.45% | 5.82% | 4.87% | 3.46% | 3.65% | 3.10% | 3.30% | 4.06% | 3.85% | 3.45% | 3.86% | 4.06% |
BATEX BlackRock Allocation Target Shares Series E Portfolio | 4.70% | 5.01% | 3.74% | 2.98% | 5.41% | 3.29% | 3.50% | 3.80% | 4.75% | 2.88% | 0.98% | 0.13% |
Drawdowns
FVCAX vs. BATEX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than BATEX's maximum drawdown of -19.90%. Use the drawdown chart below to compare losses from any high point for FVCAX and BATEX.
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Drawdown Indicators
| FVCAX | BATEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -19.90% | -4.16% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | -7.14% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -19.90% | +2.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | -19.90% | +2.31% |
Current DrawdownCurrent decline from peak | -2.33% | -2.45% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -4.08% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 2.80% | -0.99% |
Volatility
FVCAX vs. BATEX - Volatility Comparison
The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 1.19%, while BlackRock Allocation Target Shares Series E Portfolio (BATEX) has a volatility of 1.45%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than BATEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | BATEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.45% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 2.34% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 7.69% | -2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 5.73% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 5.87% | -1.05% |