FVCAX vs. FCOQX
Compare and contrast key facts about Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Franklin Colorado Tax-Free Income Fund Class A (FCOQX).
FVCAX is an actively managed fund by Franklin. It was launched on May 3, 1993. FCOQX is a passively managed fund by Franklin that tracks the performance of the Bloomberg Municipal Bond Index. It was launched on Sep 1, 1987.
Performance
FVCAX vs. FCOQX - Performance Comparison
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FVCAX vs. FCOQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.38% |
FCOQX Franklin Colorado Tax-Free Income Fund Class A | -0.45% | 3.34% | 2.47% | 5.62% | -10.97% | 1.52% | 4.72% | 6.41% | 0.98% |
Returns By Period
In the year-to-date period, FVCAX achieves a -0.32% return, which is significantly higher than FCOQX's -0.45% 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%
FCOQX
- 1D
- 0.29%
- 1M
- -1.97%
- YTD
- -0.45%
- 6M
- 1.31%
- 1Y
- 3.19%
- 3Y*
- 2.81%
- 5Y*
- 0.22%
- 10Y*
- —
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FVCAX vs. FCOQX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is lower than FCOQX's 0.85% expense ratio.
Return for Risk
FVCAX vs. FCOQX — Risk / Return Rank
FVCAX
FCOQX
FVCAX vs. FCOQX - 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 Franklin Colorado Tax-Free Income Fund Class A (FCOQX). 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 | FCOQX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.68 | 0.00 |
Sortino ratioReturn per unit of downside risk | 0.95 | 0.93 | +0.02 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.76 | +0.12 |
Martin ratioReturn relative to average drawdown | 2.56 | 2.05 | +0.51 |
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 | FCOQX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.68 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.05 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.38 | +0.47 |
Correlation
The correlation between FVCAX and FCOQX is 0.88, 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. FCOQX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.45%, more than FCOQX's 2.92% 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% |
FCOQX Franklin Colorado Tax-Free Income Fund Class A | 2.92% | 3.13% | 3.01% | 2.33% | 2.59% | 2.09% | 2.37% | 2.95% | 1.06% | 0.00% | 0.00% | 0.00% |
Drawdowns
FVCAX vs. FCOQX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than FCOQX's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for FVCAX and FCOQX.
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Drawdown Indicators
| FVCAX | FCOQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -15.80% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | -5.32% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -15.80% | -1.79% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | — | — |
Current DrawdownCurrent decline from peak | -2.33% | -2.25% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -4.22% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.97% | -0.16% |
Volatility
FVCAX vs. FCOQX - Volatility Comparison
Franklin California High Yield Municipal Fund Advisor Class (FVCAX) has a higher volatility of 1.19% compared to Franklin Colorado Tax-Free Income Fund Class A (FCOQX) at 1.13%. This indicates that FVCAX's price experiences larger fluctuations and is considered to be riskier than FCOQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | FCOQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.13% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 1.74% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 5.27% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 4.16% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 4.43% | +0.39% |