FVCAX vs. FEHAX
FVCAX (Franklin California High Yield Municipal Fund Advisor Class) and FEHAX (First Eagle High Yield Municipal Fund Class A) are both High Yield Muni funds. Both are actively managed. Over the past 10 years, FVCAX returned 2.29%/yr vs 3.83%/yr for FEHAX. Their 0.34 correlation means their historical movements had little consistent relationship. FVCAX charges 0.55%/yr vs 1.13%/yr for FEHAX.
Performance
FVCAX vs. FEHAX - Performance Comparison
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Returns By Period
In the year-to-date period, FVCAX achieves a 0.85% return, which is significantly lower than FEHAX's 1.76% return. Over the past 10 years, FVCAX has underperformed FEHAX with an annualized return of 2.29%, while FEHAX has yielded a comparatively higher 3.83% annualized return.
FVCAX
- 1D
- -0.21%
- 1M
- -2.24%
- 6M
- 0.27%
- YTD
- 0.85%
- 1Y
- 6.27%
- 3Y*
- 4.56%
- 5Y*
- 0.41%
- 10Y*
- 2.29%
- ALL TIME*
- 3.96%
FEHAX
- 1D
- -0.13%
- 1M
- -2.45%
- 6M
- 0.88%
- YTD
- 1.76%
- 1Y
- 5.89%
- 3Y*
- 4.97%
- 5Y*
- 2.23%
- 10Y*
- 3.83%
- ALL TIME*
- 3.71%
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 |
FVCAX vs. FEHAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FVCAX Franklin California High Yield Municipal Fund Advisor Class | 0.85% | 4.77% | 4.98% | 4.66% | -11.86% | 3.97% | 4.64% | 10.29% | 1.15% | 6.87% |
FEHAX First Eagle High Yield Municipal Fund Class A | 1.76% | -1.04% | 11.22% | 8.39% | -8.79% | 3.35% | 6.91% | 8.29% | -0.68% | 4.39% |
Correlation
The correlation between FVCAX and FEHAX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | 0.34 |
Over the past year, FVCAX and FEHAX have become more correlated (0.78) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
FVCAX vs. FEHAX — Risk / Return Rank
FVCAX
FEHAX
FVCAX vs. FEHAX - 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 First Eagle High Yield Municipal Fund Class A (FEHAX). 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.
| FVCAX | FEHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.31 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.05 | +0.32 |
| Martin ratioReturn relative to average drawdown | 8.32 | 6.52 | +1.80 |
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Drawdowns
FVCAX vs. FEHAX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than FEHAX's maximum drawdown of -18.54%. Use the drawdown chart below to compare losses from any high point for FVCAX and FEHAX.
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Drawdown Indicators
| FVCAX | FEHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -18.54% | -5.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -3.08% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -9.15% | +3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -12.83% | -4.76% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | -16.18% | -1.41% |
Current DrawdownCurrent decline from peak | -2.24% | -2.45% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -2.51% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.97% | -0.16% |
Volatility
FVCAX vs. FEHAX - Volatility Comparison
The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 0.99%, while First Eagle High Yield Municipal Fund Class A (FEHAX) has a volatility of 1.13%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than FEHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | FEHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.13% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 3.24% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 4.33% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.73% | 5.44% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 4.92% | -0.08% |
FVCAX vs. FEHAX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is lower than FEHAX's 1.13% expense ratio.
Dividends
FVCAX vs. FEHAX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.12%, less than FEHAX's 5.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEHAX First Eagle High Yield Municipal Fund Class A | 5.54% | 5.67% | 4.84% | 4.20% | 4.76% | 3.62% | 4.06% | 4.10% | 5.27% | 4.99% | 5.80% | 7.20% |
FVCAX Franklin California High Yield Municipal Fund Advisor Class | 4.12% | 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
FVCAX and FEHAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEHAX has higher volatility (1.13%) compared to FVCAX (0.99%). In terms of maximum drawdown, FVCAX dropped -24.06% vs FEHAX's -18.54%.
FVCAX currently has the higher Sharpe Ratio (2.11 vs 1.46), 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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