FVCAX vs. FFACX

Last updated Aug 1, 2026

FVCAX (Franklin California High Yield Municipal Fund Advisor Class) and FFACX (Franklin Global Allocation Fund Class C) are both mutual funds - FVCAX is a High Yield Muni fund actively managed by Franklin, while FFACX is a Global Allocation fund actively managed by Franklin. Both are actively managed. Over the past 10 years, FVCAX returned 2.29%/yr vs 6.44%/yr for FFACX. Their -0.10 correlation means they have often moved in opposite directions in the past. FVCAX charges 0.55%/yr vs 1.74%/yr for FFACX.

Performance

FVCAX vs. FFACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Franklin Global Allocation Fund Class C (FFACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVCAX achieves a 1.06% return, which is significantly lower than FFACX's 6.82% return. Over the past 10 years, FVCAX has underperformed FFACX with an annualized return of 2.29%, while FFACX has yielded a comparatively higher 6.44% annualized return.

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%

FFACX

• 1D: 1.31%
• 1M: -0.22%
• 6M: 4.66%
• YTD: 6.82%
• 1Y: 15.17%
• 3Y*: 12.45%
• 5Y*: 6.95%
• 10Y*: 6.44%
• ALL TIME*: 5.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFACX Franklin Global Allocation Fund Class C	$0.00	$0.00	$0.00
FVCAX Franklin California High Yield Municipal Fund Advisor Class	$0.00	$0.00	$0.00

FVCAX vs. FFACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FFACX Franklin Global Allocation Fund Class C	6.82%	15.09%	12.06%	11.99%	-12.43%	10.89%	0.71%	16.90%	-10.54%	10.44%

Correlation

The correlation between FVCAX and FFACX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Nov 15, 2006	-0.10

The correlation between FVCAX and FFACX shifts across timeframes, from -0.10 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FVCAX vs. FFACX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FVCAX

FVCAX Risk / Return Rank: 87
FVCAX Sharpe Ratio Rank: 91
FVCAX Sortino Ratio Rank: 93
FVCAX Omega Ratio Rank: 94
FVCAX Calmar Ratio Rank: 80
FVCAX Martin Ratio Rank: 76

FFACX

FFACX Risk / Return Rank: 61
FFACX Sharpe Ratio Rank: 58
FFACX Sortino Ratio Rank: 58
FFACX Omega Ratio Rank: 57
FFACX Calmar Ratio Rank: 59
FFACX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FVCAX vs. FFACX - 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 Global Allocation Fund Class C (FFACX). 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	FFACX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.49	+0.87
Sortino ratio: Return per unit of downside risk	3.68	2.14	+1.54
Omega ratio: Gain probability vs. loss probability	1.56	1.27	+0.29
Calmar ratio: Return relative to maximum drawdown	2.68	2.08	+0.61
Martin ratio: Return relative to average drawdown	9.54	8.93	+0.61

FVCAX vs. FFACX - Sharpe Ratio Comparison

The current FVCAX Sharpe Ratio is 2.35, which is higher than the FFACX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FVCAX and FFACX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FVCAX vs. FFACX - Drawdown Comparison

The maximum FVCAX drawdown since its inception was -24.06%, smaller than the maximum FFACX drawdown of -53.66%. Use the drawdown chart below to compare losses from any high point for FVCAX and FFACX.

Drawdown Indicators

	FVCAX	FFACX	Difference
Max Drawdown Largest peak-to-trough decline	-24.06%	-53.66%	+29.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-6.75%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.15%	-10.99%	+4.84%
Max Drawdown (5Y) Largest decline over 5 years	-17.59%	-18.76%	+1.17%
Max Drawdown (10Y) Largest decline over 10 years	-17.59%	-30.23%	+12.64%
Current Drawdown Current decline from peak	-2.04%	-1.11%	-0.93%
Average Drawdown Average peak-to-trough decline	-3.54%	-7.92%	+4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.57%	-0.77%

Volatility

FVCAX vs. FFACX - Volatility Comparison

The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 0.99%, while Franklin Global Allocation Fund Class C (FFACX) has a volatility of 2.73%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than FFACX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVCAX	FFACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	2.73%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	7.93%	-5.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	9.44%	-6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.73%	10.13%	-5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	11.32%	-6.48%

FVCAX vs. FFACX - Expense Ratio Comparison

FVCAX has a 0.55% expense ratio, which is lower than FFACX's 1.74% expense ratio.

Dividends

FVCAX vs. FFACX - Dividend Comparison

FVCAX's dividend yield for the trailing twelve months is around 4.11%, less than FFACX's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFACX Franklin Global Allocation Fund Class C	4.46%	4.52%	0.39%	0.90%	3.57%	0.45%	6.72%	2.24%	2.38%	2.21%	1.48%	2.17%
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

Can I hold both FVCAX and FFACX in my portfolio?

FVCAX and FFACX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVCAX or FFACX?

FFACX has higher volatility (2.73%) compared to FVCAX (0.99%). In terms of maximum drawdown, FVCAX dropped -24.06% vs FFACX's -53.66%.

Which has better risk-adjusted returns?

FVCAX currently has the higher Sharpe Ratio (2.35 vs 1.49), 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.