FVCAX vs. FGRAX
Compare and contrast key facts about Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Franklin Growth Opportunities Fund Class A (FGRAX).
FVCAX is an actively managed fund by Franklin. It was launched on May 3, 1993. FGRAX is an actively managed fund by Franklin. It was launched on Jun 23, 1999.
Performance
FVCAX vs. FGRAX - Performance Comparison
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FVCAX vs. FGRAX - 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% |
FGRAX Franklin Growth Opportunities Fund Class A | -8.27% | 8.10% | 25.65% | 39.54% | -37.14% | 48.19% | 45.48% | 46.91% | -1.32% | 28.78% |
Returns By Period
In the year-to-date period, FVCAX achieves a -0.32% return, which is significantly higher than FGRAX's -8.27% return. Over the past 10 years, FVCAX has underperformed FGRAX with an annualized return of 2.65%, while FGRAX has yielded a comparatively higher 16.17% 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%
FGRAX
- 1D
- 4.11%
- 1M
- -5.72%
- YTD
- -8.27%
- 6M
- -9.51%
- 1Y
- 8.71%
- 3Y*
- 16.06%
- 5Y*
- 10.26%
- 10Y*
- 16.17%
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FVCAX vs. FGRAX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is lower than FGRAX's 0.89% expense ratio.
Return for Risk
FVCAX vs. FGRAX — Risk / Return Rank
FVCAX
FGRAX
FVCAX vs. FGRAX - 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 Growth Opportunities Fund Class A (FGRAX). 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 | FGRAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.45 | +0.24 |
Sortino ratioReturn per unit of downside risk | 0.95 | 0.82 | +0.13 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.11 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.59 | +0.29 |
Martin ratioReturn relative to average drawdown | 2.56 | 1.95 | +0.61 |
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 | FGRAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.45 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.39 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.67 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.42 | +0.43 |
Correlation
The correlation between FVCAX and FGRAX is -0.08. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
FVCAX vs. FGRAX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.45%, less than FGRAX's 21.51% 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% |
FGRAX Franklin Growth Opportunities Fund Class A | 21.51% | 19.73% | 10.72% | 13.47% | 4.83% | 28.81% | 5.83% | 17.52% | 13.10% | 8.71% | 2.09% | 2.04% |
Drawdowns
FVCAX vs. FGRAX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, smaller than the maximum FGRAX drawdown of -78.79%. Use the drawdown chart below to compare losses from any high point for FVCAX and FGRAX.
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Drawdown Indicators
| FVCAX | FGRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -78.79% | +54.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | -15.82% | +10.52% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -40.30% | +22.71% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | -40.30% | +22.71% |
Current DrawdownCurrent decline from peak | -2.33% | -12.35% | +10.02% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -28.97% | +25.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 4.74% | -2.93% |
Volatility
FVCAX vs. FGRAX - Volatility Comparison
The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 1.19%, while Franklin Growth Opportunities Fund Class A (FGRAX) has a volatility of 7.46%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than FGRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | FGRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 7.46% | -6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 12.91% | -11.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 21.88% | -16.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 26.59% | -21.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 24.29% | -19.47% |