FVCAX vs. FQTHX

Last updated Jun 24, 2026

FVCAX (Franklin California High Yield Municipal Fund Advisor Class) and FQTHX (Franklin Templeton SMACS: Series H) are both High Yield Muni funds. Over the past 5 years, FVCAX returned 0.99%/yr vs 2.57%/yr for FQTHX. Their correlation of 0.87 suggests significant overlap in exposure. FVCAX charges 0.55%/yr vs 0.00%/yr for FQTHX.

Performance

FVCAX vs. FQTHX - 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 Templeton SMACS: Series H (FQTHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVCAX achieves a 2.36% return, which is significantly lower than FQTHX's 3.21% return.

FVCAX

• 1D: -0.10%
• 1M: 1.96%
• YTD: 2.36%
• 6M: 2.98%
• 1Y: 7.87%
• 3Y*: 4.94%
• 5Y*: 0.99%
• 10Y*: 2.49%

FQTHX

• 1D: -0.11%
• 1M: 2.29%
• YTD: 3.21%
• 6M: 3.82%
• 1Y: 9.29%
• 3Y*: 7.51%
• 5Y*: 2.57%
• 10Y*: —

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

FVCAX vs. FQTHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FVCAX Franklin California High Yield Municipal Fund Advisor Class	2.36%	4.77%	4.98%	4.66%	-11.86%	3.97%	4.64%	3.72%
FQTHX Franklin Templeton SMACS: Series H	3.21%	5.94%	8.76%	8.88%	-14.00%	6.04%	4.90%	1.65%

Correlation

The correlation between FVCAX and FQTHX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 3, 2019	0.87

The correlation between FVCAX and FQTHX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

FVCAX vs. FQTHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FVCAX

FVCAX Risk / Return Rank: 75
FVCAX Sharpe Ratio Rank: 83
FVCAX Sortino Ratio Rank: 90
FVCAX Omega Ratio Rank: 89
FVCAX Calmar Ratio Rank: 59
FVCAX Martin Ratio Rank: 52

FQTHX

FQTHX Risk / Return Rank: 76
FQTHX Sharpe Ratio Rank: 84
FQTHX Sortino Ratio Rank: 91
FQTHX Omega Ratio Rank: 90
FQTHX Calmar Ratio Rank: 61
FQTHX Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FVCAX vs. FQTHX - 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 Templeton SMACS: Series H (FQTHX). 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	FQTHX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.53	-0.03
Sortino ratio: Return per unit of downside risk	4.07	4.15	-0.07
Omega ratio: Gain probability vs. loss probability	1.60	1.62	-0.02
Calmar ratio: Return relative to maximum drawdown	2.82	2.87	-0.05
Martin ratio: Return relative to average drawdown	9.94	9.99	-0.05

FVCAX vs. FQTHX - Sharpe Ratio Comparison

The current FVCAX Sharpe Ratio is 2.50, which is comparable to the FQTHX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FVCAX and FQTHX, 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. FQTHX - Drawdown Comparison

The maximum FVCAX drawdown since its inception was -24.06%, which is greater than FQTHX's maximum drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for FVCAX and FQTHX.

Drawdown Indicators

	FVCAX	FQTHX	Difference
Max Drawdown Largest peak-to-trough decline	-24.06%	-18.96%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-3.30%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-7.01%	-7.78%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-17.59%	-18.96%	+1.37%
Max Drawdown (10Y) Largest decline over 10 years	-17.59%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.56%	-4.68%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.95%	-0.15%

Volatility

FVCAX vs. FQTHX - Volatility Comparison

The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 0.89%, while Franklin Templeton SMACS: Series H (FQTHX) has a volatility of 1.03%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than FQTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVCAX	FQTHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.03%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.76%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	3.76%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.71%	5.37%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	6.06%	-1.22%

FVCAX vs. FQTHX - Expense Ratio Comparison

FVCAX has a 0.55% expense ratio, which is higher than FQTHX's 0.00% expense ratio.

Dividends

FVCAX vs. FQTHX - Dividend Comparison

FVCAX's dividend yield for the trailing twelve months is around 4.39%, less than FQTHX's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQTHX Franklin Templeton SMACS: Series H	5.06%	6.76%	5.86%	3.67%	3.82%	3.03%	3.05%	1.43%	0.00%	0.00%	0.00%	0.00%
FVCAX Franklin California High Yield Municipal Fund Advisor Class	4.39%	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 FQTHX in my portfolio?

With a correlation of 0.90, FVCAX and FQTHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FVCAX or FQTHX?

FQTHX has higher volatility (1.03%) compared to FVCAX (0.89%). In terms of maximum drawdown, FVCAX dropped -24.06% vs FQTHX's -18.96%.

Which has better risk-adjusted returns?

FQTHX currently has the higher Sharpe Ratio (2.53 vs 2.50), 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.