FVCAX vs. NHMFX
Compare and contrast key facts about Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX).
FVCAX is an actively managed fund by Franklin. It was launched on May 3, 1993. NHMFX is managed by Nuveen. It was launched on Jun 30, 2016.
Performance
FVCAX vs. NHMFX - Performance Comparison
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FVCAX vs. NHMFX - 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% |
NHMFX Nuveen High Yield Municipal Bond Fund Class R6 | 0.16% | 3.21% | 5.23% | 6.74% | -14.90% | 9.94% | 3.33% | 12.18% | 2.05% | 12.17% |
Returns By Period
In the year-to-date period, FVCAX achieves a -0.32% return, which is significantly lower than NHMFX's 0.16% 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%
NHMFX
- 1D
- 0.91%
- 1M
- -2.01%
- YTD
- 0.16%
- 6M
- 1.94%
- 1Y
- 2.94%
- 3Y*
- 4.04%
- 5Y*
- 1.12%
- 10Y*
- —
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FVCAX vs. NHMFX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is lower than NHMFX's 0.69% expense ratio.
Return for Risk
FVCAX vs. NHMFX — Risk / Return Rank
FVCAX
NHMFX
FVCAX vs. NHMFX - 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 Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX). 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 | NHMFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.44 | +0.25 |
Sortino ratioReturn per unit of downside risk | 0.95 | 0.63 | +0.31 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.62 | +0.26 |
Martin ratioReturn relative to average drawdown | 2.56 | 1.49 | +1.07 |
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 | NHMFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.44 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.17 | +0.04 |
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 | 0.46 | +0.39 |
Correlation
The correlation between FVCAX and NHMFX is 0.85, 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. NHMFX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.45%, less than NHMFX's 6.25% 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% |
NHMFX Nuveen High Yield Municipal Bond Fund Class R6 | 6.25% | 6.59% | 5.35% | 6.99% | 5.68% | 4.71% | 5.05% | 5.03% | 5.46% | 5.37% | 2.52% | 0.00% |
Drawdowns
FVCAX vs. NHMFX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than NHMFX's maximum drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for FVCAX and NHMFX.
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Drawdown Indicators
| FVCAX | NHMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -22.25% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -5.30% | -7.85% | +2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -21.55% | +3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | — | — |
Current DrawdownCurrent decline from peak | -2.33% | -2.42% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -4.94% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 3.25% | -1.44% |
Volatility
FVCAX vs. NHMFX - Volatility Comparison
The current volatility for Franklin California High Yield Municipal Fund Advisor Class (FVCAX) is 1.19%, while Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) has a volatility of 1.91%. This indicates that FVCAX experiences smaller price fluctuations and is considered to be less risky than NHMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | NHMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.91% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 2.75% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 8.06% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 6.82% | -2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 6.79% | -1.97% |