FVCAX vs. RTHAX
FVCAX (Franklin California High Yield Municipal Fund Advisor Class) and RTHAX (Russell Investments Tax-Exempt High Yield Bond Fund) are both High Yield Muni funds. Over the past 10 years, FVCAX returned 2.29%/yr vs 2.63%/yr for RTHAX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. FVCAX charges 0.55%/yr vs 0.89%/yr for RTHAX.
Performance
FVCAX vs. RTHAX - 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 RTHAX's 1.73% return. Over the past 10 years, FVCAX has underperformed RTHAX with an annualized return of 2.29%, while RTHAX has yielded a comparatively higher 2.63% 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%
RTHAX
- 1D
- -0.21%
- 1M
- -1.74%
- 6M
- 0.90%
- YTD
- 1.73%
- 1Y
- 6.21%
- 3Y*
- 3.89%
- 5Y*
- 0.15%
- 10Y*
- 2.63%
- ALL TIME*
- 3.14%
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. RTHAX - 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% |
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund | 1.73% | 2.11% | 4.49% | 7.78% | -13.62% | 5.54% | 3.84% | 10.18% | 3.20% | 8.19% |
Correlation
The correlation between FVCAX and RTHAX is 0.71, 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. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.77 |
The correlation between FVCAX and RTHAX shifts across timeframes, from 0.71 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FVCAX vs. RTHAX — Risk / Return Rank
FVCAX
RTHAX
FVCAX vs. RTHAX - 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 Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX). 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 | RTHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.61 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.48 | -0.10 |
| Martin ratioReturn relative to average drawdown | 8.32 | 9.69 | -1.37 |
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Drawdowns
FVCAX vs. RTHAX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than RTHAX's maximum drawdown of -18.89%. Use the drawdown chart below to compare losses from any high point for FVCAX and RTHAX.
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Drawdown Indicators
| FVCAX | RTHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -18.89% | -5.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -2.74% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -7.07% | +0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -18.87% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | -18.89% | +1.30% |
Current DrawdownCurrent decline from peak | -2.24% | -1.74% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -3.68% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.70% | +0.11% |
Volatility
FVCAX vs. RTHAX - Volatility Comparison
Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX) have volatilities of 0.99% and 1.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FVCAX | RTHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.04% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 2.29% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 2.85% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.73% | 5.14% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 4.99% | -0.15% |
FVCAX vs. RTHAX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is lower than RTHAX's 0.89% expense ratio.
Dividends
FVCAX vs. RTHAX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.12%, less than RTHAX's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund | 4.26% | 3.60% | 4.02% | 3.97% | 3.64% | 2.80% | 3.10% | 3.83% | 3.86% | 3.44% | 4.06% | 0.00% |
Frequently Asked Questions
FVCAX and RTHAX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RTHAX has higher volatility (1.04%) compared to FVCAX (0.99%). In terms of maximum drawdown, FVCAX dropped -24.06% vs RTHAX's -18.89%.
RTHAX currently has the higher Sharpe Ratio (2.39 vs 2.11), 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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