FVCAX vs. VWALX
FVCAX (Franklin California High Yield Municipal Fund Advisor Class) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Both are actively managed. Over the past 10 years, FVCAX returned 2.49%/yr vs 3.01%/yr for VWALX. Their correlation of 0.84 suggests significant overlap in exposure. FVCAX charges 0.55%/yr vs 0.09%/yr for VWALX.
Performance
FVCAX vs. VWALX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FVCAX having a 2.36% return and VWALX slightly higher at 2.43%. Over the past 10 years, FVCAX has underperformed VWALX with an annualized return of 2.49%, while VWALX has yielded a comparatively higher 3.01% annualized 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%
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
FVCAX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FVCAX Franklin California High Yield Municipal Fund Advisor Class | 2.36% | 4.77% | 4.98% | 4.66% | -11.86% | 3.97% | 4.64% | 10.29% | 1.15% | 6.87% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between FVCAX and VWALX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2006 | 0.84 |
The correlation between FVCAX and VWALX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
FVCAX vs. VWALX — Risk / Return Rank
FVCAX
VWALX
FVCAX vs. VWALX - 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 Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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 | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.67 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | 2.78 | +0.05 |
| Martin ratioReturn relative to average drawdown | 9.94 | 10.12 | -0.18 |
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Drawdowns
FVCAX vs. VWALX - Drawdown Comparison
The maximum FVCAX drawdown since its inception was -24.06%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for FVCAX and VWALX.
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Drawdown Indicators
| FVCAX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.06% | -17.24% | -6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -3.05% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -7.10% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -17.59% | -17.24% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -17.59% | -17.24% | -0.35% |
Current DrawdownCurrent decline from peak | -0.10% | -0.09% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -2.16% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.84% | -0.04% |
Volatility
FVCAX vs. VWALX - Volatility Comparison
Franklin California High Yield Municipal Fund Advisor Class (FVCAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 0.89% and 0.90%, 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 | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.90% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.39% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.22% | 3.24% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.71% | 4.81% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 4.64% | +0.20% |
FVCAX vs. VWALX - Expense Ratio Comparison
FVCAX has a 0.55% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
FVCAX vs. VWALX - Dividend Comparison
FVCAX's dividend yield for the trailing twelve months is around 4.39%, more than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
FVCAX and VWALX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWALX has higher volatility (0.90%) compared to FVCAX (0.89%). In terms of maximum drawdown, FVCAX dropped -24.06% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.62 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.
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