TEDIX vs. FVCAX

Last updated Jun 24, 2026

TEDIX (Franklin Mutual Global Discovery Fund Class A) and FVCAX (Franklin California High Yield Municipal Fund Advisor Class) are both mutual funds - TEDIX is a Global Equities fund actively managed by Franklin, while FVCAX is a High Yield Muni fund actively managed by Franklin. Both are actively managed. Over the past 10 years, TEDIX returned 8.65%/yr vs 2.49%/yr for FVCAX. At a correlation of -0.13, they often move in opposite directions. TEDIX charges 1.21%/yr vs 0.55%/yr for FVCAX.

Performance

TEDIX vs. FVCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Mutual Global Discovery Fund Class A (TEDIX) and Franklin California High Yield Municipal Fund Advisor Class (FVCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEDIX achieves a 0.29% return, which is significantly lower than FVCAX's 2.36% return. Over the past 10 years, TEDIX has outperformed FVCAX with an annualized return of 8.65%, while FVCAX has yielded a comparatively lower 2.49% annualized return.

TEDIX

• 1D: -0.10%
• 1M: -1.12%
• YTD: 0.29%
• 6M: 0.16%
• 1Y: 11.23%
• 3Y*: 13.25%
• 5Y*: 9.21%
• 10Y*: 8.65%

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%

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

TEDIX vs. FVCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEDIX Franklin Mutual Global Discovery Fund Class A	0.29%	23.45%	6.16%	20.16%	-4.98%	19.33%	-4.62%	24.41%	-11.07%	7.16%
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%

Correlation

The correlation between TEDIX and FVCAX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 15, 2006	-0.13

The correlation between TEDIX and FVCAX shifts across timeframes, from -0.13 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TEDIX vs. FVCAX — Risk / Return Rank

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

TEDIX

TEDIX Risk / Return Rank: 14
TEDIX Sharpe Ratio Rank: 14
TEDIX Sortino Ratio Rank: 15
TEDIX Omega Ratio Rank: 14
TEDIX Calmar Ratio Rank: 14
TEDIX Martin Ratio Rank: 13

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

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.

TEDIX vs. FVCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Mutual Global Discovery Fund Class A (TEDIX) and Franklin California High Yield Municipal Fund Advisor Class (FVCAX). 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.

	TEDIX	FVCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.50	-1.51
Sortino ratio: Return per unit of downside risk	1.47	4.07	-2.61
Omega ratio: Gain probability vs. loss probability	1.18	1.60	-0.41
Calmar ratio: Return relative to maximum drawdown	1.18	2.82	-1.65
Martin ratio: Return relative to average drawdown	3.46	9.94	-6.48

TEDIX vs. FVCAX - Sharpe Ratio Comparison

The current TEDIX Sharpe Ratio is 0.99, which is lower than the FVCAX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of TEDIX and FVCAX, 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

TEDIX vs. FVCAX - Drawdown Comparison

The maximum TEDIX drawdown since its inception was -40.21%, which is greater than FVCAX's maximum drawdown of -24.06%. Use the drawdown chart below to compare losses from any high point for TEDIX and FVCAX.

Drawdown Indicators

	TEDIX	FVCAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.21%	-24.06%	-16.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-2.84%	-7.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-7.01%	-5.94%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-17.59%	-4.10%
Max Drawdown (10Y) Largest decline over 10 years	-40.21%	-17.59%	-22.62%
Current Drawdown Current decline from peak	-5.34%	-0.10%	-5.24%
Average Drawdown Average peak-to-trough decline	-5.92%	-3.56%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	0.80%	+2.64%

Volatility

TEDIX vs. FVCAX - Volatility Comparison

Franklin Mutual Global Discovery Fund Class A (TEDIX) has a higher volatility of 3.07% compared to Franklin California High Yield Municipal Fund Advisor Class (FVCAX) at 0.89%. This indicates that TEDIX's price experiences larger fluctuations and is considered to be riskier than FVCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEDIX	FVCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	0.89%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	2.35%	+6.94%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	3.22%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	4.71%	+11.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	4.84%	+12.28%

TEDIX vs. FVCAX - Expense Ratio Comparison

TEDIX has a 1.21% expense ratio, which is higher than FVCAX's 0.55% expense ratio.

Dividends

TEDIX vs. FVCAX - Dividend Comparison

TEDIX's dividend yield for the trailing twelve months is around 10.68%, more than FVCAX's 4.39% 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%
TEDIX Franklin Mutual Global Discovery Fund Class A	10.68%	10.71%	12.98%	7.09%	10.31%	8.70%	3.33%	7.11%	7.35%	3.03%	4.20%	7.90%

Frequently Asked Questions

Can I hold both TEDIX and FVCAX in my portfolio?

TEDIX and FVCAX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEDIX or FVCAX?

TEDIX has higher volatility (3.07%) compared to FVCAX (0.89%). In terms of maximum drawdown, TEDIX dropped -40.21% vs FVCAX's -24.06%.

Which has better risk-adjusted returns?

FVCAX currently has the higher Sharpe Ratio (2.50 vs 0.99), 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.