VCLAX vs. FKTFX
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Franklin California Tax Free Income Fund (FKTFX).
VCLAX is managed by Vanguard. It was launched on Nov 12, 2001. FKTFX is managed by Franklin Templeton. It was launched on Jan 30, 1977.
Performance
VCLAX vs. FKTFX - Performance Comparison
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VCLAX vs. FKTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | -0.64% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
FKTFX Franklin California Tax Free Income Fund | -0.58% | 4.38% | 2.78% | 6.25% | -10.31% | 1.80% | 5.29% | 9.73% | 0.31% | 6.08% |
Returns By Period
In the year-to-date period, VCLAX achieves a -0.64% return, which is significantly lower than FKTFX's -0.58% return. Over the past 10 years, VCLAX has outperformed FKTFX with an annualized return of 2.52%, while FKTFX has yielded a comparatively lower 2.32% annualized return.
VCLAX
- 1D
- 0.35%
- 1M
- -2.49%
- YTD
- -0.64%
- 6M
- 1.06%
- 1Y
- 3.99%
- 3Y*
- 3.83%
- 5Y*
- 1.23%
- 10Y*
- 2.52%
FKTFX
- 1D
- 0.30%
- 1M
- -2.34%
- YTD
- -0.58%
- 6M
- 1.13%
- 1Y
- 3.28%
- 3Y*
- 3.45%
- 5Y*
- 0.83%
- 10Y*
- 2.32%
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VCLAX vs. FKTFX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than FKTFX's 0.62% expense ratio.
Return for Risk
VCLAX vs. FKTFX — Risk / Return Rank
VCLAX
FKTFX
VCLAX vs. FKTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Franklin California Tax Free Income Fund (FKTFX). 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.
| VCLAX | FKTFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 0.67 | +0.16 |
Sortino ratioReturn per unit of downside risk | 1.12 | 0.91 | +0.21 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.85 | +0.13 |
Martin ratioReturn relative to average drawdown | 2.98 | 2.44 | +0.54 |
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
| VCLAX | FKTFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.67 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.19 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.49 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.62 | +0.31 |
Correlation
The correlation between VCLAX and FKTFX is 0.81, 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
VCLAX vs. FKTFX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.62%, less than FKTFX's 3.81% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.62% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
FKTFX Franklin California Tax Free Income Fund | 3.81% | 4.96% | 4.22% | 3.20% | 3.29% | 2.68% | 2.91% | 3.85% | 3.58% | 3.58% | 3.65% | 3.93% |
Drawdowns
VCLAX vs. FKTFX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, smaller than the maximum FKTFX drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for VCLAX and FKTFX.
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Drawdown Indicators
| VCLAX | FKTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -31.16% | +15.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.34% | -5.29% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -16.21% | +0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -16.21% | +0.49% |
Current DrawdownCurrent decline from peak | -2.83% | -2.76% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -6.11% | +3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.86% | -0.10% |
Volatility
VCLAX vs. FKTFX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 1.34% compared to Franklin California Tax Free Income Fund (FKTFX) at 1.25%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than FKTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | FKTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.25% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 1.98% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.44% | 5.48% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 4.46% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.54% | 4.75% | -0.21% |