First Trust California Municipal High Income ETF (FCAL) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FCAL. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FCAL
FCAL charges 0.50% annually. There are 130 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | FCAL vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | FCAL vs SCMB | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | FCAL vs TAXT | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | FCAL vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 169.01M | Aug 2025 | FCAL vs TAXI |
Best Risk-Adjusted Alternatives to FCAL
FCAL has a PortfoliosLab risk / return rank of 78. There are 38 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | FCAL vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | FCAL vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | FCAL vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.47M | Nov 2018 | FCAL vs FUMB | |
| Goldman Sachs Ultra Short Municipal Income ETF | 97 | 54.13M | Jul 2024 | FCAL vs GUMI |
Top Performing FCAL Alternatives (YTD)
FCAL is at 0.60% YTD. There are 78 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.71% | 4.54M | May 2023 | FCAL vs ZTAX | |
| NYLI MacKay Muni Allocation ETF | 2.42% | 28.01M | Dec 2025 | FCAL vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.38% | 142.95M | Jun 2013 | FCAL vs RVNU | |
| Overlay Shares Municipal Bond ETF | 2.26% | 30.60M | Sep 2019 | FCAL vs OVM | |
| T. Rowe Price High Income Municipal ETF | 2.25% | 26.19M | Nov 2025 | FCAL vs THYM |
Lowest Volatility Alternatives to FCAL
FCAL has 2.82% 1-year volatility. There are 77 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | FCAL vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.69% | 8.74M | Sep 2024 | FCAL vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | FCAL vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | FCAL vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.84% | 246.47M | Nov 2018 | FCAL vs FUMB |
Lowest Drawdown Alternatives to FCAL
FCAL has a 1-year max drawdown of -2.57%. There are 54 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.47M | Nov 2018 | FCAL vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | FCAL vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | FCAL vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | FCAL vs GUMI | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | FCAL vs IBMO |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 16 categories. AUM among these funds goes as high as $25B.
Often Compared With FCAL
Investors most often compare FCAL with CMF, PWZ, CALY. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare FCAL with Any Fund or Stock
Compare FCAL with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FCAL with funds that move differently
First Trust California Municipal High Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FCAL.
Explore FCAL Diversifiers