Fidelity Advisor California Municipal Income Fund Class A (FCMAX)

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The chart shows the growth of an initial investment of $10,000 in Fidelity Advisor California Municipal Income Fund Class A, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Fidelity Advisor California Municipal Income Fund Class A (FCMAX) has returned -1.12% so far this year and 4.01% over the past 12 months. Over the last ten years, FCMAX has returned 1.62% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Dec 31, 1993, FCMAX's average daily return is +0.01%, while the average monthly return is +0.21%. At this rate, your investment would double in approximately 27.5 years.

Historically, 61% of months were positive and 39% were negative. The best month was Nov 2023 with a return of +6.0%, while the worst month was Mar 1994 at -5.6%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 9 months.

On a daily basis, FCMAX closed higher 29% of trading days. The best single day was Mar 25, 2020 with a return of +4.2%, while the worst single day was Mar 31, 1994 at -5.6%.

Fidelity Advisor California Municipal Income Fund Class A has an annualized alpha of 2.57%, beta of -0.01, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 03, 1994.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (10.22%) than losses (4.56%) — typical of diversified or defensive assets.
• Beta of -0.01 may look defensive, but with R² of 0.00 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R² of 0.00 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

FCMAX has an expense ratio of 0.79%, placing it in the medium range.

FCMAX ranks 45 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

The table below present risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class A (FCMAX) and compare them to a chosen benchmark (S&P 500 Index).

Fidelity Advisor California Municipal Income Fund Class A provided a 2.68% dividend yield over the last twelve months, with an annual payout of $0.33 per share.

The table displays the monthly dividend distributions for Fidelity Advisor California Municipal Income Fund Class A. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Fidelity Advisor California Municipal Income Fund Class A. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Fidelity Advisor California Municipal Income Fund Class A was 16.96%, occurring on Nov 30, 1994. Recovery took 968 trading sessions.

The current Fidelity Advisor California Municipal Income Fund Class A drawdown is 3.25%.

The chart below shows the rolling one-month volatility.