Fidelity Advisor California Municipal Income Fund Class I (FCMQX)

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Fidelity Advisor California Municipal Income Fund Class I (FCMQX) is up 1.4% since the beginning of the year. FCMQX is currently trading at $12 per share. Investors who bought $1,000 worth of FCMQX shares 5 years ago would now be looking at an investment worth $1,047.

Fidelity Advisor California Municipal Income Fund Class I (FCMQX) has returned 1.39% so far this year and 7.16% over the past 12 months. Over the last ten years, FCMQX has returned 1.91% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Jul 9, 1984, FCMQX's average daily return is +0.01%, while the average monthly return is +0.22%. At this rate, an investment would double in approximately 26.3 years.

Historically, 61% of months were positive and 39% were negative. The best month was Nov 2023 with a return of +6.1%, while the worst month was Apr 1987 at -8.2%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 9 months.

On a daily basis, FCMQX closed higher 39% of trading days. The best single day was Mar 25, 2020 with a return of +4.2%, while the worst single day was Oct 19, 1987 at -3.0%.

Fidelity Advisor California Municipal Income Fund Class I has an annualized alpha of 2.48%, beta of 0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since July 09, 1984.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.23%) than losses (8.54%) - typical of diversified or defensive assets.
• Beta of 0.02 may look defensive, but with R2 of 0.01 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 0.01 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.

FCMQX has an expense ratio of 0.54%, placing it in the medium range.

FCMQX ranks 66 for risk / return — better than 66% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Fidelity Advisor California Municipal Income Fund Class I provided a 2.93% dividend yield over the last twelve months, with an annual payout of $0.36 per share.

The table displays the monthly dividend distributions for Fidelity Advisor California Municipal Income Fund Class I. 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 I. 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 I was 23.20%, occurring on Oct 19, 1987. Recovery took 1349 trading sessions.

The current Fidelity Advisor California Municipal Income Fund Class I drawdown is 0.84%.

The chart below shows the rolling one-month volatility.