BCHYX vs. FCAL

Last updated Jun 4, 2026

BCHYX (American Century California High Yield Municipal Fund) and FCAL (First Trust California Municipal High Income ETF) are both Municipal Bonds funds. Over the past 5 years, BCHYX returned 0.75%/yr vs 0.81%/yr for FCAL. A 0.54 correlation means they provide meaningful diversification when combined. BCHYX charges 0.49%/yr vs 0.50%/yr for FCAL.

Performance

BCHYX vs. FCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California High Yield Municipal Fund (BCHYX) and First Trust California Municipal High Income ETF (FCAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCHYX achieves a 2.11% return, which is significantly higher than FCAL's 1.89% return.

BCHYX

• 1D: 0.21%
• 1M: 0.96%
• YTD: 2.11%
• 6M: 2.45%
• 1Y: 8.12%
• 3Y*: 4.79%
• 5Y*: 0.75%
• 10Y*: 2.44%

FCAL

• 1D: 0.03%
• 1M: 0.78%
• YTD: 1.89%
• 6M: 2.30%
• 1Y: 7.09%
• 3Y*: 3.78%
• 5Y*: 0.81%
• 10Y*: —

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

BCHYX vs. FCAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCHYX American Century California High Yield Municipal Fund	2.11%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	2.95%
FCAL First Trust California Municipal High Income ETF	1.89%	3.19%	1.90%	6.08%	-9.50%	3.26%	3.51%	9.32%	0.31%	4.41%

Correlation

The correlation between BCHYX and FCAL is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017	0.54

Over the past year, BCHYX and FCAL have become more correlated (0.75) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

BCHYX vs. FCAL — Risk / Return Rank

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

BCHYX

BCHYX Risk / Return Rank: 67
BCHYX Sharpe Ratio Rank: 69
BCHYX Sortino Ratio Rank: 84
BCHYX Omega Ratio Rank: 86
BCHYX Calmar Ratio Rank: 50
BCHYX Martin Ratio Rank: 44

FCAL

FCAL Risk / Return Rank: 74
FCAL Sharpe Ratio Rank: 80
FCAL Sortino Ratio Rank: 86
FCAL Omega Ratio Rank: 90
FCAL Calmar Ratio Rank: 56
FCAL Martin Ratio Rank: 59

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.

BCHYX vs. FCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California High Yield Municipal Fund (BCHYX) and First Trust California Municipal High Income ETF (FCAL). 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.

	BCHYX	FCAL	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.62	-0.20
Sortino ratio Return per unit of downside risk	3.97	3.90	+0.07
Omega ratio Gain probability vs. loss probability	1.58	1.59	-0.01
Calmar ratio Return relative to maximum drawdown	2.71	2.76	-0.05
Martin ratio Return relative to average drawdown	9.38	10.35	-0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCHYX vs. FCAL - Sharpe Ratio Comparison

The current BCHYX Sharpe Ratio is 2.42, which is comparable to the FCAL Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of BCHYX and FCAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BCHYX	FCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.62	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.19	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.50	+0.70

Drawdowns

BCHYX vs. FCAL - Drawdown Comparison

The maximum BCHYX drawdown since its inception was -18.35%, which is greater than FCAL's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for BCHYX and FCAL.

Drawdown Indicators

	BCHYX	FCAL	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-14.81%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.57%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-5.46%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.35%	-14.44%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-18.35%	—	—
Current Drawdown Current decline from peak	0.00%	-0.24%	+0.24%
Average Drawdown Average peak-to-trough decline	-2.38%	-3.35%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.69%	+0.17%

Volatility

BCHYX vs. FCAL - Volatility Comparison

American Century California High Yield Municipal Fund (BCHYX) has a higher volatility of 1.21% compared to First Trust California Municipal High Income ETF (FCAL) at 0.96%. This indicates that BCHYX's price experiences larger fluctuations and is considered to be riskier than FCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHYX	FCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.96%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	2.12%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	2.72%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	4.26%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	5.25%	-0.44%

BCHYX vs. FCAL - Expense Ratio Comparison

BCHYX has a 0.49% expense ratio, which is lower than FCAL's 0.50% expense ratio.

Dividends

BCHYX vs. FCAL - Dividend Comparison

BCHYX's dividend yield for the trailing twelve months is around 3.96%, more than FCAL's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHYX American Century California High Yield Municipal Fund	3.96%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%
FCAL First Trust California Municipal High Income ETF	3.32%	3.22%	2.99%	2.74%	2.38%	2.03%	2.11%	2.68%	2.99%	1.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCHYX and FCAL in my portfolio?

BCHYX and FCAL have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCHYX or FCAL?

BCHYX has higher volatility (1.21%) compared to FCAL (0.96%). In terms of maximum drawdown, BCHYX dropped -18.35% vs FCAL's -14.81%.

Which has better risk-adjusted returns?

FCAL currently has the higher Sharpe Ratio (2.62 vs 2.42), 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.