BCHYX vs. FCSTX

Last updated Jun 5, 2026

BCHYX (American Century California High Yield Municipal Fund) and FCSTX (Fidelity California Limited Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, BCHYX returned 2.43%/yr vs 1.51%/yr for FCSTX. A 0.70 correlation means they provide meaningful diversification when combined. BCHYX charges 0.49%/yr vs 0.47%/yr for FCSTX.

Performance

BCHYX vs. FCSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California High Yield Municipal Fund (BCHYX) and Fidelity California Limited Term Tax-Free Bond Fund (FCSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCHYX achieves a 2.00% return, which is significantly higher than FCSTX's 0.59% return. Over the past 10 years, BCHYX has outperformed FCSTX with an annualized return of 2.43%, while FCSTX has yielded a comparatively lower 1.51% annualized return.

BCHYX

• 1D: -0.10%
• 1M: 0.85%
• YTD: 2.00%
• 6M: 2.34%
• 1Y: 7.66%
• 3Y*: 4.75%
• 5Y*: 0.71%
• 10Y*: 2.43%

FCSTX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 0.59%
• 6M: 0.89%
• 1Y: 3.90%
• 3Y*: 3.53%
• 5Y*: 1.23%
• 10Y*: 1.51%

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

BCHYX vs. FCSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCHYX American Century California High Yield Municipal Fund	2.00%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	0.59%	5.23%	1.73%	3.53%	-4.71%	0.20%	2.93%	4.07%	1.25%	2.27%

Correlation

The correlation between BCHYX and FCSTX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.70

The correlation between BCHYX and FCSTX shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BCHYX vs. FCSTX — Risk / Return Rank

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

BCHYX

BCHYX Risk / Return Rank: 66
BCHYX Sharpe Ratio Rank: 68
BCHYX Sortino Ratio Rank: 83
BCHYX Omega Ratio Rank: 84
BCHYX Calmar Ratio Rank: 50
BCHYX Martin Ratio Rank: 45

FCSTX

FCSTX Risk / Return Rank: 65
FCSTX Sharpe Ratio Rank: 83
FCSTX Sortino Ratio Rank: 88
FCSTX Omega Ratio Rank: 96
FCSTX Calmar Ratio Rank: 33
FCSTX Martin Ratio Rank: 26

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. FCSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California High Yield Municipal Fund (BCHYX) and Fidelity California Limited Term Tax-Free Bond Fund (FCSTX). 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	FCSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.73	-0.31
Sortino ratio: Return per unit of downside risk	3.98	4.29	-0.31
Omega ratio: Gain probability vs. loss probability	1.58	1.86	-0.28
Calmar ratio: Return relative to maximum drawdown	2.71	2.14	+0.57
Martin ratio: Return relative to average drawdown	9.38	6.18	+3.20
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. FCSTX - Sharpe Ratio Comparison

The current BCHYX Sharpe Ratio is 2.42, which is comparable to the FCSTX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of BCHYX and FCSTX, 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	FCSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.73	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.59	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.69	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.25	-0.05

Drawdowns

BCHYX vs. FCSTX - Drawdown Comparison

The maximum BCHYX drawdown since its inception was -18.35%, which is greater than FCSTX's maximum drawdown of -7.58%. Use the drawdown chart below to compare losses from any high point for BCHYX and FCSTX.

Drawdown Indicators

	BCHYX	FCSTX	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-7.58%	-10.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-1.88%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-2.21%	-5.48%
Max Drawdown (5Y) Largest decline over 5 years	-18.35%	-7.58%	-10.77%
Max Drawdown (10Y) Largest decline over 10 years	-18.35%	-7.58%	-10.77%
Current Drawdown Current decline from peak	-0.10%	-0.81%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.38%	-0.92%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.65%	+0.21%

Volatility

BCHYX vs. FCSTX - Volatility Comparison

American Century California High Yield Municipal Fund (BCHYX) has a higher volatility of 1.21% compared to Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) at 0.54%. This indicates that BCHYX's price experiences larger fluctuations and is considered to be riskier than FCSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHYX	FCSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.54%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	1.17%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	1.47%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	2.10%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	2.21%	+2.60%

BCHYX vs. FCSTX - Expense Ratio Comparison

BCHYX has a 0.49% expense ratio, which is higher than FCSTX's 0.47% expense ratio.

Dividends

BCHYX vs. FCSTX - Dividend Comparison

BCHYX's dividend yield for the trailing twelve months is around 3.96%, more than FCSTX's 2.29% 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%
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	2.29%	2.85%	2.00%	1.68%	1.01%	1.22%	1.68%	1.72%	1.71%	1.58%	1.89%	1.63%

Frequently Asked Questions

Can I hold both BCHYX and FCSTX in my portfolio?

BCHYX and FCSTX have a correlation of 0.65, 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 FCSTX?

BCHYX has higher volatility (1.21%) compared to FCSTX (0.54%). In terms of maximum drawdown, BCHYX dropped -18.35% vs FCSTX's -7.58%.

Which has better risk-adjusted returns?

FCSTX currently has the higher Sharpe Ratio (2.73 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.