CANE vs. FCAL
CANE (Teucrium Sugar Fund) and FCAL (First Trust California Municipal High Income ETF) are both exchange-traded funds - CANE is a Agricultural Commodities fund tracking the Teucrium Sugar Fund Benchmark, while FCAL is a Municipal Bonds fund actively managed by First Trust. CANE is passively managed, while FCAL is actively managed. Over the past 5 years, CANE returned 2.90%/yr vs 0.81%/yr for FCAL. At a correlation of -0.01, they often move in opposite directions. CANE charges 1.88%/yr vs 0.50%/yr for FCAL.
Performance
CANE vs. FCAL - Performance Comparison
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Returns By Period
In the year-to-date period, CANE achieves a -0.77% return, which is significantly lower than FCAL's 1.89% return.
CANE
- 1D
- -1.02%
- 1M
- -5.56%
- YTD
- -0.77%
- 6M
- 0.83%
- 1Y
- -14.28%
- 3Y*
- -10.43%
- 5Y*
- 2.90%
- 10Y*
- -2.23%
FCAL
- 1D
- 0.03%
- 1M
- 0.78%
- YTD
- 1.89%
- 6M
- 2.30%
- 1Y
- 7.09%
- 3Y*
- 3.78%
- 5Y*
- 0.81%
- 10Y*
- —
CANE vs. FCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CANE Teucrium Sugar Fund | -0.77% | -14.65% | -7.79% | 30.06% | 3.59% | 36.30% | -3.85% | -0.97% | -27.52% | 7.35% |
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 CANE and FCAL is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017 | -0.01 |
Over the past year, the inverse relationship between CANE and FCAL has strengthened: their correlation has moved from -0.01 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CANE vs. FCAL — Risk / Return Rank
CANE
FCAL
CANE vs. FCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Sugar Fund (CANE) 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.
| CANE | FCAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.31 | ||
| Sortino ratioReturn per unit of downside risk | -4.80 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.59 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.76 | -3.48 |
| Martin ratioReturn relative to average drawdown | -1.18 | 10.35 | -11.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CANE | FCAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.62 | -3.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.19 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.26 | 0.50 | -0.76 |
Drawdowns
CANE vs. FCAL - Drawdown Comparison
The maximum CANE drawdown since its inception was -81.30%, which is greater than FCAL's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for CANE and FCAL.
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Drawdown Indicators
| CANE | FCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.30% | -14.81% | -66.49% |
Max Drawdown (1Y)Largest decline over 1 year | -19.89% | -2.57% | -17.32% |
Max Drawdown (3Y)Largest decline over 3 years | -41.73% | -5.46% | -36.27% |
Max Drawdown (5Y)Largest decline over 5 years | -41.73% | -14.44% | -27.29% |
Max Drawdown (10Y)Largest decline over 10 years | -67.29% | — | — |
Current DrawdownCurrent decline from peak | -63.21% | -0.24% | -62.97% |
Average DrawdownAverage peak-to-trough decline | -56.50% | -3.35% | -53.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.35% | 0.69% | +11.66% |
Volatility
CANE vs. FCAL - Volatility Comparison
Teucrium Sugar Fund (CANE) has a higher volatility of 6.85% compared to First Trust California Municipal High Income ETF (FCAL) at 0.96%. This indicates that CANE'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.
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Volatility by Period
| CANE | FCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.85% | 0.96% | +5.89% |
Volatility (6M)Calculated over the trailing 6-month period | 15.81% | 2.12% | +13.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 2.72% | +17.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.07% | 4.26% | +16.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.72% | 5.25% | +16.47% |
CANE vs. FCAL - Expense Ratio Comparison
CANE has a 1.88% expense ratio, which is higher than FCAL's 0.50% expense ratio.
Dividends
CANE vs. FCAL - Dividend Comparison
CANE has not paid dividends to shareholders, while FCAL's dividend yield for the trailing twelve months is around 3.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CANE Teucrium Sugar Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
CANE and FCAL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CANE has higher volatility (6.85%) compared to FCAL (0.96%). In terms of maximum drawdown, CANE dropped -81.30% vs FCAL's -14.81%.
On 5-year performance, CANE leads with 2.90% vs 0.81% for FCAL. On fees, FCAL is cheaper at 0.50% per year. On volatility, FCAL has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CANE has performed better with a 2.90% return vs 0.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCAL is cheaper with a 0.50% expense ratio, compared with 1.88% for CANE.
FCAL has the higher dividend yield at 3.32%, compared with 0.00% for CANE.
CANE is categorized as Agricultural Commodities, while FCAL is Municipal Bonds. They also come from different issuers: Teucrium and First Trust. Their fees differ too: 1.88% for CANE and 0.50% for FCAL.
FCAL currently has the higher Sharpe Ratio (2.62 vs -0.69), 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.
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