CATF vs. FLV

Last updated Jun 24, 2026

CATF (American Century California Municipal Bond ETF) and FLV (American Century Focused Large Cap Value ETF) are both exchange-traded funds - CATF is a Municipal Bonds fund actively managed by American Century, while FLV is a Large Cap Value Equities fund actively managed by American Century. Both are actively managed. Over the past year, CATF returned 7.60% vs 18.98% for FLV. At a 0.19 correlation, their price movements are largely independent. CATF charges 0.27%/yr vs 0.42%/yr for FLV.

Performance

CATF vs. FLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California Municipal Bond ETF (CATF) and American Century Focused Large Cap Value ETF (FLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CATF achieves a 2.29% return, which is significantly lower than FLV's 7.17% return.

CATF

• 1D: -0.08%
• 1M: 1.47%
• YTD: 2.29%
• 6M: 2.24%
• 1Y: 7.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLV

• 1D: 0.31%
• 1M: 0.08%
• YTD: 7.17%
• 6M: 6.55%
• 1Y: 18.98%
• 3Y*: 13.47%
• 5Y*: 9.36%
• 10Y*: —

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

CATF vs. FLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CATF American Century California Municipal Bond ETF	2.29%	3.78%	0.62%
FLV American Century Focused Large Cap Value ETF	7.17%	15.80%	2.19%

Correlation

The correlation between CATF and FLV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.19

Return for Risk

CATF vs. FLV — Risk / Return Rank

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

CATF

CATF Risk / Return Rank: 77
CATF Sharpe Ratio Rank: 85
CATF Sortino Ratio Rank: 90
CATF Omega Ratio Rank: 90
CATF Calmar Ratio Rank: 61
CATF Martin Ratio Rank: 59

FLV

FLV Risk / Return Rank: 57
FLV Sharpe Ratio Rank: 60
FLV Sortino Ratio Rank: 64
FLV Omega Ratio Rank: 57
FLV Calmar Ratio Rank: 55
FLV Martin Ratio Rank: 50

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.

CATF vs. FLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California Municipal Bond ETF (CATF) and American Century Focused Large Cap Value ETF (FLV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CATF	FLV	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.86	+0.62
Sortino ratio: Return per unit of downside risk	3.78	2.75	+1.03
Omega ratio: Gain probability vs. loss probability	1.52	1.33	+0.20
Calmar ratio: Return relative to maximum drawdown	2.76	2.53	+0.23
Martin ratio: Return relative to average drawdown	9.61	7.90	+1.71

CATF vs. FLV - Sharpe Ratio Comparison

The current CATF Sharpe Ratio is 2.49, which is higher than the FLV Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CATF and FLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CATF vs. FLV - Drawdown Comparison

The maximum CATF drawdown since its inception was -4.83%, smaller than the maximum FLV drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for CATF and FLV.

Drawdown Indicators

	CATF	FLV	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-15.06%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-7.53%	+4.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.06%	—
Current Drawdown Current decline from peak	-0.22%	-1.38%	+1.16%
Average Drawdown Average peak-to-trough decline	-1.24%	-2.72%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.41%	-1.62%

Volatility

CATF vs. FLV - Volatility Comparison

The current volatility for American Century California Municipal Bond ETF (CATF) is 0.80%, while American Century Focused Large Cap Value ETF (FLV) has a volatility of 3.14%. This indicates that CATF experiences smaller price fluctuations and is considered to be less risky than FLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CATF	FLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	3.14%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	7.42%	-5.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	10.24%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	12.70%	-8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	14.27%	-9.99%

CATF vs. FLV - Expense Ratio Comparison

CATF has a 0.27% expense ratio, which is lower than FLV's 0.42% expense ratio.

Dividends

CATF vs. FLV - Dividend Comparison

CATF's dividend yield for the trailing twelve months is around 3.49%, more than FLV's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CATF American Century California Municipal Bond ETF	3.49%	3.40%	1.32%	0.00%	0.00%	0.00%	0.00%
FLV American Century Focused Large Cap Value ETF	2.16%	1.90%	2.07%	2.07%	4.98%	4.05%	0.87%

Frequently Asked Questions

Can I hold both CATF and FLV in my portfolio?

CATF and FLV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CATF or FLV?

FLV has higher volatility (3.14%) compared to CATF (0.80%). In terms of maximum drawdown, CATF dropped -4.83% vs FLV's -15.06%.

Which ETF is better, CATF or FLV?

On 1-year performance, FLV leads with 18.98% vs 7.60% for CATF. On fees, CATF is cheaper at 0.27% per year. On volatility, CATF has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CATF or FLV?

Over the 1-year period, FLV has performed better with a 18.98% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CATF or FLV?

CATF is cheaper with a 0.27% expense ratio, compared with 0.42% for FLV.

Which ETF pays a higher dividend yield, CATF or FLV?

CATF has the higher dividend yield at 3.49%, compared with 2.16% for FLV.

What is the main difference between CATF and FLV?

CATF is categorized as Municipal Bonds, while FLV is Large Cap Value Equities. Their fees differ too: 0.27% for CATF and 0.42% for FLV.

Which has better risk-adjusted returns?

CATF currently has the higher Sharpe Ratio (2.49 vs 1.86), 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.