DFCA vs. FCTFX
Compare and contrast key facts about Dimensional California Municipal Bond ETF (DFCA) and Fidelity California Municipal Income Fund (FCTFX).
DFCA is an actively managed fund by Dimensional. It was launched on Jun 26, 2023. FCTFX is managed by Fidelity. It was launched on Jul 7, 1984.
Performance
DFCA vs. FCTFX - Performance Comparison
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DFCA vs. FCTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 0.07% | 2.99% | 1.49% | 2.59% |
FCTFX Fidelity California Municipal Income Fund | -1.07% | 5.75% | 1.89% | 3.95% |
Returns By Period
In the year-to-date period, DFCA achieves a 0.07% return, which is significantly higher than FCTFX's -1.07% return.
DFCA
- 1D
- 0.13%
- 1M
- -1.50%
- YTD
- 0.07%
- 6M
- 1.46%
- 1Y
- 3.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCTFX
- 1D
- 0.16%
- 1M
- -3.26%
- YTD
- -1.07%
- 6M
- 0.59%
- 1Y
- 4.27%
- 3Y*
- 3.38%
- 5Y*
- 0.96%
- 10Y*
- 2.02%
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DFCA vs. FCTFX - Expense Ratio Comparison
DFCA has a 0.19% expense ratio, which is lower than FCTFX's 0.45% expense ratio.
Return for Risk
DFCA vs. FCTFX — Risk / Return Rank
DFCA
FCTFX
DFCA vs. FCTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Fidelity California Municipal Income Fund (FCTFX). 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.
| DFCA | FCTFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.32 | 1.04 | +0.29 |
Sortino ratioReturn per unit of downside risk | 1.70 | 1.40 | +0.30 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.08 | +0.31 |
Martin ratioReturn relative to average drawdown | 5.09 | 3.87 | +1.22 |
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
| DFCA | FCTFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.04 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.25 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.50 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 1.12 | -0.09 |
Correlation
The correlation between DFCA and FCTFX is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
DFCA vs. FCTFX - Dividend Comparison
DFCA's dividend yield for the trailing twelve months is around 2.83%, less than FCTFX's 3.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 2.83% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FCTFX Fidelity California Municipal Income Fund | 3.01% | 3.86% | 2.85% | 2.67% | 1.67% | 2.28% | 2.79% | 2.84% | 3.01% | 3.53% | 3.52% | 3.03% |
Drawdowns
DFCA vs. FCTFX - Drawdown Comparison
The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum FCTFX drawdown of -23.20%. Use the drawdown chart below to compare losses from any high point for DFCA and FCTFX.
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Drawdown Indicators
| DFCA | FCTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -23.20% | +19.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -5.00% | +2.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.01% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.01% | — |
Current DrawdownCurrent decline from peak | -1.50% | -3.26% | +1.76% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -2.44% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.39% | -0.71% |
Volatility
DFCA vs. FCTFX - Volatility Comparison
The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.84%, while Fidelity California Municipal Income Fund (FCTFX) has a volatility of 1.17%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than FCTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCA | FCTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.17% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.24% | 1.77% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 4.99% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.52% | 3.92% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.52% | 4.04% | -1.52% |