FCAL vs. BCHYX

Last updated Aug 2, 2026

FCAL (First Trust California Municipal High Income ETF) and BCHYX (American Century California High Yield Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, FCAL returned 0.23%/yr vs 0.18%/yr for BCHYX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. FCAL charges 0.50%/yr vs 0.49%/yr for BCHYX.

Performance

FCAL vs. BCHYX - Performance Comparison

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

Returns By Period

In the year-to-date period, FCAL achieves a 0.60% return, which is significantly lower than BCHYX's 0.86% return.

FCAL

• 1D: -0.09%
• 1M: -1.95%
• 6M: -0.18%
• YTD: 0.60%
• 1Y: 5.33%
• 3Y*: 3.06%
• 5Y*: 0.23%
• 10Y*: —
• ALL TIME*: 2.42%

BCHYX

• 1D: -0.31%
• 1M: -2.05%
• 6M: 0.32%
• YTD: 0.86%
• 1Y: 6.54%
• 3Y*: 4.00%
• 5Y*: 0.18%
• 10Y*: 2.15%
• ALL TIME*: 4.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCHYX American Century California High Yield Municipal Fund	$0.00	$0.00	$0.00
FCAL First Trust California Municipal High Income ETF	$639.26K	$623.11K	$916.60K

FCAL vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCAL First Trust California Municipal High Income ETF	0.60%	3.19%	1.90%	6.08%	-9.50%	3.26%	3.51%	9.32%	0.31%	4.38%
BCHYX American Century California High Yield Municipal Fund	0.86%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	2.85%

Correlation

The correlation between FCAL and BCHYX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017	0.54

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

Return for Risk

FCAL vs. BCHYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCAL

FCAL Risk / Return Rank: 78
FCAL Sharpe Ratio Rank: 86
FCAL Sortino Ratio Rank: 86
FCAL Omega Ratio Rank: 92
FCAL Calmar Ratio Rank: 64
FCAL Martin Ratio Rank: 64

BCHYX

BCHYX Risk / Return Rank: 87
BCHYX Sharpe Ratio Rank: 91
BCHYX Sortino Ratio Rank: 92
BCHYX Omega Ratio Rank: 93
BCHYX Calmar Ratio Rank: 80
BCHYX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCAL vs. BCHYX - Risk-Adjusted Trends Comparison

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

	FCAL	BCHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.29	-0.25
Sortino ratio: Return per unit of downside risk	2.88	3.59	-0.71
Omega ratio: Gain probability vs. loss probability	1.45	1.54	-0.09
Calmar ratio: Return relative to maximum drawdown	2.24	2.57	-0.34
Martin ratio: Return relative to average drawdown	7.69	9.21	-1.52

FCAL vs. BCHYX - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.04, which is comparable to the BCHYX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FCAL and BCHYX, 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

FCAL vs. BCHYX - Drawdown Comparison

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

Drawdown Indicators

	FCAL	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-18.35%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.97%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-6.75%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-14.28%	-18.35%	+4.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.35%	—
Current Drawdown Current decline from peak	-1.95%	-2.05%	+0.10%
Average Drawdown Average peak-to-trough decline	-3.30%	-2.37%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.83%	-0.08%

Volatility

FCAL vs. BCHYX - Volatility Comparison

The current volatility for First Trust California Municipal High Income ETF (FCAL) is 1.03%, while American Century California High Yield Municipal Fund (BCHYX) has a volatility of 1.09%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than BCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCAL	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.09%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	2.58%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	3.33%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	4.90%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	4.82%	+0.40%

FCAL vs. BCHYX - Expense Ratio Comparison

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

Dividends

FCAL vs. BCHYX - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.43%, less than BCHYX's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHYX American Century California High Yield Municipal Fund	3.70%	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	3.43%	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 FCAL and BCHYX in my portfolio?

FCAL and BCHYX 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, FCAL or BCHYX?

BCHYX has higher volatility (1.09%) compared to FCAL (1.03%). In terms of maximum drawdown, FCAL dropped -14.81% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

BCHYX currently has the higher Sharpe Ratio (2.29 vs 2.04), 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.