FCAL vs. BCHYX

Last updated Jun 3, 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 0.70%/yr vs 0.71%/yr for BCHYX. A 0.54 correlation means they provide meaningful diversification when combined. 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

The year-to-date returns for both investments are quite close, with FCAL having a 1.86% return and BCHYX slightly higher at 1.90%.

FCAL

• 1D: 0.18%
• 1M: 0.60%
• YTD: 1.86%
• 6M: 2.27%
• 1Y: 7.03%
• 3Y*: 3.77%
• 5Y*: 0.70%
• 10Y*: —

BCHYX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 1.90%
• 6M: 2.24%
• 1Y: 7.78%
• 3Y*: 4.72%
• 5Y*: 0.71%
• 10Y*: 2.42%

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

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	1.86%	3.19%	1.90%	6.08%	-9.50%	3.26%	3.51%	9.32%	0.31%	4.41%
BCHYX American Century California High Yield Municipal Fund	1.90%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	2.95%

Correlation

The correlation between FCAL and BCHYX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 28, 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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCAL

FCAL Risk / Return Rank: 72
FCAL Sharpe Ratio Rank: 79
FCAL Sortino Ratio Rank: 85
FCAL Omega Ratio Rank: 90
FCAL Calmar Ratio Rank: 52
FCAL Martin Ratio Rank: 56

BCHYX

BCHYX Risk / Return Rank: 61
BCHYX Sharpe Ratio Rank: 57
BCHYX Sortino Ratio Rank: 76
BCHYX Omega Ratio Rank: 80
BCHYX Calmar Ratio Rank: 48
BCHYX Martin Ratio Rank: 44

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.

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.

	FCAL	BCHYX	Difference
Sharpe ratio Return per unit of total volatility	2.60	2.24	+0.36
Sortino ratio Return per unit of downside risk	3.87	3.65	+0.22
Omega ratio Gain probability vs. loss probability	1.58	1.53	+0.05
Calmar ratio Return relative to maximum drawdown	2.64	2.68	-0.05
Martin ratio Return relative to average drawdown	9.90	9.28	+0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCAL vs. BCHYX - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.60, which is comparable to the BCHYX Sharpe Ratio of 2.24. 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.

Sharpe Ratios by Period

	FCAL	BCHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.24	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.15	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.20	-0.70

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%	-7.69%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	-18.35%	+3.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.35%	—
Current Drawdown Current decline from peak	-0.27%	-0.12%	-0.15%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.38%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.86%	-0.17%

Volatility

FCAL vs. BCHYX - Volatility Comparison

The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.98%, while American Century California High Yield Municipal Fund (BCHYX) has a volatility of 1.20%. 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	0.98%	1.20%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.41%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	3.35%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	4.87%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	4.81%	+0.44%

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 3.32%, less than BCHYX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHYX American Century California High Yield Municipal Fund	3.97%	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	3.32%	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 (1.20%) compared to FCAL (0.98%). In terms of maximum drawdown, FCAL dropped -14.81% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

FCAL currently has the higher Sharpe Ratio (2.60 vs 2.24), 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.