FCAL vs. CALY
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and Blackrock Short-Term California Muni Bond ETF (CALY).
FCAL and CALY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017. CALY is an actively managed fund by BlackRock. It was launched on Jul 11, 2023.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FCAL or CALY.
Key characteristics
| FCAL | CALY | |
|---|---|---|
| YTD Return | 1.81% | 2.44% |
| 1Y Return | 7.29% | 3.64% |
| Sharpe Ratio | 1.89 | 3.48 |
| Sortino Ratio | 2.79 | 5.86 |
| Omega Ratio | 1.37 | 1.79 |
| Calmar Ratio | 0.76 | 10.16 |
| Martin Ratio | 10.94 | 48.39 |
| Ulcer Index | 0.67% | 0.08% |
| Daily Std Dev | 3.88% | 1.07% |
| Max Drawdown | -14.81% | -0.98% |
| Current Drawdown | -2.89% | -0.18% |
Correlation
The correlation between FCAL and CALY is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
FCAL vs. CALY - Performance Comparison
In the year-to-date period, FCAL achieves a 1.81% return, which is significantly lower than CALY's 2.44% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FCAL vs. CALY - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than CALY's 0.20% expense ratio.
Risk-Adjusted Performance
FCAL vs. CALY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Blackrock Short-Term California Muni Bond ETF (CALY). 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.
Dividends
FCAL vs. CALY - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 2.95%, more than CALY's 2.89% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.95% | 2.75% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% |
CALY Blackrock Short-Term California Muni Bond ETF | 2.89% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
FCAL vs. CALY - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, which is greater than CALY's maximum drawdown of -0.98%. Use the drawdown chart below to compare losses from any high point for FCAL and CALY. For additional features, visit the drawdowns tool.
Volatility
FCAL vs. CALY - Volatility Comparison
First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 1.47% compared to Blackrock Short-Term California Muni Bond ETF (CALY) at 0.26%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than CALY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.