FCAL vs. CANE
FCAL (First Trust California Municipal High Income ETF) and CANE (Teucrium Sugar Fund) are both exchange-traded funds - FCAL is a Municipal Bonds fund actively managed by First Trust, while CANE is a Agricultural Commodities fund tracking the Teucrium Sugar Fund Benchmark. FCAL is actively managed, while CANE is passively managed. Over the past 5 years, FCAL returned 0.56%/yr vs 3.51%/yr for CANE. At a correlation of -0.01, they often move in opposite directions. FCAL charges 0.50%/yr vs 1.88%/yr for CANE.
Performance
FCAL vs. CANE - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 2.08% return, which is significantly higher than CANE's -0.05% return.
FCAL
- 1D
- -0.05%
- 1M
- 0.27%
- 6M
- 1.64%
- YTD
- 2.08%
- 1Y
- 6.95%
- 3Y*
- 3.51%
- 5Y*
- 0.56%
- 10Y*
- —
CANE
- 1D
- -0.61%
- 1M
- 3.83%
- 6M
- 0.88%
- YTD
- -0.05%
- 1Y
- -11.65%
- 3Y*
- -10.01%
- 5Y*
- 3.51%
- 10Y*
- -2.67%
FCAL vs. CANE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.08% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.38% |
CANE Teucrium Sugar Fund | -0.05% | -14.65% | -7.79% | 30.06% | 3.59% | 36.30% | -3.85% | -0.97% | -27.52% | 7.71% |
Correlation
The correlation between FCAL and CANE is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017 | -0.01 |
Over the past year, the inverse relationship between FCAL and CANE has strengthened: their correlation has moved from -0.01 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FCAL vs. CANE — Risk / Return Rank
FCAL
CANE
FCAL vs. CANE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Teucrium Sugar Fund (CANE). 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 | CANE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.18 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 0.92 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | -0.59 | +3.30 |
| Martin ratioReturn relative to average drawdown | 10.31 | -0.90 | +11.21 |
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Drawdowns
FCAL vs. CANE - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum CANE drawdown of -81.30%. Use the drawdown chart below to compare losses from any high point for FCAL and CANE.
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Drawdown Indicators
| FCAL | CANE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -81.30% | +66.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -19.82% | +17.25% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -41.73% | +36.27% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -41.73% | +27.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -67.29% | — |
Current DrawdownCurrent decline from peak | -0.50% | -62.94% | +62.44% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -56.54% | +53.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 12.93% | -12.25% |
Volatility
FCAL vs. CANE - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.60%, while Teucrium Sugar Fund (CANE) has a volatility of 5.39%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than CANE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | CANE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 5.39% | -4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 15.98% | -13.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 20.02% | -17.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.24% | 21.00% | -16.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.22% | 21.59% | -16.37% |
FCAL vs. CANE - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is lower than CANE's 1.88% expense ratio.
Dividends
FCAL vs. CANE - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.35%, while CANE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CANE Teucrium Sugar Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FCAL First Trust California Municipal High Income ETF | 3.35% | 3.22% | 2.99% | 2.74% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% |
Frequently Asked Questions
FCAL and CANE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CANE has higher volatility (5.39%) compared to FCAL (0.60%). In terms of maximum drawdown, FCAL dropped -14.81% vs CANE's -81.30%.
On 5-year performance, CANE leads with 3.51% vs 0.56% for FCAL. On fees, FCAL is cheaper at 0.50% per year. On volatility, FCAL has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CANE has performed better with a 3.51% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCAL is cheaper with a 0.50% expense ratio, compared with 1.88% for CANE.
FCAL has the higher dividend yield at 3.35%, compared with 0.00% for CANE.
FCAL is categorized as Municipal Bonds, while CANE is Agricultural Commodities. They also come from different issuers: First Trust and Teucrium. Their fees differ too: 0.50% for FCAL and 1.88% for CANE.
FCAL currently has the higher Sharpe Ratio (2.59 vs -0.59), 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.
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