FCAL vs. CMF
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and iShares California Muni Bond ETF (CMF).
FCAL and CMF 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. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FCAL or CMF.
Key characteristics
| FCAL | CMF | |
|---|---|---|
| YTD Return | 1.50% | 0.09% |
| 1Y Return | 7.01% | 5.43% |
| 3Y Return (Ann) | -0.67% | -0.84% |
| 5Y Return (Ann) | 1.05% | 0.62% |
| Sharpe Ratio | 2.02 | 1.61 |
| Sortino Ratio | 3.06 | 2.29 |
| Omega Ratio | 1.41 | 1.31 |
| Calmar Ratio | 0.84 | 0.73 |
| Martin Ratio | 12.19 | 7.05 |
| Ulcer Index | 0.66% | 0.87% |
| Daily Std Dev | 3.99% | 3.80% |
| Max Drawdown | -14.81% | -16.45% |
| Current Drawdown | -3.18% | -3.39% |
Correlation
The correlation between FCAL and CMF is 0.52, 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.
Performance
FCAL vs. CMF - Performance Comparison
In the year-to-date period, FCAL achieves a 1.50% return, which is significantly higher than CMF's 0.09% 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. CMF - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than CMF's 0.25% expense ratio.
Risk-Adjusted Performance
FCAL vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and iShares California Muni Bond ETF (CMF). 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. CMF - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.22%, more than CMF's 2.77% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 3.22% | 2.75% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% | 0.00% | 0.00% | 0.00% | 0.00% |
CMF iShares California Muni Bond ETF | 2.77% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
Drawdowns
FCAL vs. CMF - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for FCAL and CMF. For additional features, visit the drawdowns tool.
Volatility
FCAL vs. CMF - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 1.52%, while iShares California Muni Bond ETF (CMF) has a volatility of 1.78%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.