FCAL vs. FDL
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and First Trust Morningstar Dividend Leaders Index Fund (FDL).
FCAL and FDL 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. FDL is a passively managed fund by First Trust that tracks the performance of the Morningstar Dividend Leaders Index. It was launched on Mar 9, 2006.
Performance
FCAL vs. FDL - Performance Comparison
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FCAL vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 0.00% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.41% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 15.49% | 14.79% | 17.98% | 2.94% | 6.66% | 26.10% | -4.30% | 24.41% | -5.99% | 8.37% |
Returns By Period
FCAL
- 1D
- 0.27%
- 1M
- -2.08%
- YTD
- 0.00%
- 6M
- 1.94%
- 1Y
- 4.14%
- 3Y*
- 2.88%
- 5Y*
- 0.77%
- 10Y*
- —
FDL
- 1D
- 0.43%
- 1M
- 0.01%
- YTD
- 15.49%
- 6M
- 19.42%
- 1Y
- 21.84%
- 3Y*
- 18.00%
- 5Y*
- 14.12%
- 10Y*
- 11.60%
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FCAL vs. FDL - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than FDL's 0.45% expense ratio.
Return for Risk
FCAL vs. FDL — Risk / Return Rank
FCAL
FDL
FCAL vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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 | FDL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.47 | -0.55 |
Sortino ratioReturn per unit of downside risk | 1.21 | 2.06 | -0.85 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.96 | -0.99 |
Martin ratioReturn relative to average drawdown | 2.69 | 7.63 | -4.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCAL | FDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.47 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.99 | -0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.46 | 0.00 |
Correlation
The correlation between FCAL and FDL is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
FCAL vs. FDL - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, less than FDL's 3.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.61% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
Drawdowns
FCAL vs. FDL - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FCAL and FDL.
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Drawdown Indicators
| FCAL | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -65.93% | +51.12% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -11.58% | +7.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -16.46% | +2.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -2.08% | -0.10% | -1.98% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -9.73% | +6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 3.10% | -1.55% |
Volatility
FCAL vs. FDL - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 1.48%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 2.56%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 2.56% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 8.16% | -6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 14.96% | -10.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 14.31% | -10.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.29% | 17.09% | -11.80% |