FCAL vs. FTGC
FCAL (First Trust California Municipal High Income ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - FCAL is a Municipal Bonds fund actively managed by First Trust, while FTGC is a Commodities fund actively managed by First Trust. Both are actively managed. Over the past 5 years, FCAL returned 0.75%/yr vs 12.56%/yr for FTGC. At a correlation of -0.03, they often move in opposite directions. FCAL charges 0.50%/yr vs 0.95%/yr for FTGC.
Performance
FCAL vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 2.15% return, which is significantly lower than FTGC's 20.23% return.
FCAL
- 1D
- 0.05%
- 1M
- 1.53%
- YTD
- 2.15%
- 6M
- 2.33%
- 1Y
- 6.89%
- 3Y*
- 3.50%
- 5Y*
- 0.75%
- 10Y*
- —
FTGC
- 1D
- -0.24%
- 1M
- -6.30%
- YTD
- 20.23%
- 6M
- 20.44%
- 1Y
- 26.86%
- 3Y*
- 14.70%
- 5Y*
- 12.56%
- 10Y*
- 7.28%
FCAL vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.15% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.38% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 20.23% | 14.61% | 9.96% | -5.36% | 17.36% | 27.95% | 2.17% | 6.40% | -12.75% | 9.09% |
Correlation
The correlation between FCAL and FTGC is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017 | -0.03 |
The correlation between FCAL and FTGC shifts across timeframes, from -0.20 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCAL vs. FTGC — Risk / Return Rank
FCAL
FTGC
FCAL vs. FTGC - 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 Global Tactical Commodity Strategy Fund (FTGC). 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 | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.31 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.74 | -0.05 |
| Martin ratioReturn relative to average drawdown | 10.05 | 9.43 | +0.62 |
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Drawdowns
FCAL vs. FTGC - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for FCAL and FTGC.
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Drawdown Indicators
| FCAL | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -59.47% | +44.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -9.84% | +7.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -10.39% | +4.93% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -22.64% | +8.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -9.84% | +9.84% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -27.34% | +24.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 2.98% | -2.29% |
Volatility
FCAL vs. FTGC - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.59%, while First Trust Global Tactical Commodity Strategy Fund (FTGC) has a volatility of 2.99%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 2.99% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 13.17% | -11.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 15.69% | -13.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 15.86% | -11.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.24% | 14.71% | -9.47% |
FCAL vs. FTGC - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is lower than FTGC's 0.95% expense ratio.
Dividends
FCAL vs. FTGC - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, less than FTGC's 15.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.95% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% |
Frequently Asked Questions
FCAL and FTGC have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTGC has higher volatility (2.99%) compared to FCAL (0.59%). In terms of maximum drawdown, FCAL dropped -14.81% vs FTGC's -59.47%.
On 5-year performance, FTGC leads with 12.56% vs 0.75% for FCAL. On fees, FCAL is cheaper at 0.50% per year. On volatility, FCAL has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTGC has performed better with a 12.56% return vs 0.75%. 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 0.95% for FTGC.
FTGC has the higher dividend yield at 15.95%, compared with 3.32% for FCAL.
FCAL is categorized as Municipal Bonds, while FTGC is Commodities. Their fees differ too: 0.50% for FCAL and 0.95% for FTGC.
FCAL currently has the higher Sharpe Ratio (2.59 vs 1.72), 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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