FCAL vs. IBMO
FCAL (First Trust California Municipal High Income ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds. FCAL is actively managed, while IBMO is passively managed. Over the past 5 years, FCAL returned 0.69%/yr vs 0.72%/yr for IBMO. At a 0.46 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.18%/yr for IBMO.
Performance
FCAL vs. IBMO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCAL achieves a 2.02% return, which is significantly higher than IBMO's 1.03% return.
FCAL
- 1D
- -0.12%
- 1M
- 1.41%
- YTD
- 2.02%
- 6M
- 2.24%
- 1Y
- 6.89%
- 3Y*
- 3.46%
- 5Y*
- 0.69%
- 10Y*
- —
IBMO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 1.03%
- 6M
- 1.02%
- 1Y
- 2.62%
- 3Y*
- 2.80%
- 5Y*
- 0.72%
- 10Y*
- —
FCAL vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.02% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 6.41% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 1.03% | 3.11% | 1.97% | 2.90% | -5.36% | -0.16% | 5.48% | 4.69% |
Correlation
The correlation between FCAL and IBMO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.46 |
Over the past year, the correlation between FCAL and IBMO has dropped to 0.11 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCAL vs. IBMO — Risk / Return Rank
FCAL
IBMO
FCAL vs. IBMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO). 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 | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.49 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 6.95 | -4.26 |
| Martin ratioReturn relative to average drawdown | 10.06 | 20.64 | -10.59 |
Loading charts...
Drawdowns
FCAL vs. IBMO - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, roughly equal to the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for FCAL and IBMO.
Loading charts...
Drawdown Indicators
| FCAL | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -14.77% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -0.38% | -2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -1.76% | -3.70% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -8.86% | -5.58% |
Current DrawdownCurrent decline from peak | -0.12% | 0.00% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -2.31% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.13% | +0.56% |
Volatility
FCAL vs. IBMO - Volatility Comparison
First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 0.60% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.22%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCAL | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 0.22% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.79% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 1.10% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.24% | 2.14% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 4.50% | +0.73% |
FCAL vs. IBMO - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than IBMO's 0.18% expense ratio.
Dividends
FCAL vs. IBMO - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, more than IBMO's 2.39% 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% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% | 0.00% | 0.00% |
Frequently Asked Questions
FCAL and IBMO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCAL has higher volatility (0.60%) compared to IBMO (0.22%). In terms of maximum drawdown, FCAL dropped -14.81% vs IBMO's -14.77%.
On 5-year performance, IBMO leads with 0.72% vs 0.69% for FCAL. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMO has performed better with a 0.72% return vs 0.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMO is cheaper with a 0.18% expense ratio, compared with 0.50% for FCAL.
FCAL has the higher dividend yield at 3.32%, compared with 2.39% for IBMO.
They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FCAL and 0.18% for IBMO.
FCAL currently has the higher Sharpe Ratio (2.60 vs 2.39), 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.
Find the right allocation for FCAL and IBMO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer