FCAL vs. MFLX
FCAL (First Trust California Municipal High Income ETF) and MFLX (First Trust Flexible Municipal High Income ETF) are both Municipal Bonds funds from First Trust. Both are actively managed. Over the past 5 years, FCAL returned 0.81%/yr vs -0.03%/yr for MFLX. At a 0.26 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.88%/yr for MFLX.
Performance
FCAL vs. MFLX - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 1.89% return, which is significantly lower than MFLX's 3.33% return.
FCAL
- 1D
- 0.03%
- 1M
- 0.78%
- YTD
- 1.89%
- 6M
- 2.30%
- 1Y
- 7.09%
- 3Y*
- 3.78%
- 5Y*
- 0.81%
- 10Y*
- —
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
FCAL vs. MFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 1.89% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.41% |
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 3.94% | 3.74% | 8.98% | -19.94% | 8.43% | 7.19% | 16.89% | -4.66% | 0.07% |
Correlation
The correlation between FCAL and MFLX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017 | 0.26 |
Over the past year, FCAL and MFLX have become more correlated (0.63) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
FCAL vs. MFLX — Risk / Return Rank
FCAL
MFLX
FCAL vs. MFLX - 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 Flexible Municipal High Income ETF (MFLX). 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 | MFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.49 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 2.97 | -0.21 |
| Martin ratioReturn relative to average drawdown | 10.35 | 11.95 | -1.59 |
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 | MFLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 2.27 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | -0.00 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.19 | +0.31 |
Drawdowns
FCAL vs. MFLX - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum MFLX drawdown of -26.76%. Use the drawdown chart below to compare losses from any high point for FCAL and MFLX.
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Drawdown Indicators
| FCAL | MFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -26.76% | +11.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -3.11% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -8.18% | +2.72% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -25.88% | +11.44% |
Current DrawdownCurrent decline from peak | -0.24% | -3.78% | +3.54% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -8.17% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.77% | -0.08% |
Volatility
FCAL vs. MFLX - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.96%, while First Trust Flexible Municipal High Income ETF (MFLX) has a volatility of 1.41%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than MFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | MFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.41% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 2.98% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 4.08% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 10.36% | -6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 11.29% | -6.04% |
FCAL vs. MFLX - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is lower than MFLX's 0.88% expense ratio.
Dividends
FCAL vs. MFLX - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, less than MFLX's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MFLX First Trust Flexible Municipal High Income ETF | 4.08% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
Frequently Asked Questions
FCAL and MFLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFLX has higher volatility (1.41%) compared to FCAL (0.96%). In terms of maximum drawdown, FCAL dropped -14.81% vs MFLX's -26.76%.
On 5-year performance, FCAL leads with 0.81% vs -0.03% for MFLX. On fees, FCAL is cheaper at 0.50% per year. On volatility, FCAL has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FCAL has performed better with a 0.81% return vs -0.03%. 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 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 3.32% for FCAL.
Their fees differ too: 0.50% for FCAL and 0.88% for MFLX.
FCAL currently has the higher Sharpe Ratio (2.62 vs 2.27), 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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