FCAL vs. MMCA

Last updated Jun 4, 2026

FCAL (First Trust California Municipal High Income ETF) and MMCA (IQ MacKay California Municipal Intermediate ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, FCAL returned 3.78%/yr vs 4.06%/yr for MMCA. A 0.61 correlation means they provide meaningful diversification when combined. FCAL charges 0.50%/yr vs 0.36%/yr for MMCA.

Performance

FCAL vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust California Municipal High Income ETF (FCAL) and IQ MacKay California Municipal Intermediate ETF (MMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCAL achieves a 1.89% return, which is significantly higher than MMCA's 0.66% return.

FCAL

• 1D: 0.03%
• 1M: 0.78%
• YTD: 1.89%
• 6M: 2.30%
• 1Y: 7.09%
• 3Y*: 3.78%
• 5Y*: 0.81%
• 10Y*: —

MMCA

• 1D: -0.05%
• 1M: 0.29%
• YTD: 0.66%
• 6M: 1.02%
• 1Y: 6.39%
• 3Y*: 4.06%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCAL vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCAL First Trust California Municipal High Income ETF	1.89%	3.19%	1.90%	6.08%	-9.50%	0.08%
MMCA IQ MacKay California Municipal Intermediate ETF	0.66%	5.74%	1.70%	5.77%	-12.15%	0.01%

Correlation

The correlation between FCAL and MMCA is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Dec 22, 2021	0.61

The correlation between FCAL and MMCA has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

FCAL vs. MMCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCAL

FCAL Risk / Return Rank: 74
FCAL Sharpe Ratio Rank: 80
FCAL Sortino Ratio Rank: 86
FCAL Omega Ratio Rank: 90
FCAL Calmar Ratio Rank: 56
FCAL Martin Ratio Rank: 59

MMCA

MMCA Risk / Return Rank: 66
MMCA Sharpe Ratio Rank: 76
MMCA Sortino Ratio Rank: 82
MMCA Omega Ratio Rank: 85
MMCA Calmar Ratio Rank: 44
MMCA Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCAL vs. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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	MMCA	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.47	+0.15
Sortino ratio: Return per unit of downside risk	3.90	3.69	+0.21
Omega ratio: Gain probability vs. loss probability	1.59	1.52	+0.07
Calmar ratio: Return relative to maximum drawdown	2.76	2.13	+0.63
Martin ratio: Return relative to average drawdown	10.35	6.78	+3.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCAL vs. MMCA - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.62, which is comparable to the MMCA Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FCAL and MMCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCAL	MMCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.47	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.04	+0.46

Drawdowns

FCAL vs. MMCA - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum MMCA drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for FCAL and MMCA.

Drawdown Indicators

	FCAL	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-15.97%	+1.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-3.01%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-3.68%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	—	—
Current Drawdown Current decline from peak	-0.24%	-1.53%	+1.29%
Average Drawdown Average peak-to-trough decline	-3.35%	-7.05%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.94%	-0.25%

Volatility

FCAL vs. MMCA - Volatility Comparison

First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 0.96% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 0.90%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCAL	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.90%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	1.89%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	2.60%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	3.61%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	3.61%	+1.64%

FCAL vs. MMCA - Expense Ratio Comparison

FCAL has a 0.50% expense ratio, which is higher than MMCA's 0.36% expense ratio.

Dividends

FCAL vs. MMCA - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.32%, which matches MMCA's 3.29% 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%
MMCA IQ MacKay California Municipal Intermediate ETF	3.29%	3.39%	3.66%	3.57%	2.90%	0.05%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCAL and MMCA in my portfolio?

FCAL and MMCA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCAL or MMCA?

FCAL has higher volatility (0.96%) compared to MMCA (0.90%). In terms of maximum drawdown, FCAL dropped -14.81% vs MMCA's -15.97%.

Which ETF is better, FCAL or MMCA?

On 3-year performance, MMCA leads with 4.06% vs 3.78% for FCAL. On fees, MMCA is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCAL or MMCA?

Over the 3-year period, MMCA has performed better with a 4.06% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCAL or MMCA?

MMCA is cheaper with a 0.36% expense ratio, compared with 0.50% for FCAL.

Which ETF pays a higher dividend yield, FCAL or MMCA?

FCAL has the higher dividend yield at 3.32%, compared with 3.29% for MMCA.

What is the main difference between FCAL and MMCA?

They also come from different issuers: First Trust and IndexIQ. Their fees differ too: 0.50% for FCAL and 0.36% for MMCA.

Which has better risk-adjusted returns?

FCAL currently has the higher Sharpe Ratio (2.62 vs 2.47), 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.