FCAL vs. NFTY
FCAL (First Trust California Municipal High Income ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both exchange-traded funds - FCAL is a Municipal Bonds fund actively managed by First Trust, while NFTY is a Asia Pacific Equities fund tracking the NIFTY 50 Equal Weight Index. FCAL is actively managed, while NFTY is passively managed. Over the past 5 years, FCAL returned 0.81%/yr vs 4.62%/yr for NFTY. At a 0.03 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.80%/yr for NFTY.
Performance
FCAL vs. NFTY - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 1.89% return, which is significantly higher than NFTY's -9.70% return.
FCAL
- 1D
- 0.03%
- 1M
- 0.78%
- YTD
- 1.89%
- 6M
- 2.30%
- 1Y
- 7.09%
- 3Y*
- 3.78%
- 5Y*
- 0.81%
- 10Y*
- —
NFTY
- 1D
- -1.34%
- 1M
- -1.64%
- YTD
- -9.70%
- 6M
- -7.99%
- 1Y
- -8.48%
- 3Y*
- 5.72%
- 5Y*
- 4.62%
- 10Y*
- 8.13%
FCAL vs. NFTY - 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% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | -9.70% | 5.47% | 5.18% | 24.00% | -3.46% | 26.83% | 10.04% | 0.58% | -1.51% | 2.82% |
Correlation
The correlation between FCAL and NFTY is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017 | 0.03 |
The correlation between FCAL and NFTY shifts across timeframes, from 0.03 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCAL vs. NFTY — Risk / Return Rank
FCAL
NFTY
FCAL vs. NFTY - 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 India NIFTY 50 Equal Weight ETF (NFTY). 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 | NFTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.20 | ||
| Sortino ratioReturn per unit of downside risk | +4.68 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 0.91 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | -0.53 | +3.29 |
| Martin ratioReturn relative to average drawdown | 10.35 | -1.39 | +11.74 |
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 | NFTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | -0.58 | +3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.27 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.28 | +0.22 |
Drawdowns
FCAL vs. NFTY - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum NFTY drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for FCAL and NFTY.
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Drawdown Indicators
| FCAL | NFTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -47.67% | +32.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -16.14% | +13.57% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -21.55% | +16.09% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -21.55% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.67% | — |
Current DrawdownCurrent decline from peak | -0.24% | -17.45% | +17.21% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -9.58% | +6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 6.12% | -5.43% |
Volatility
FCAL vs. NFTY - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.96%, while First Trust India NIFTY 50 Equal Weight ETF (NFTY) has a volatility of 4.58%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | NFTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 4.58% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 12.57% | -10.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 14.72% | -12.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 17.39% | -13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 20.72% | -15.47% |
FCAL vs. NFTY - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is lower than NFTY's 0.80% expense ratio.
Dividends
FCAL vs. NFTY - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, more than NFTY's 1.96% yield.
| Position | 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% |
NFTY First Trust India NIFTY 50 Equal Weight ETF | 1.96% | 1.24% | 1.61% | 0.13% | 5.89% | 1.53% | 0.61% | 0.97% | 0.00% | 4.10% | 3.28% | 4.39% |
Frequently Asked Questions
FCAL and NFTY have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFTY has higher volatility (4.58%) compared to FCAL (0.96%). In terms of maximum drawdown, FCAL dropped -14.81% vs NFTY's -47.67%.
On 5-year performance, NFTY leads with 4.62% vs 0.81% for FCAL. 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, NFTY has performed better with a 4.62% return vs 0.81%. 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 0.80% for NFTY.
FCAL has the higher dividend yield at 3.32%, compared with 1.96% for NFTY.
FCAL is categorized as Municipal Bonds, while NFTY is Asia Pacific Equities. Their fees differ too: 0.50% for FCAL and 0.80% for NFTY.
FCAL currently has the higher Sharpe Ratio (2.62 vs -0.58), 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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