FCAL vs. PWZ
FCAL (First Trust California Municipal High Income ETF) and PWZ (Invesco California AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. FCAL is actively managed, while PWZ is passively managed. Over the past 5 years, FCAL returned 0.75%/yr vs 0.19%/yr for PWZ. At a 0.47 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.28%/yr for PWZ.
Performance
FCAL vs. PWZ - 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 PWZ's 2.80% return.
FCAL
- 1D
- 0.05%
- 1M
- 1.53%
- YTD
- 2.15%
- 6M
- 2.33%
- 1Y
- 6.89%
- 3Y*
- 3.50%
- 5Y*
- 0.75%
- 10Y*
- —
PWZ
- 1D
- 0.10%
- 1M
- 2.19%
- YTD
- 2.80%
- 6M
- 2.89%
- 1Y
- 8.71%
- 3Y*
- 2.96%
- 5Y*
- 0.19%
- 10Y*
- 1.81%
FCAL vs. PWZ - 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% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.80% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 2.20% |
Correlation
The correlation between FCAL and PWZ is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017 | 0.48 |
The correlation between FCAL and PWZ shifts across timeframes, from 0.47 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCAL vs. PWZ — Risk / Return Rank
FCAL
PWZ
FCAL vs. PWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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 | PWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.42 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.52 | +0.17 |
| Martin ratioReturn relative to average drawdown | 10.05 | 9.11 | +0.94 |
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Drawdowns
FCAL vs. PWZ - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for FCAL and PWZ.
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Drawdown Indicators
| FCAL | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -21.49% | +6.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -3.47% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -9.09% | +3.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -17.56% | +3.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.56% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -3.53% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.96% | -0.27% |
Volatility
FCAL vs. PWZ - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.59%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 1.06%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.06% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 3.05% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 4.29% | -1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 6.25% | -2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.24% | 5.89% | -0.65% |
FCAL vs. PWZ - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Dividends
FCAL vs. PWZ - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, less than PWZ's 3.88% 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% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.88% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
Frequently Asked Questions
FCAL and PWZ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWZ has higher volatility (1.06%) compared to FCAL (0.59%). In terms of maximum drawdown, FCAL dropped -14.81% vs PWZ's -21.49%.
On 5-year performance, FCAL leads with 0.75% vs 0.19% for PWZ. On fees, PWZ is cheaper at 0.28% 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, FCAL has performed better with a 0.75% return vs 0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWZ is cheaper with a 0.28% expense ratio, compared with 0.50% for FCAL.
PWZ has the higher dividend yield at 3.88%, compared with 3.32% for FCAL.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.50% for FCAL and 0.28% for PWZ.
FCAL currently has the higher Sharpe Ratio (2.59 vs 2.04), 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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