FCAL vs. PWZ
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
FCAL and PWZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FCAL or PWZ.
Key characteristics
| FCAL | PWZ | |
|---|---|---|
| YTD Return | 2.37% | 1.96% |
| 1Y Return | 7.74% | 8.91% |
| 3Y Return (Ann) | -0.44% | -1.12% |
| 5Y Return (Ann) | 1.19% | 0.80% |
| Sharpe Ratio | 2.04 | 1.58 |
| Sortino Ratio | 3.05 | 2.35 |
| Omega Ratio | 1.40 | 1.30 |
| Calmar Ratio | 0.85 | 0.78 |
| Martin Ratio | 11.88 | 8.50 |
| Ulcer Index | 0.68% | 1.12% |
| Daily Std Dev | 3.93% | 6.01% |
| Max Drawdown | -14.81% | -21.49% |
| Current Drawdown | -2.35% | -4.34% |
Correlation
The correlation between FCAL and PWZ is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
FCAL vs. PWZ - Performance Comparison
In the year-to-date period, FCAL achieves a 2.37% return, which is significantly higher than PWZ's 1.96% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FCAL vs. PWZ - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Risk-Adjusted Performance
FCAL vs. PWZ - Risk-Adjusted Performance 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.
Dividends
FCAL vs. PWZ - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 2.94%, less than PWZ's 3.28% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.94% | 2.75% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% | 0.00% | 0.00% | 0.00% | 0.00% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.28% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
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. For additional features, visit the drawdowns tool.
Volatility
FCAL vs. PWZ - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 1.51%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 2.54%. 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.