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FCAL vs. PWZ
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between FCAL and PWZ is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


Performance

FCAL vs. PWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust California Municipal High Income ETF (FCAL) and Invesco California AMT-Free Municipal Bond ETF (PWZ). The values are adjusted to include any dividend payments, if applicable.

10.00%15.00%20.00%December2025FebruaryMarchAprilMay
17.92%
11.00%
FCAL
PWZ

Key characteristics

Sharpe Ratio

FCAL:

0.11

PWZ:

-0.15

Sortino Ratio

FCAL:

0.18

PWZ:

-0.14

Omega Ratio

FCAL:

1.03

PWZ:

0.98

Calmar Ratio

FCAL:

0.09

PWZ:

-0.11

Martin Ratio

FCAL:

0.38

PWZ:

-0.48

Ulcer Index

FCAL:

1.59%

PWZ:

2.63%

Daily Std Dev

FCAL:

5.45%

PWZ:

8.50%

Max Drawdown

FCAL:

-14.81%

PWZ:

-21.48%

Current Drawdown

FCAL:

-4.25%

PWZ:

-7.86%

Returns By Period

In the year-to-date period, FCAL achieves a -1.49% return, which is significantly higher than PWZ's -3.87% return.


FCAL

YTD

-1.49%

1M

-0.57%

6M

-0.84%

1Y

0.24%

5Y*

1.73%

10Y*

N/A

PWZ

YTD

-3.87%

1M

1.51%

6M

-2.54%

1Y

-1.69%

5Y*

0.21%

10Y*

1.92%

*Annualized

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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 Rank

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

FCAL
The Risk-Adjusted Performance Rank of FCAL is 2525
Overall Rank
The Sharpe Ratio Rank of FCAL is 2626
Sharpe Ratio Rank
The Sortino Ratio Rank of FCAL is 2121
Sortino Ratio Rank
The Omega Ratio Rank of FCAL is 2222
Omega Ratio Rank
The Calmar Ratio Rank of FCAL is 2727
Calmar Ratio Rank
The Martin Ratio Rank of FCAL is 2727
Martin Ratio Rank

PWZ
The Risk-Adjusted Performance Rank of PWZ is 1313
Overall Rank
The Sharpe Ratio Rank of PWZ is 1414
Sharpe Ratio Rank
The Sortino Ratio Rank of PWZ is 1212
Sortino Ratio Rank
The Omega Ratio Rank of PWZ is 1212
Omega Ratio Rank
The Calmar Ratio Rank of PWZ is 1313
Calmar Ratio Rank
The Martin Ratio Rank of PWZ is 1212
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.


The current FCAL Sharpe Ratio is 0.11, which is higher than the PWZ Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of FCAL and PWZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-0.500.000.501.001.502.00December2025FebruaryMarchAprilMay
0.04
-0.20
FCAL
PWZ

Dividends

FCAL vs. PWZ - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.15%, less than PWZ's 3.48% yield.


TTM20242023202220212020201920182017201620152014
FCAL
First Trust California Municipal High Income ETF
3.15%2.99%2.74%2.38%2.03%2.11%2.68%2.99%1.30%0.00%0.00%0.00%
PWZ
Invesco California AMT-Free Municipal Bond ETF
3.48%3.28%2.84%2.49%2.28%2.34%2.51%2.53%2.49%2.86%3.16%3.80%

Drawdowns

FCAL vs. PWZ - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum PWZ drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for FCAL and PWZ. For additional features, visit the drawdowns tool.


-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%December2025FebruaryMarchAprilMay
-4.25%
-7.86%
FCAL
PWZ

Volatility

FCAL vs. PWZ - Volatility Comparison

The current volatility for First Trust California Municipal High Income ETF (FCAL) is 3.11%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 4.58%. 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.


1.00%2.00%3.00%4.00%5.00%6.00%December2025FebruaryMarchAprilMay
3.11%
4.58%
FCAL
PWZ