FCAL vs. RTAI

Last updated Jun 24, 2026

FCAL (First Trust California Municipal High Income ETF) and RTAI (Rareview Tax Advantaged Income ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, FCAL returned 0.69%/yr vs -0.71%/yr for RTAI. At a 0.44 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 3.78%/yr for RTAI.

Performance

FCAL vs. RTAI - Performance Comparison

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

Returns By Period

In the year-to-date period, FCAL achieves a 2.02% return, which is significantly lower than RTAI's 3.90% return.

FCAL

• 1D: -0.12%
• 1M: 1.41%
• YTD: 2.02%
• 6M: 2.24%
• 1Y: 6.89%
• 3Y*: 3.46%
• 5Y*: 0.69%
• 10Y*: —

RTAI

• 1D: 0.35%
• 1M: 3.23%
• YTD: 3.90%
• 6M: 4.64%
• 1Y: 11.68%
• 3Y*: 7.08%
• 5Y*: -0.71%
• 10Y*: —

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

FCAL vs. RTAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCAL First Trust California Municipal High Income ETF	2.02%	3.19%	1.90%	6.08%	-9.50%	3.26%	2.92%
RTAI Rareview Tax Advantaged Income ETF	3.90%	5.54%	7.17%	4.33%	-22.55%	10.62%	5.08%

Correlation

The correlation between FCAL and RTAI is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.44

The correlation between FCAL and RTAI has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

Return for Risk

FCAL vs. RTAI — Risk / Return Rank

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

FCAL

FCAL Risk / Return Rank: 77
FCAL Sharpe Ratio Rank: 86
FCAL Sortino Ratio Rank: 89
FCAL Omega Ratio Rank: 93
FCAL Calmar Ratio Rank: 59
FCAL Martin Ratio Rank: 60

RTAI

RTAI Risk / Return Rank: 56
RTAI Sharpe Ratio Rank: 56
RTAI Sortino Ratio Rank: 68
RTAI Omega Ratio Rank: 64
RTAI Calmar Ratio Rank: 41
RTAI Martin Ratio Rank: 49

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. RTAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Rareview Tax Advantaged Income ETF (RTAI). 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	RTAI	Difference
Sharpe ratio: Return per unit of total volatility	2.60	1.75	+0.85
Sortino ratio: Return per unit of downside risk	3.84	2.82	+1.01
Omega ratio: Gain probability vs. loss probability	1.59	1.35	+0.24
Calmar ratio: Return relative to maximum drawdown	2.69	1.90	+0.79
Martin ratio: Return relative to average drawdown	10.06	7.69	+2.37

FCAL vs. RTAI - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.60, which is higher than the RTAI Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FCAL and RTAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCAL vs. RTAI - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum RTAI drawdown of -34.32%. Use the drawdown chart below to compare losses from any high point for FCAL and RTAI.

Drawdown Indicators

	FCAL	RTAI	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-34.32%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-6.18%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-15.71%	+10.25%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	-34.32%	+19.88%
Current Drawdown Current decline from peak	-0.12%	-6.33%	+6.21%
Average Drawdown Average peak-to-trough decline	-3.33%	-13.76%	+10.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	1.52%	-0.83%

Volatility

FCAL vs. RTAI - Volatility Comparison

The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.60%, while Rareview Tax Advantaged Income ETF (RTAI) has a volatility of 2.02%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than RTAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCAL	RTAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	2.02%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	5.47%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	6.72%	-4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	9.36%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	9.03%	-3.80%

FCAL vs. RTAI - Expense Ratio Comparison

FCAL has a 0.50% expense ratio, which is lower than RTAI's 3.78% expense ratio.

Dividends

FCAL vs. RTAI - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.32%, less than RTAI's 4.98% 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%
RTAI Rareview Tax Advantaged Income ETF	4.98%	5.66%	5.02%	3.07%	3.71%	4.73%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCAL and RTAI in my portfolio?

FCAL and RTAI have a correlation of 0.53, 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 RTAI?

RTAI has higher volatility (2.02%) compared to FCAL (0.60%). In terms of maximum drawdown, FCAL dropped -14.81% vs RTAI's -34.32%.

Which ETF is better, FCAL or RTAI?

On 5-year performance, FCAL leads with 0.69% vs -0.71% for RTAI. On fees, FCAL is cheaper at 0.50% per year. On volatility, FCAL has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCAL or RTAI?

Over the 5-year period, FCAL has performed better with a 0.69% return vs -0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCAL or RTAI?

FCAL is cheaper with a 0.50% expense ratio, compared with 3.78% for RTAI.

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

RTAI has the higher dividend yield at 4.98%, compared with 3.32% for FCAL.

What is the main difference between FCAL and RTAI?

They also come from different issuers: First Trust and Rareview Funds. Their fees differ too: 0.50% for FCAL and 3.78% for RTAI.

Which has better risk-adjusted returns?

FCAL currently has the higher Sharpe Ratio (2.60 vs 1.75), 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.