FCAL vs. SUB

Last updated Jun 24, 2026

FCAL (First Trust California Municipal High Income ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds. FCAL is actively managed, while SUB is passively managed. Over the past 5 years, FCAL returned 0.69%/yr vs 1.47%/yr for SUB. At a 0.38 correlation, their price movements are largely independent. FCAL charges 0.50%/yr vs 0.07%/yr for SUB.

Performance

FCAL vs. SUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust California Municipal High Income ETF (FCAL) and iShares Short-Term National Muni Bond ETF (SUB). 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 higher than SUB's 0.80% return.

FCAL

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

SUB

• 1D: -0.13%
• 1M: 0.39%
• YTD: 0.80%
• 6M: 0.93%
• 1Y: 2.77%
• 3Y*: 3.03%
• 5Y*: 1.47%
• 10Y*: 1.45%

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

FCAL vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCAL First Trust California Municipal High Income ETF	2.02%	3.19%	1.90%	6.08%	-9.50%	3.26%	3.51%	9.32%	0.31%	4.38%
SUB iShares Short-Term National Muni Bond ETF	0.80%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	-0.45%

Correlation

The correlation between FCAL and SUB is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017	0.38

The correlation between FCAL and SUB shifts across timeframes, from 0.38 (all time) to 0.52 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCAL vs. SUB — 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

SUB

SUB Risk / Return Rank: 80
SUB Sharpe Ratio Rank: 88
SUB Sortino Ratio Rank: 89
SUB Omega Ratio Rank: 92
SUB Calmar Ratio Rank: 71
SUB Martin Ratio Rank: 58

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. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and iShares Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.74	-0.15
Sortino ratio: Return per unit of downside risk	3.84	3.92	-0.09
Omega ratio: Gain probability vs. loss probability	1.59	1.59	0.00
Calmar ratio: Return relative to maximum drawdown	2.69	3.46	-0.77
Martin ratio: Return relative to average drawdown	10.06	9.77	+0.28

FCAL vs. SUB - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.60, which is comparable to the SUB Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of FCAL and SUB, 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. SUB - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for FCAL and SUB.

Drawdown Indicators

	FCAL	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-9.46%	-5.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-0.81%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-1.23%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	-4.35%	-10.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-0.12%	-0.13%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.33%	-0.91%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.28%	+0.41%

Volatility

FCAL vs. SUB - Volatility Comparison

First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 0.60% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.29%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCAL	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.29%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	0.81%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	1.02%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	1.64%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	2.60%	+2.63%

FCAL vs. SUB - Expense Ratio Comparison

FCAL has a 0.50% expense ratio, which is higher than SUB's 0.07% expense ratio.

Dividends

FCAL vs. SUB - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.32%, more than SUB's 2.53% 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%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both FCAL and SUB in my portfolio?

FCAL and SUB have a correlation of 0.46, 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 SUB?

FCAL has higher volatility (0.60%) compared to SUB (0.29%). In terms of maximum drawdown, FCAL dropped -14.81% vs SUB's -9.46%.

Which ETF is better, FCAL or SUB?

On 5-year performance, SUB leads with 1.47% vs 0.69% for FCAL. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCAL or SUB?

Over the 5-year period, SUB has performed better with a 1.47% return vs 0.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCAL or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.50% for FCAL.

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

FCAL has the higher dividend yield at 3.32%, compared with 2.53% for SUB.

What is the main difference between FCAL and SUB?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FCAL and 0.07% for SUB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (2.74 vs 2.60), 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.