FCAL vs. SWNTX
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and Schwab Tax-Free Bond Fund™ (SWNTX).
FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017. SWNTX is managed by Charles Schwab. It was launched on Sep 10, 1992.
Performance
FCAL vs. SWNTX - Performance Comparison
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FCAL vs. SWNTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 0.00% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.41% |
SWNTX Schwab Tax-Free Bond Fund™ | -0.62% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 0.94% |
Returns By Period
FCAL
- 1D
- 0.27%
- 1M
- -2.08%
- YTD
- 0.00%
- 6M
- 1.94%
- 1Y
- 4.14%
- 3Y*
- 2.88%
- 5Y*
- 0.77%
- 10Y*
- —
SWNTX
- 1D
- 0.19%
- 1M
- -2.70%
- YTD
- -0.62%
- 6M
- 0.90%
- 1Y
- 3.60%
- 3Y*
- 2.58%
- 5Y*
- 0.44%
- 10Y*
- 1.55%
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FCAL vs. SWNTX - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than SWNTX's 0.48% expense ratio.
Return for Risk
FCAL vs. SWNTX — Risk / Return Rank
FCAL
SWNTX
FCAL vs. SWNTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Schwab Tax-Free Bond Fund™ (SWNTX). 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.
| FCAL | SWNTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.02 | -0.09 |
Sortino ratioReturn per unit of downside risk | 1.21 | 1.38 | -0.17 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.08 | -0.11 |
Martin ratioReturn relative to average drawdown | 2.69 | 3.58 | -0.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCAL | SWNTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.02 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.13 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 1.15 | -0.69 |
Correlation
The correlation between FCAL and SWNTX is 0.54, 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.
Dividends
FCAL vs. SWNTX - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, more than SWNTX's 3.26% yield.
| 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% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.26% | 3.78% | 3.20% | 2.54% | 1.73% | 1.62% | 2.34% | 2.58% | 2.41% | 2.21% | 3.14% | 2.71% |
Drawdowns
FCAL vs. SWNTX - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for FCAL and SWNTX.
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Drawdown Indicators
| FCAL | SWNTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -13.26% | -1.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -4.40% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -13.26% | -1.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.26% | — |
Current DrawdownCurrent decline from peak | -2.08% | -2.70% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -1.89% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 1.33% | +0.22% |
Volatility
FCAL vs. SWNTX - Volatility Comparison
First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 1.48% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 0.94%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than SWNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | SWNTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 0.94% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 1.57% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 4.43% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 3.45% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.29% | 3.56% | +1.73% |