FCAL vs. TAXS
FCAL (First Trust California Municipal High Income ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. FCAL is actively managed, while TAXS is passively managed. A 0.52 correlation means they provide meaningful diversification when combined. FCAL charges 0.50%/yr vs 0.05%/yr for TAXS.
Performance
FCAL vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 1.89% return, which is significantly higher than TAXS's 0.93% return.
FCAL
- 1D
- 0.03%
- 1M
- 0.78%
- YTD
- 1.89%
- 6M
- 2.30%
- 1Y
- 7.09%
- 3Y*
- 3.78%
- 5Y*
- 0.81%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCAL vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FCAL First Trust California Municipal High Income ETF | 1.89% | 4.63% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between FCAL and TAXS is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.52 |
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Return for Risk
FCAL vs. TAXS — Risk / Return Rank
FCAL
TAXS
FCAL vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.59 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | — | — |
| Martin ratioReturn relative to average drawdown | 10.35 | — | — |
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 | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 2.78 | -2.28 |
Drawdowns
FCAL vs. TAXS - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for FCAL and TAXS.
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Drawdown Indicators
| FCAL | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -0.84% | -13.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.09% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -0.24% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | — | — |
Volatility
FCAL vs. TAXS - Volatility Comparison
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Volatility by Period
| FCAL | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 1.00% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 1.00% | +3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 1.00% | +4.25% |
FCAL vs. TAXS - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
FCAL vs. TAXS - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, more than TAXS's 1.83% 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% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCAL and TAXS have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.50% for FCAL.
FCAL has the higher dividend yield at 3.32%, compared with 1.83% for TAXS.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.50% for FCAL and 0.05% for TAXS.
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