FCAL vs. TDIV
FCAL (First Trust California Municipal High Income ETF) and TDIV (First Trust NASDAQ Technology Dividend Index Fund) are both exchange-traded funds - FCAL is a Municipal Bonds fund actively managed by First Trust, while TDIV is a Technology Equities fund tracking the NASDAQ Technology Dividend Index. FCAL is actively managed, while TDIV is passively managed. Over the past 5 years, FCAL returned 0.73%/yr vs 17.05%/yr for TDIV. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
FCAL vs. TDIV - Performance Comparison
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Returns By Period
In the year-to-date period, FCAL achieves a 2.15% return, which is significantly lower than TDIV's 18.03% return.
FCAL
- 1D
- 0.12%
- 1M
- 1.53%
- YTD
- 2.15%
- 6M
- 2.27%
- 1Y
- 6.97%
- 3Y*
- 3.50%
- 5Y*
- 0.73%
- 10Y*
- —
TDIV
- 1D
- -0.84%
- 1M
- -1.73%
- YTD
- 18.03%
- 6M
- 16.64%
- 1Y
- 29.74%
- 3Y*
- 28.23%
- 5Y*
- 17.05%
- 10Y*
- 18.46%
FCAL vs. TDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 2.15% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 9.32% | 0.31% | 4.38% |
TDIV First Trust NASDAQ Technology Dividend Index Fund | 18.03% | 25.27% | 24.43% | 36.71% | -22.13% | 29.49% | 17.55% | 33.27% | -3.18% | 12.14% |
Correlation
The correlation between FCAL and TDIV is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017 | 0.01 |
The correlation between FCAL and TDIV shifts across timeframes, from 0.01 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FCAL vs. TDIV — Risk / Return Rank
FCAL
TDIV
FCAL vs. TDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and First Trust NASDAQ Technology Dividend Index Fund (TDIV). 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 | TDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.27 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.63 | +0.09 |
| Martin ratioReturn relative to average drawdown | 10.17 | 7.37 | +2.79 |
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Drawdowns
FCAL vs. TDIV - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum TDIV drawdown of -31.97%. Use the drawdown chart below to compare losses from any high point for FCAL and TDIV.
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Drawdown Indicators
| FCAL | TDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -31.97% | +17.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -11.35% | +8.78% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -23.00% | +17.54% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -31.97% | +17.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.97% | — |
Current DrawdownCurrent decline from peak | 0.00% | -11.23% | +11.23% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -4.85% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 4.04% | -3.35% |
Volatility
FCAL vs. TDIV - Volatility Comparison
The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.61%, while First Trust NASDAQ Technology Dividend Index Fund (TDIV) has a volatility of 10.24%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than TDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | TDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 10.24% | -9.63% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 15.69% | -13.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 20.01% | -17.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.24% | 20.97% | -16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 20.96% | -15.73% |
FCAL vs. TDIV - Expense Ratio Comparison
Both FCAL and TDIV have an expense ratio of 0.50%.
Dividends
FCAL vs. TDIV - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, more than TDIV's 1.23% 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% |
TDIV First Trust NASDAQ Technology Dividend Index Fund | 1.23% | 1.40% | 1.59% | 1.74% | 2.51% | 1.76% | 2.07% | 2.27% | 2.97% | 2.27% | 2.45% | 2.52% |
Frequently Asked Questions
FCAL and TDIV have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TDIV has higher volatility (10.24%) compared to FCAL (0.61%). In terms of maximum drawdown, FCAL dropped -14.81% vs TDIV's -31.97%.
On 5-year performance, TDIV leads with 17.05% vs 0.73% for FCAL. Both ETFs have the same 0.50% expense ratio. On volatility, FCAL has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TDIV has performed better with a 17.05% return vs 0.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCAL and TDIV have the same expense ratio: 0.50% per year.
FCAL has the higher dividend yield at 3.32%, compared with 1.23% for TDIV.
FCAL is categorized as Municipal Bonds, while TDIV is Technology Equities.
FCAL currently has the higher Sharpe Ratio (2.62 vs 1.50), 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.
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