FCAL vs. VCLAX

Last updated Jun 23, 2026

FCAL (First Trust California Municipal High Income ETF) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 5 years, FCAL returned 0.75%/yr vs 1.42%/yr for VCLAX. A 0.54 correlation means they provide meaningful diversification when combined. FCAL charges 0.50%/yr vs 0.09%/yr for VCLAX.

Performance

FCAL vs. VCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust California Municipal High Income ETF (FCAL) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCAL achieves a 2.15% return, which is significantly higher than VCLAX's 1.96% return.

FCAL

• 1D: 0.05%
• 1M: 1.53%
• YTD: 2.15%
• 6M: 2.33%
• 1Y: 6.89%
• 3Y*: 3.50%
• 5Y*: 0.75%
• 10Y*: —

VCLAX

• 1D: 0.09%
• 1M: 1.99%
• YTD: 1.96%
• 6M: 2.45%
• 1Y: 8.22%
• 3Y*: 4.86%
• 5Y*: 1.42%
• 10Y*: 2.55%

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

FCAL vs. VCLAX - 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%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	1.96%	4.97%	2.77%	7.60%	-9.99%	1.50%	5.68%	8.91%	0.76%	2.31%

Correlation

The correlation between FCAL and VCLAX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017	0.54

Over the past year, FCAL and VCLAX have become more correlated (0.75) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

FCAL vs. VCLAX — Risk / Return Rank

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

FCAL

FCAL Risk / Return Rank: 76
FCAL Sharpe Ratio Rank: 84
FCAL Sortino Ratio Rank: 88
FCAL Omega Ratio Rank: 92
FCAL Calmar Ratio Rank: 56
FCAL Martin Ratio Rank: 59

VCLAX

VCLAX Risk / Return Rank: 71
VCLAX Sharpe Ratio Rank: 88
VCLAX Sortino Ratio Rank: 91
VCLAX Omega Ratio Rank: 92
VCLAX Calmar Ratio Rank: 44
VCLAX Martin Ratio Rank: 42

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. VCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust California Municipal High Income ETF (FCAL) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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	VCLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.65	-0.06
Sortino ratio: Return per unit of downside risk	3.84	4.19	-0.36
Omega ratio: Gain probability vs. loss probability	1.59	1.66	-0.07
Calmar ratio: Return relative to maximum drawdown	2.69	2.41	+0.28
Martin ratio: Return relative to average drawdown	10.05	8.56	+1.49

FCAL vs. VCLAX - Sharpe Ratio Comparison

The current FCAL Sharpe Ratio is 2.59, which is comparable to the VCLAX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of FCAL and VCLAX, 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. VCLAX - Drawdown Comparison

The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum VCLAX drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for FCAL and VCLAX.

Drawdown Indicators

	FCAL	VCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-15.72%	+0.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-3.43%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-6.55%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.44%	-15.72%	+1.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.72%	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-3.33%	-2.18%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.96%	-0.27%

Volatility

FCAL vs. VCLAX - Volatility Comparison

The current volatility for First Trust California Municipal High Income ETF (FCAL) is 0.59%, while Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a volatility of 0.83%. This indicates that FCAL experiences smaller price fluctuations and is considered to be less risky than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCAL	VCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.83%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	2.39%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	3.12%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	4.57%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	4.56%	+0.68%

FCAL vs. VCLAX - Expense Ratio Comparison

FCAL has a 0.50% expense ratio, which is higher than VCLAX's 0.09% expense ratio.

Dividends

FCAL vs. VCLAX - Dividend Comparison

FCAL's dividend yield for the trailing twelve months is around 3.32%, less than VCLAX's 3.59% 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%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	3.59%	4.41%	3.95%	3.07%	2.74%	2.60%	3.28%	3.24%	3.41%	3.32%	3.56%	3.58%

Frequently Asked Questions

Can I hold both FCAL and VCLAX in my portfolio?

FCAL and VCLAX have a correlation of 0.75, 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 VCLAX?

VCLAX has higher volatility (0.83%) compared to FCAL (0.59%). In terms of maximum drawdown, FCAL dropped -14.81% vs VCLAX's -15.72%.

Which has better risk-adjusted returns?

VCLAX currently has the higher Sharpe Ratio (2.65 vs 2.59), 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.