FCAL vs. VTEB
Compare and contrast key facts about First Trust California Municipal High Income ETF (FCAL) and Vanguard Tax-Exempt Bond ETF (VTEB).
FCAL and VTEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
FCAL vs. VTEB - Performance Comparison
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FCAL vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | -0.23% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 1.53% |
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*
- —
VTEB
- 1D
- 0.24%
- 1M
- -2.18%
- YTD
- -0.23%
- 6M
- 1.34%
- 1Y
- 3.99%
- 3Y*
- 2.67%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
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FCAL vs. VTEB - Expense Ratio Comparison
FCAL has a 0.50% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
FCAL vs. VTEB — Risk / Return Rank
FCAL
VTEB
FCAL vs. VTEB - 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 Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.00 | -0.08 |
Sortino ratioReturn per unit of downside risk | 1.21 | 1.27 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.20 | -0.24 |
Martin ratioReturn relative to average drawdown | 2.69 | 3.56 | -0.86 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.00 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.21 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.45 | +0.02 |
Correlation
The correlation between FCAL and VTEB 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. VTEB - Dividend Comparison
FCAL's dividend yield for the trailing twelve months is around 3.32%, less than VTEB's 3.36% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
FCAL vs. VTEB - Drawdown Comparison
The maximum FCAL drawdown since its inception was -14.81%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FCAL and VTEB.
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Drawdown Indicators
| FCAL | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.81% | -17.00% | +2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -3.45% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -14.44% | -12.64% | -1.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -2.08% | -2.18% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -2.35% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 1.17% | +0.38% |
Volatility
FCAL vs. VTEB - Volatility Comparison
First Trust California Municipal High Income ETF (FCAL) has a higher volatility of 1.48% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 1.39%. This indicates that FCAL's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCAL | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.39% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 1.85% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 4.00% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 3.87% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.29% | 5.25% | +0.04% |