FCMAX vs. DFABX
Compare and contrast key facts about Fidelity Advisor California Municipal Income Fund Class A (FCMAX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX).
FCMAX is managed by Fidelity. It was launched on Aug 1, 2002. DFABX is managed by Dimensional. It was launched on Apr 11, 2022.
Performance
FCMAX vs. DFABX - Performance Comparison
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FCMAX vs. DFABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FCMAX Fidelity Advisor California Municipal Income Fund Class A | -1.12% | 5.28% | 1.20% | 5.85% | -2.02% |
DFABX DFA Short-Term Selective State Municipal Bond Portfolio | 0.58% | 2.46% | 2.90% | 2.87% | 0.55% |
Returns By Period
In the year-to-date period, FCMAX achieves a -1.12% return, which is significantly lower than DFABX's 0.58% return.
FCMAX
- 1D
- 0.16%
- 1M
- -3.25%
- YTD
- -1.12%
- 6M
- 0.46%
- 1Y
- 4.01%
- 3Y*
- 2.78%
- 5Y*
- 0.48%
- 10Y*
- 1.62%
DFABX
- 1D
- 0.05%
- 1M
- -0.05%
- YTD
- 0.58%
- 6M
- 1.12%
- 1Y
- 2.73%
- 3Y*
- 2.60%
- 5Y*
- —
- 10Y*
- —
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FCMAX vs. DFABX - Expense Ratio Comparison
FCMAX has a 0.79% expense ratio, which is higher than DFABX's 0.25% expense ratio.
Return for Risk
FCMAX vs. DFABX — Risk / Return Rank
FCMAX
DFABX
FCMAX vs. DFABX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class A (FCMAX) and DFA Short-Term Selective State Municipal Bond Portfolio (DFABX). 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.
| FCMAX | DFABX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 3.90 | -2.94 |
Sortino ratioReturn per unit of downside risk | 1.29 | 7.13 | -5.84 |
Omega ratioGain probability vs. loss probability | 1.27 | 3.50 | -2.23 |
Calmar ratioReturn relative to maximum drawdown | 1.00 | 4.84 | -3.84 |
Martin ratioReturn relative to average drawdown | 3.57 | 26.76 | -23.19 |
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
| FCMAX | DFABX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 3.90 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 2.44 | -1.85 |
Correlation
The correlation between FCMAX and DFABX is 0.42, 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
FCMAX vs. DFABX - Dividend Comparison
FCMAX's dividend yield for the trailing twelve months is around 2.68%, which matches DFABX's 2.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCMAX Fidelity Advisor California Municipal Income Fund Class A | 2.68% | 3.43% | 2.09% | 2.15% | 1.44% | 1.86% | 2.46% | 2.50% | 2.68% | 3.18% | 3.13% | 2.72% |
DFABX DFA Short-Term Selective State Municipal Bond Portfolio | 2.70% | 2.33% | 2.86% | 2.52% | 1.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
FCMAX vs. DFABX - Drawdown Comparison
The maximum FCMAX drawdown since its inception was -16.96%, which is greater than DFABX's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for FCMAX and DFABX.
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Drawdown Indicators
| FCMAX | DFABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.96% | -2.46% | -14.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -0.50% | -4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.38% | — | — |
Current DrawdownCurrent decline from peak | -3.25% | -0.06% | -3.19% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -0.25% | -2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 0.09% | +1.31% |
Volatility
FCMAX vs. DFABX - Volatility Comparison
Fidelity Advisor California Municipal Income Fund Class A (FCMAX) has a higher volatility of 1.19% compared to DFA Short-Term Selective State Municipal Bond Portfolio (DFABX) at 0.18%. This indicates that FCMAX's price experiences larger fluctuations and is considered to be riskier than DFABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCMAX | DFABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.18% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.80% | 0.40% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.95% | 0.71% | +4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 0.97% | +2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.02% | 0.97% | +3.05% |