FCMTX vs. FBGRX

Last updated Jun 4, 2026

FCMTX (Fidelity Advisor California Municipal Income Fund Class M) and FBGRX (Fidelity Blue Chip Growth Fund) are both mutual funds - FCMTX is a Municipal Bonds fund managed by Fidelity, while FBGRX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 10 years, FCMTX returned 1.82%/yr vs 21.88%/yr for FBGRX. At a correlation of -0.09, they often move in opposite directions. FCMTX charges 0.70%/yr vs 0.79%/yr for FBGRX.

Performance

FCMTX vs. FBGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor California Municipal Income Fund Class M (FCMTX) and Fidelity Blue Chip Growth Fund (FBGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMTX achieves a 1.24% return, which is significantly lower than FBGRX's 18.56% return. Over the past 10 years, FCMTX has underperformed FBGRX with an annualized return of 1.82%, while FBGRX has yielded a comparatively higher 21.88% annualized return.

FCMTX

• 1D: 0.24%
• 1M: 0.73%
• YTD: 1.24%
• 6M: 1.49%
• 1Y: 7.44%
• 3Y*: 3.97%
• 5Y*: 0.78%
• 10Y*: 1.82%

FBGRX

• 1D: 0.76%
• 1M: 9.10%
• YTD: 18.56%
• 6M: 19.76%
• 1Y: 44.98%
• 3Y*: 32.54%
• 5Y*: 17.08%
• 10Y*: 21.88%

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

FCMTX vs. FBGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCMTX Fidelity Advisor California Municipal Income Fund Class M	1.24%	5.40%	1.19%	6.01%	-9.81%	1.18%	4.28%	7.29%	0.40%	5.47%
FBGRX Fidelity Blue Chip Growth Fund	18.56%	19.91%	39.77%	55.61%	-38.45%	22.64%	62.20%	33.43%	1.02%	36.01%

Correlation

The correlation between FCMTX and FBGRX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	-0.09

The correlation between FCMTX and FBGRX shifts across timeframes, from -0.09 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FCMTX vs. FBGRX — Risk / Return Rank

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

FCMTX

FCMTX Risk / Return Rank: 63
FCMTX Sharpe Ratio Rank: 81
FCMTX Sortino Ratio Rank: 83
FCMTX Omega Ratio Rank: 90
FCMTX Calmar Ratio Rank: 33
FCMTX Martin Ratio Rank: 30

FBGRX

FBGRX Risk / Return Rank: 75
FBGRX Sharpe Ratio Rank: 83
FBGRX Sortino Ratio Rank: 67
FBGRX Omega Ratio Rank: 65
FBGRX Calmar Ratio Rank: 80
FBGRX Martin Ratio Rank: 83

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.

FCMTX vs. FBGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class M (FCMTX) and Fidelity Blue Chip Growth Fund (FBGRX). 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.

	FCMTX	FBGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.67	-0.02
Sortino ratio: Return per unit of downside risk	3.96	3.41	+0.55
Omega ratio: Gain probability vs. loss probability	1.65	1.45	+0.20
Calmar ratio: Return relative to maximum drawdown	2.15	3.67	-1.53
Martin ratio: Return relative to average drawdown	7.01	15.56	-8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCMTX vs. FBGRX - Sharpe Ratio Comparison

The current FCMTX Sharpe Ratio is 2.64, which is comparable to the FBGRX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of FCMTX and FBGRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCMTX	FBGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.67	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.69	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.93	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.68	-0.06

Drawdowns

FCMTX vs. FBGRX - Drawdown Comparison

The maximum FCMTX drawdown since its inception was -16.96%, smaller than the maximum FBGRX drawdown of -58.64%. Use the drawdown chart below to compare losses from any high point for FCMTX and FBGRX.

Drawdown Indicators

	FCMTX	FBGRX	Difference
Max Drawdown Largest peak-to-trough decline	-16.96%	-58.64%	+41.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.48%	-12.65%	+9.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.50%	-27.07%	+21.57%
Max Drawdown (5Y) Largest decline over 5 years	-14.21%	-43.08%	+28.87%
Max Drawdown (10Y) Largest decline over 10 years	-14.21%	-43.08%	+28.87%
Current Drawdown Current decline from peak	-1.03%	0.00%	-1.03%
Average Drawdown Average peak-to-trough decline	-3.05%	-12.53%	+9.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.98%	-1.92%

Volatility

FCMTX vs. FBGRX - Volatility Comparison

The current volatility for Fidelity Advisor California Municipal Income Fund Class M (FCMTX) is 1.17%, while Fidelity Blue Chip Growth Fund (FBGRX) has a volatility of 4.14%. This indicates that FCMTX experiences smaller price fluctuations and is considered to be less risky than FBGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMTX	FBGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	4.14%	-2.97%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	13.00%	-10.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	17.44%	-14.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	24.88%	-20.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	23.69%	-19.64%

FCMTX vs. FBGRX - Expense Ratio Comparison

FCMTX has a 0.70% expense ratio, which is lower than FBGRX's 0.79% expense ratio.

Dividends

FCMTX vs. FBGRX - Dividend Comparison

FCMTX's dividend yield for the trailing twelve months is around 2.78%, more than FBGRX's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBGRX Fidelity Blue Chip Growth Fund	1.60%	1.90%	5.95%	0.93%	0.57%	8.73%	6.40%	3.70%	6.32%	4.23%	4.05%	5.30%
FCMTX Fidelity Advisor California Municipal Income Fund Class M	2.78%	3.55%	2.17%	2.22%	1.50%	2.07%	2.52%	2.54%	2.73%	3.21%	3.17%	2.78%

Frequently Asked Questions

Can I hold both FCMTX and FBGRX in my portfolio?

FCMTX and FBGRX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCMTX or FBGRX?

FBGRX has higher volatility (4.14%) compared to FCMTX (1.17%). In terms of maximum drawdown, FCMTX dropped -16.96% vs FBGRX's -58.64%.

Which has better risk-adjusted returns?

FBGRX currently has the higher Sharpe Ratio (2.67 vs 2.64), 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.