FCSTX vs. MQY

Last updated Jun 4, 2026

FCSTX (Fidelity California Limited Term Tax-Free Bond Fund) and MQY (BlackRock MuniYield Quality Fund) are both Municipal Bonds funds. Over the past 10 years, FCSTX returned 1.51%/yr vs 1.41%/yr for MQY. At a 0.26 correlation, their price movements are largely independent. FCSTX charges 0.47%/yr vs 2.07%/yr for MQY.

Performance

FCSTX vs. MQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) and BlackRock MuniYield Quality Fund (MQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCSTX achieves a 0.59% return, which is significantly lower than MQY's 3.28% return. Over the past 10 years, FCSTX has outperformed MQY with an annualized return of 1.51%, while MQY has yielded a comparatively lower 1.41% annualized return.

FCSTX

• 1D: 0.10%
• 1M: 0.40%
• YTD: 0.59%
• 6M: 0.89%
• 1Y: 4.00%
• 3Y*: 3.53%
• 5Y*: 1.23%
• 10Y*: 1.51%

MQY

• 1D: -0.44%
• 1M: 2.13%
• YTD: 3.28%
• 6M: 2.54%
• 1Y: 9.97%
• 3Y*: 6.08%
• 5Y*: -1.93%
• 10Y*: 1.41%

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

FCSTX vs. MQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	0.59%	5.23%	1.73%	3.53%	-4.71%	0.20%	2.93%	4.07%	1.25%	2.27%
MQY BlackRock MuniYield Quality Fund	3.28%	4.28%	-0.06%	10.20%	-24.23%	2.67%	14.65%	20.89%	-10.12%	8.98%

Correlation

The correlation between FCSTX and MQY is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.26

Over the past year, FCSTX and MQY have become more correlated (0.51) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

FCSTX vs. MQY — Risk / Return Rank

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

FCSTX

FCSTX Risk / Return Rank: 65
FCSTX Sharpe Ratio Rank: 84
FCSTX Sortino Ratio Rank: 89
FCSTX Omega Ratio Rank: 96
FCSTX Calmar Ratio Rank: 32
FCSTX Martin Ratio Rank: 25

MQY

MQY Risk / Return Rank: 15
MQY Sharpe Ratio Rank: 15
MQY Sortino Ratio Rank: 19
MQY Omega Ratio Rank: 15
MQY Calmar Ratio Rank: 13
MQY Martin Ratio Rank: 14

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.

FCSTX vs. MQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) and BlackRock MuniYield Quality Fund (MQY). 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.

	FCSTX	MQY	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.09	+1.64
Sortino ratio: Return per unit of downside risk	4.29	1.82	+2.47
Omega ratio: Gain probability vs. loss probability	1.86	1.20	+0.66
Calmar ratio: Return relative to maximum drawdown	2.14	1.23	+0.91
Martin ratio: Return relative to average drawdown	6.20	3.90	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCSTX vs. MQY - Sharpe Ratio Comparison

The current FCSTX Sharpe Ratio is 2.73, which is higher than the MQY Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of FCSTX and MQY, 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

	FCSTX	MQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	1.09	+1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.16	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.11	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.35	+0.90

Drawdowns

FCSTX vs. MQY - Drawdown Comparison

The maximum FCSTX drawdown since its inception was -7.58%, smaller than the maximum MQY drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FCSTX and MQY.

Drawdown Indicators

	FCSTX	MQY	Difference
Max Drawdown Largest peak-to-trough decline	-7.58%	-41.67%	+34.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-8.13%	+6.25%
Max Drawdown (3Y) Largest decline over 3 years	-2.21%	-17.03%	+14.82%
Max Drawdown (5Y) Largest decline over 5 years	-7.58%	-35.44%	+27.86%
Max Drawdown (10Y) Largest decline over 10 years	-7.58%	-35.97%	+28.39%
Current Drawdown Current decline from peak	-0.81%	-14.02%	+13.21%
Average Drawdown Average peak-to-trough decline	-0.92%	-8.29%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	2.56%	-1.91%

Volatility

FCSTX vs. MQY - Volatility Comparison

The current volatility for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) is 0.55%, while BlackRock MuniYield Quality Fund (MQY) has a volatility of 3.57%. This indicates that FCSTX experiences smaller price fluctuations and is considered to be less risky than MQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCSTX	MQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	3.57%	-3.02%
Volatility (6M) Calculated over the trailing 6-month period	1.18%	7.27%	-6.09%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	9.22%	-7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.10%	12.18%	-10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.21%	13.04%	-10.83%

FCSTX vs. MQY - Expense Ratio Comparison

FCSTX has a 0.47% expense ratio, which is lower than MQY's 2.07% expense ratio.

Dividends

FCSTX vs. MQY - Dividend Comparison

FCSTX's dividend yield for the trailing twelve months is around 2.29%, less than MQY's 6.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	2.29%	2.85%	2.00%	1.68%	1.01%	1.22%	1.68%	1.72%	1.71%	1.58%	1.89%	1.63%
MQY BlackRock MuniYield Quality Fund	6.12%	6.16%	6.04%	4.46%	5.87%	4.93%	4.21%	4.00%	5.24%	5.67%	6.10%	6.06%

Frequently Asked Questions

Can I hold both FCSTX and MQY in my portfolio?

FCSTX and MQY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCSTX or MQY?

MQY has higher volatility (3.57%) compared to FCSTX (0.55%). In terms of maximum drawdown, FCSTX dropped -7.58% vs MQY's -41.67%.

Which has better risk-adjusted returns?

FCSTX currently has the higher Sharpe Ratio (2.73 vs 1.09), 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.