FCTFX vs. CMF
Compare and contrast key facts about Fidelity California Municipal Income Fund (FCTFX) and iShares California Muni Bond ETF (CMF).
FCTFX is managed by Fidelity. It was launched on Jul 7, 1984. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FCTFX or CMF.
Key characteristics
| FCTFX | CMF | |
|---|---|---|
| YTD Return | 2.13% | 1.46% |
| 1Y Return | 7.90% | 6.92% |
| 3Y Return (Ann) | -0.35% | -0.49% |
| 5Y Return (Ann) | 1.04% | 0.89% |
| 10Y Return (Ann) | 2.19% | 1.98% |
| Sharpe Ratio | 2.10 | 1.73 |
| Sortino Ratio | 3.05 | 2.48 |
| Omega Ratio | 1.50 | 1.34 |
| Calmar Ratio | 0.88 | 0.79 |
| Martin Ratio | 8.48 | 7.62 |
| Ulcer Index | 0.86% | 0.88% |
| Daily Std Dev | 3.47% | 3.86% |
| Max Drawdown | -19.94% | -16.45% |
| Current Drawdown | -1.69% | -2.06% |
Correlation
The correlation between FCTFX and CMF is 0.51, 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.
Performance
FCTFX vs. CMF - Performance Comparison
In the year-to-date period, FCTFX achieves a 2.13% return, which is significantly higher than CMF's 1.46% return. Over the past 10 years, FCTFX has outperformed CMF with an annualized return of 2.19%, while CMF has yielded a comparatively lower 1.98% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FCTFX vs. CMF - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than CMF's 0.25% expense ratio.
Risk-Adjusted Performance
FCTFX vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and iShares California Muni Bond ETF (CMF). 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.
Dividends
FCTFX vs. CMF - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 2.81%, more than CMF's 2.74% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | 2.81% | 2.67% | 2.52% | 2.20% | 2.45% | 2.71% | 3.01% | 3.01% | 3.24% | 3.31% | 3.54% | 3.82% |
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
Drawdowns
FCTFX vs. CMF - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -19.94%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for FCTFX and CMF. For additional features, visit the drawdowns tool.
Volatility
FCTFX vs. CMF - Volatility Comparison
The current volatility for Fidelity California Municipal Income Fund (FCTFX) is 1.87%, while iShares California Muni Bond ETF (CMF) has a volatility of 2.06%. This indicates that FCTFX experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.