FCTFX vs. CMF
FCTFX (Fidelity California Municipal Income Fund) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FCTFX returned 2.02%/yr vs 1.65%/yr for CMF. A 0.53 correlation means they provide meaningful diversification when combined. FCTFX charges 0.45%/yr vs 0.25%/yr for CMF.
Performance
FCTFX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, FCTFX achieves a 1.34% return, which is significantly higher than CMF's 1.21% return. Over the past 10 years, FCTFX has outperformed CMF with an annualized return of 2.02%, while CMF has yielded a comparatively lower 1.65% annualized return.
FCTFX
- 1D
- -0.08%
- 1M
- 1.66%
- YTD
- 1.34%
- 6M
- 1.77%
- 1Y
- 7.00%
- 3Y*
- 4.34%
- 5Y*
- 1.17%
- 10Y*
- 2.02%
CMF
- 1D
- -0.07%
- 1M
- 1.32%
- YTD
- 1.21%
- 6M
- 1.33%
- 1Y
- 6.50%
- 3Y*
- 3.12%
- 5Y*
- 0.72%
- 10Y*
- 1.65%
FCTFX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | 1.34% | 5.75% | 1.89% | 6.53% | -9.64% | 1.39% | 4.50% | 7.63% | 0.68% | 5.81% |
CMF iShares California Muni Bond ETF | 1.21% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between FCTFX and CMF is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.53 |
The correlation between FCTFX and CMF shifts across timeframes, from 0.53 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCTFX vs. CMF — Risk / Return Rank
FCTFX
CMF
FCTFX vs. CMF - Risk-Adjusted Trends 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FCTFX | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.53 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.24 | -0.13 |
| Martin ratioReturn relative to average drawdown | 6.89 | 7.36 | -0.47 |
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Drawdowns
FCTFX vs. CMF - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, 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.
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Drawdown Indicators
| FCTFX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -16.45% | -6.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -2.91% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.39% | -5.22% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -12.45% | -1.56% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -14.57% | +0.56% |
Current DrawdownCurrent decline from peak | -0.90% | -0.68% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -4.76% | +2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.88% | +0.16% |
Volatility
FCTFX vs. CMF - Volatility Comparison
Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 0.78% compared to iShares California Muni Bond ETF (CMF) at 0.72%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCTFX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.72% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.17% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 2.77% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 4.19% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 5.08% | -1.02% |
FCTFX vs. CMF - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than CMF's 0.25% expense ratio.
Dividends
FCTFX vs. CMF - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 3.02%, more than CMF's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.95% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
FCTFX Fidelity California Municipal Income Fund | 3.02% | 3.86% | 2.85% | 2.67% | 1.67% | 2.28% | 2.79% | 2.84% | 3.01% | 3.53% | 3.52% | 3.03% |
Frequently Asked Questions
FCTFX and CMF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCTFX has higher volatility (0.78%) compared to CMF (0.72%). In terms of maximum drawdown, FCTFX dropped -23.20% vs CMF's -16.45%.
FCTFX currently has the higher Sharpe Ratio (2.54 vs 2.36), 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.
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