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FCTFX vs. CMF
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

FCTFX vs. CMF

Last updated May 12, 2025

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.

Correlation

The correlation between FCTFX and CMF is -0.63. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Performance

FCTFX vs. CMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity California Municipal Income Fund (FCTFX) and iShares California Muni Bond ETF (CMF). The values are adjusted to include any dividend payments, if applicable.

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Key characteristics

Daily Std Dev

FCTFX:

1.28%

CMF:

3.88%

Max Drawdown

FCTFX:

0.00%

CMF:

-0.18%

Current Drawdown

FCTFX:

0.00%

CMF:

0.00%

Returns By Period

FCTFX

YTD

N/A

1M

N/A

6M

N/A

1Y

N/A

5Y*

N/A

10Y*

N/A

CMF

YTD

N/A

1M

N/A

6M

N/A

1Y

N/A

5Y*

N/A

10Y*

N/A

*Annualized

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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.

FCTFX
Fidelity California Municipal Income Fund
CMF
iShares California Muni Bond ETF

Risk-Adjusted Performance

FCTFX vs. CMF — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FCTFX
The Risk-Adjusted Performance Rank of FCTFX is 3333
Overall Rank
The Sharpe Ratio Rank of FCTFX is 3434
Sharpe Ratio Rank
The Sortino Ratio Rank of FCTFX is 2929
Sortino Ratio Rank
The Omega Ratio Rank of FCTFX is 3131
Omega Ratio Rank
The Calmar Ratio Rank of FCTFX is 3636
Calmar Ratio Rank
The Martin Ratio Rank of FCTFX is 3434
Martin Ratio Rank
CMF
The Risk-Adjusted Performance Rank of CMF is 2020
Overall Rank
The Sharpe Ratio Rank of CMF is 2222
Sharpe Ratio Rank
The Sortino Ratio Rank of CMF is 1818
Sortino Ratio Rank
The Omega Ratio Rank of CMF is 1818
Omega Ratio Rank
The Calmar Ratio Rank of CMF is 2323
Calmar Ratio Rank
The Martin Ratio Rank of CMF is 2222
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.

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Dividends

FCTFX vs. CMF - Dividend Comparison

FCTFX's dividend yield for the trailing twelve months is around 2.66%, less than CMF's 2.93% yield.

TTM20242023202220212020201920182017201620152014
FCTFX
Fidelity California Municipal Income Fund		2.66%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CMF
iShares California Muni Bond ETF		2.93%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

FCTFX vs. CMF - Drawdown Comparison

The maximum FCTFX drawdown since its inception was 0.00%, smaller than the maximum CMF drawdown of -0.18%. Use the drawdown chart below to compare losses from any high point for FCTFX and CMF. For additional features, visit the drawdowns tool.

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Volatility

FCTFX vs. CMF - Volatility Comparison

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