FCTFX vs. DFCA

Last updated Jun 4, 2026

FCTFX (Fidelity California Municipal Income Fund) and DFCA (Dimensional California Municipal Bond ETF) are both Municipal Bonds funds. Over the past year, FCTFX returned 7.72% vs 5.05% for DFCA. A 0.67 correlation means they provide meaningful diversification when combined. FCTFX charges 0.45%/yr vs 0.19%/yr for DFCA.

Performance

FCTFX vs. DFCA - Performance Comparison

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

Returns By Period

In the year-to-date period, FCTFX achieves a 1.34% return, which is significantly higher than DFCA's 1.07% return.

FCTFX

• 1D: 0.24%
• 1M: 0.75%
• YTD: 1.34%
• 6M: 1.61%
• 1Y: 7.72%
• 3Y*: 4.46%
• 5Y*: 1.15%
• 10Y*: 2.15%

DFCA

• 1D: -0.03%
• 1M: 0.54%
• YTD: 1.07%
• 6M: 1.46%
• 1Y: 5.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCTFX vs. DFCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCTFX Fidelity California Municipal Income Fund	1.34%	5.75%	1.89%	3.95%
DFCA Dimensional California Municipal Bond ETF	1.07%	2.99%	1.49%	2.59%

Correlation

The correlation between FCTFX and DFCA is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.67

The correlation between FCTFX and DFCA has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

FCTFX vs. DFCA — Risk / Return Rank

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

FCTFX

FCTFX Risk / Return Rank: 66
FCTFX Sharpe Ratio Rank: 83
FCTFX Sortino Ratio Rank: 86
FCTFX Omega Ratio Rank: 91
FCTFX Calmar Ratio Rank: 35
FCTFX Martin Ratio Rank: 33

DFCA

DFCA Risk / Return Rank: 76
DFCA Sharpe Ratio Rank: 86
DFCA Sortino Ratio Rank: 90
DFCA Omega Ratio Rank: 91
DFCA Calmar Ratio Rank: 58
DFCA Martin Ratio Rank: 55

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.

FCTFX vs. DFCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Dimensional California Municipal Bond ETF (DFCA). 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.

	FCTFX	DFCA	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.87	-0.19
Sortino ratio: Return per unit of downside risk	4.09	4.24	-0.15
Omega ratio: Gain probability vs. loss probability	1.67	1.61	+0.05
Calmar ratio: Return relative to maximum drawdown	2.24	2.87	-0.63
Martin ratio: Return relative to average drawdown	7.49	9.29	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCTFX vs. DFCA - Sharpe Ratio Comparison

The current FCTFX Sharpe Ratio is 2.68, which is comparable to the DFCA Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FCTFX and DFCA, 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

	FCTFX	DFCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.87	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.13	+0.01

Drawdowns

FCTFX vs. DFCA - Drawdown Comparison

The maximum FCTFX drawdown since its inception was -23.20%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for FCTFX and DFCA.

Drawdown Indicators

	FCTFX	DFCA	Difference
Max Drawdown Largest peak-to-trough decline	-23.20%	-3.28%	-19.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-1.77%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-5.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.01%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.52%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.43%	-0.70%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.55%	+0.47%

Volatility

FCTFX vs. DFCA - Volatility Comparison

Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 1.17% compared to Dimensional California Municipal Bond ETF (DFCA) at 0.55%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than DFCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCTFX	DFCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.55%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	1.30%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	1.77%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	2.48%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	2.48%	+1.58%

FCTFX vs. DFCA - Expense Ratio Comparison

FCTFX has a 0.45% expense ratio, which is higher than DFCA's 0.19% expense ratio.

Dividends

FCTFX vs. DFCA - Dividend Comparison

FCTFX's dividend yield for the trailing twelve months is around 3.02%, more than DFCA's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCA Dimensional California Municipal Bond ETF	2.69%	2.86%	2.86%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both FCTFX and DFCA in my portfolio?

FCTFX and DFCA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCTFX or DFCA?

FCTFX has higher volatility (1.17%) compared to DFCA (0.55%). In terms of maximum drawdown, FCTFX dropped -23.20% vs DFCA's -3.28%.

Which has better risk-adjusted returns?

DFCA currently has the higher Sharpe Ratio (2.87 vs 2.68), 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.