FCTFX vs. DFCA
Compare and contrast key facts about Fidelity California Municipal Income Fund (FCTFX) and Dimensional California Municipal Bond ETF (DFCA).
FCTFX is managed by Fidelity. It was launched on Jul 7, 1984. DFCA is an actively managed fund by Dimensional. It was launched on Jun 26, 2023.
Performance
FCTFX vs. DFCA - Performance Comparison
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FCTFX vs. DFCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | -1.07% | 5.75% | 1.89% | 3.95% |
DFCA Dimensional California Municipal Bond ETF | 0.07% | 2.99% | 1.49% | 2.59% |
Returns By Period
In the year-to-date period, FCTFX achieves a -1.07% return, which is significantly lower than DFCA's 0.07% return.
FCTFX
- 1D
- 0.16%
- 1M
- -3.26%
- YTD
- -1.07%
- 6M
- 0.59%
- 1Y
- 4.27%
- 3Y*
- 3.38%
- 5Y*
- 0.96%
- 10Y*
- 2.02%
DFCA
- 1D
- 0.13%
- 1M
- -1.50%
- YTD
- 0.07%
- 6M
- 1.46%
- 1Y
- 3.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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FCTFX vs. DFCA - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than DFCA's 0.19% expense ratio.
Return for Risk
FCTFX vs. DFCA — Risk / Return Rank
FCTFX
DFCA
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 ratioReturn per unit of total volatility | 1.04 | 1.32 | -0.29 |
Sortino ratioReturn per unit of downside risk | 1.40 | 1.70 | -0.30 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.30 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.39 | -0.31 |
Martin ratioReturn relative to average drawdown | 3.87 | 5.09 | -1.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCTFX | DFCA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 1.32 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 1.03 | +0.09 |
Correlation
The correlation between FCTFX and DFCA is 0.66, 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.
Dividends
FCTFX vs. DFCA - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 3.01%, more than DFCA's 2.83% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | 3.01% | 3.86% | 2.85% | 2.67% | 1.67% | 2.28% | 2.79% | 2.84% | 3.01% | 3.53% | 3.52% | 3.03% |
DFCA Dimensional California Municipal Bond ETF | 2.83% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| FCTFX | DFCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -3.28% | -19.92% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -2.49% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | — | — |
Current DrawdownCurrent decline from peak | -3.26% | -1.50% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -0.68% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.68% | +0.71% |
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 0.84%. 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.
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Volatility by Period
| FCTFX | DFCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.84% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 1.24% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 2.58% | +2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 2.52% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.04% | 2.52% | +1.52% |