FCTFX vs. FCSTX

Last updated Jun 23, 2026

FCTFX (Fidelity California Municipal Income Fund) and FCSTX (Fidelity California Limited Term Tax-Free Bond Fund) are both Municipal Bonds funds from Fidelity. Over the past 10 years, FCTFX returned 2.07%/yr vs 1.48%/yr for FCSTX. A 0.76 correlation means they provide meaningful diversification when combined. FCTFX charges 0.45%/yr vs 0.47%/yr for FCSTX.

Performance

FCTFX vs. FCSTX - Performance Comparison

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

Returns By Period

In the year-to-date period, FCTFX achieves a 1.42% return, which is significantly higher than FCSTX's 0.59% return. Over the past 10 years, FCTFX has outperformed FCSTX with an annualized return of 2.07%, while FCSTX has yielded a comparatively lower 1.48% annualized return.

FCTFX

• 1D: 0.08%
• 1M: 1.74%
• YTD: 1.42%
• 6M: 1.77%
• 1Y: 7.26%
• 3Y*: 4.46%
• 5Y*: 1.15%
• 10Y*: 2.07%

FCSTX

• 1D: 0.00%
• 1M: 0.79%
• YTD: 0.59%
• 6M: 0.89%
• 1Y: 3.60%
• 3Y*: 3.50%
• 5Y*: 1.23%
• 10Y*: 1.48%

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

FCTFX vs. FCSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCTFX Fidelity California Municipal Income Fund	1.42%	5.75%	1.89%	6.53%	-9.64%	1.39%	4.50%	7.63%	0.68%	5.81%
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	0.59%	5.23%	1.73%	3.53%	-4.71%	0.20%	2.93%	4.07%	1.25%	2.27%

Correlation

The correlation between FCTFX and FCSTX is 0.69, 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	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.76

The correlation between FCTFX and FCSTX shifts across timeframes, from 0.69 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCTFX vs. FCSTX — Risk / Return Rank

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

FCTFX

FCTFX Risk / Return Rank: 67
FCTFX Sharpe Ratio Rank: 85
FCTFX Sortino Ratio Rank: 88
FCTFX Omega Ratio Rank: 91
FCTFX Calmar Ratio Rank: 35
FCTFX Martin Ratio Rank: 33

FCSTX

FCSTX Risk / Return Rank: 63
FCSTX Sharpe Ratio Rank: 82
FCSTX Sortino Ratio Rank: 87
FCSTX Omega Ratio Rank: 95
FCSTX Calmar Ratio Rank: 30
FCSTX Martin Ratio Rank: 24

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. FCSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Fidelity California Limited Term Tax-Free Bond Fund (FCSTX). 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	FCSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.46	+0.12
Sortino ratio: Return per unit of downside risk	3.92	3.85	+0.07
Omega ratio: Gain probability vs. loss probability	1.64	1.76	-0.12
Calmar ratio: Return relative to maximum drawdown	2.13	1.93	+0.21
Martin ratio: Return relative to average drawdown	6.99	5.37	+1.62

FCTFX vs. FCSTX - Sharpe Ratio Comparison

The current FCTFX Sharpe Ratio is 2.58, which is comparable to the FCSTX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FCTFX and FCSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCTFX vs. FCSTX - Drawdown Comparison

The maximum FCTFX drawdown since its inception was -23.20%, which is greater than FCSTX's maximum drawdown of -7.58%. Use the drawdown chart below to compare losses from any high point for FCTFX and FCSTX.

Drawdown Indicators

	FCTFX	FCSTX	Difference
Max Drawdown Largest peak-to-trough decline	-23.20%	-7.58%	-15.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-1.88%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-5.39%	-2.21%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.01%	-7.58%	-6.43%
Max Drawdown (10Y) Largest decline over 10 years	-14.01%	-7.58%	-6.43%
Current Drawdown Current decline from peak	-0.82%	-0.81%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.43%	-0.92%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.67%	+0.37%

Volatility

FCTFX vs. FCSTX - Volatility Comparison

Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 0.77% compared to Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) at 0.39%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than FCSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCTFX	FCSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.39%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	1.17%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	1.47%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	2.10%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	2.21%	+1.85%

FCTFX vs. FCSTX - Expense Ratio Comparison

FCTFX has a 0.45% expense ratio, which is lower than FCSTX's 0.47% expense ratio.

Dividends

FCTFX vs. FCSTX - Dividend Comparison

FCTFX's dividend yield for the trailing twelve months is around 3.02%, more than FCSTX's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	2.29%	2.85%	2.00%	1.68%	1.01%	1.22%	1.68%	1.72%	1.71%	1.58%	1.89%	1.63%
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 FCSTX in my portfolio?

FCTFX and FCSTX have a correlation of 0.69, 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 FCSTX?

FCTFX has higher volatility (0.77%) compared to FCSTX (0.39%). In terms of maximum drawdown, FCTFX dropped -23.20% vs FCSTX's -7.58%.

Which has better risk-adjusted returns?

FCTFX currently has the higher Sharpe Ratio (2.58 vs 2.46), 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.