FCTFX vs. FHIGX
FCTFX (Fidelity California Municipal Income Fund) and FHIGX (Fidelity Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 10 years, FCTFX returned 2.02%/yr vs 2.15%/yr for FHIGX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.
Performance
FCTFX vs. FHIGX - Performance Comparison
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Returns By Period
In the year-to-date period, FCTFX achieves a 1.34% return, which is significantly lower than FHIGX's 1.54% return. Over the past 10 years, FCTFX has underperformed FHIGX with an annualized return of 2.02%, while FHIGX has yielded a comparatively higher 2.15% 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%
FHIGX
- 1D
- -0.08%
- 1M
- 1.66%
- YTD
- 1.54%
- 6M
- 1.97%
- 1Y
- 7.07%
- 3Y*
- 4.21%
- 5Y*
- 0.88%
- 10Y*
- 2.15%
FCTFX vs. FHIGX - 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% |
FHIGX Fidelity Municipal Income Fund | 1.54% | 5.37% | 1.68% | 7.14% | -10.98% | 2.43% | 4.42% | 8.51% | 0.81% | 6.69% |
Correlation
The correlation between FCTFX and FHIGX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 1984 | 0.89 |
The correlation between FCTFX and FHIGX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
FCTFX vs. FHIGX — Risk / Return Rank
FCTFX
FHIGX
FCTFX vs. FHIGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Fidelity Municipal Income Fund (FHIGX). 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 | FHIGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.62 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.20 | -0.09 |
| Martin ratioReturn relative to average drawdown | 6.89 | 7.41 | -0.51 |
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Drawdowns
FCTFX vs. FHIGX - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, smaller than the maximum FHIGX drawdown of -32.80%. Use the drawdown chart below to compare losses from any high point for FCTFX and FHIGX.
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Drawdown Indicators
| FCTFX | FHIGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -32.80% | +9.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -3.27% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.39% | -6.05% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -16.18% | +2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -16.18% | +2.17% |
Current DrawdownCurrent decline from peak | -0.90% | -0.72% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -4.53% | +2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.97% | +0.07% |
Volatility
FCTFX vs. FHIGX - Volatility Comparison
Fidelity California Municipal Income Fund (FCTFX) and Fidelity Municipal Income Fund (FHIGX) have volatilities of 0.78% and 0.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCTFX | FHIGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.78% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.18% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 2.82% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 4.16% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 4.25% | -0.19% |
FCTFX vs. FHIGX - Expense Ratio Comparison
Both FCTFX and FHIGX have an expense ratio of 0.45%.
Dividends
FCTFX vs. FHIGX - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 3.02%, less than FHIGX's 3.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FHIGX Fidelity Municipal Income Fund | 3.08% | 4.00% | 2.98% | 2.83% | 1.81% | 2.64% | 2.79% | 3.16% | 3.66% | 4.45% | 4.88% | 3.65% |
Frequently Asked Questions
FCTFX and FHIGX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHIGX has higher volatility (0.78%) compared to FCTFX (0.78%). In terms of maximum drawdown, FCTFX dropped -23.20% vs FHIGX's -32.80%.
FHIGX currently has the higher Sharpe Ratio (2.55 vs 2.54), 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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