FCTFX vs. PCTIX
Compare and contrast key facts about Fidelity California Municipal Income Fund (FCTFX) and PIMCO California Municipal Bond Fund (PCTIX).
FCTFX is managed by Fidelity. It was launched on Jul 7, 1984. PCTIX is managed by PIMCO. It was launched on May 30, 2012.
Performance
FCTFX vs. PCTIX - Performance Comparison
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FCTFX vs. PCTIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | -1.07% | 5.75% | 1.89% | 6.53% | -9.64% | 1.39% | 4.50% | 7.63% | 0.68% | 5.81% |
PCTIX PIMCO California Municipal Bond Fund | -0.43% | 3.92% | 3.12% | 7.98% | -10.90% | 1.96% | 6.89% | 9.11% | 1.11% | 7.30% |
Returns By Period
In the year-to-date period, FCTFX achieves a -1.07% return, which is significantly lower than PCTIX's -0.43% return. Over the past 10 years, FCTFX has underperformed PCTIX with an annualized return of 2.02%, while PCTIX has yielded a comparatively higher 2.66% annualized 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%
PCTIX
- 1D
- 0.28%
- 1M
- -2.48%
- YTD
- -0.43%
- 6M
- 1.16%
- 1Y
- 3.85%
- 3Y*
- 3.93%
- 5Y*
- 1.09%
- 10Y*
- 2.66%
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FCTFX vs. PCTIX - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than PCTIX's 0.44% expense ratio.
Return for Risk
FCTFX vs. PCTIX — Risk / Return Rank
FCTFX
PCTIX
FCTFX vs. PCTIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and PIMCO California Municipal Bond Fund (PCTIX). 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 | PCTIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.04 | 0.88 | +0.16 |
Sortino ratioReturn per unit of downside risk | 1.40 | 1.19 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.23 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.90 | +0.18 |
Martin ratioReturn relative to average drawdown | 3.87 | 2.59 | +1.28 |
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 | PCTIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 0.88 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.25 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.61 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.81 | +0.32 |
Correlation
The correlation between FCTFX and PCTIX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FCTFX vs. PCTIX - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 3.01%, less than PCTIX's 3.38% 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% |
PCTIX PIMCO California Municipal Bond Fund | 3.38% | 3.60% | 3.73% | 3.47% | 1.97% | 1.76% | 2.01% | 2.63% | 2.97% | 3.04% | 2.95% | 2.81% |
Drawdowns
FCTFX vs. PCTIX - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, which is greater than PCTIX's maximum drawdown of -16.98%. Use the drawdown chart below to compare losses from any high point for FCTFX and PCTIX.
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Drawdown Indicators
| FCTFX | PCTIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -16.98% | -6.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -4.95% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -16.98% | +2.97% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -16.98% | +2.97% |
Current DrawdownCurrent decline from peak | -3.26% | -2.48% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -2.70% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 1.71% | -0.32% |
Volatility
FCTFX vs. PCTIX - Volatility Comparison
Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 1.17% compared to PIMCO California Municipal Bond Fund (PCTIX) at 1.03%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than PCTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCTFX | PCTIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.03% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 1.74% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 4.99% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 4.40% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.04% | 4.40% | -0.36% |