FCTFX vs. PWZ
FCTFX (Fidelity California Municipal Income Fund) and PWZ (Invesco California AMT-Free Municipal Bond ETF) are both Municipal Bonds funds. Over the past 10 years, FCTFX returned 1.84%/yr vs 1.66%/yr for PWZ. Their 0.53 correlation means they have sometimes moved together and sometimes differently. FCTFX charges 0.45%/yr vs 0.28%/yr for PWZ.
Performance
FCTFX vs. PWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCTFX achieves a -0.21% return, which is significantly lower than PWZ's 1.12% return. Over the past 10 years, FCTFX has outperformed PWZ with an annualized return of 1.84%, while PWZ has yielded a comparatively lower 1.66% annualized return.
FCTFX
- 1D
- -0.25%
- 1M
- -2.10%
- 6M
- -1.10%
- YTD
- -0.21%
- 1Y
- 4.74%
- 3Y*
- 3.62%
- 5Y*
- 0.63%
- 10Y*
- 1.84%
- ALL TIME*
- 4.43%
PWZ
- 1D
- -0.15%
- 1M
- -2.41%
- 6M
- 0.80%
- YTD
- 1.12%
- 1Y
- 7.38%
- 3Y*
- 2.53%
- 5Y*
- -0.32%
- 10Y*
- 1.66%
- ALL TIME*
- 3.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $6.43M | $5.37M | $5.33M |
FCTFX vs. PWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | -0.21% | 5.75% | 1.89% | 6.53% | -9.64% | 1.39% | 4.50% | 7.63% | 0.68% | 5.81% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.12% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
Correlation
The correlation between FCTFX and PWZ is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007 | 0.53 |
The correlation between FCTFX and PWZ shifts across timeframes, from 0.53 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCTFX vs. PWZ — Risk / Return Rank
FCTFX
PWZ
FCTFX vs. PWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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 | PWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.40 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.39 | -0.74 |
| Martin ratioReturn relative to average drawdown | 5.03 | 8.86 | -3.83 |
Loading charts...
Drawdowns
FCTFX vs. PWZ - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, which is greater than PWZ's maximum drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for FCTFX and PWZ.
Loading charts...
Drawdown Indicators
| FCTFX | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -21.49% | -1.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -3.47% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -9.09% | +3.88% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -17.39% | +3.38% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -17.56% | +3.55% |
Current DrawdownCurrent decline from peak | -2.42% | -2.41% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -3.52% | +1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.94% | +0.18% |
Volatility
FCTFX vs. PWZ - Volatility Comparison
The current volatility for Fidelity California Municipal Income Fund (FCTFX) is 0.99%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 1.05%. This indicates that FCTFX experiences smaller price fluctuations and is considered to be less risky than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FCTFX | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.05% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 3.12% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 4.28% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 6.27% | -2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 5.88% | -1.82% |
FCTFX vs. PWZ - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Dividends
FCTFX vs. PWZ - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 2.84%, less than PWZ's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | 2.84% | 3.86% | 2.85% | 2.67% | 1.67% | 2.28% | 2.79% | 2.84% | 3.01% | 3.53% | 3.52% | 3.03% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.73% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
Frequently Asked Questions
FCTFX and PWZ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWZ has higher volatility (1.05%) compared to FCTFX (0.99%). In terms of maximum drawdown, FCTFX dropped -23.20% vs PWZ's -21.49%.
PWZ currently has the higher Sharpe Ratio (1.95 vs 1.90), 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.
Find the right allocation for FCTFX and PWZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer