FCTFX vs. PWZ

In the year-to-date period, FCTFX achieves a -1.46% return, which is significantly higher than PWZ's -4.03% return. Over the past 10 years, FCTFX has outperformed PWZ with an annualized return of 2.08%, while PWZ has yielded a comparatively lower 1.97% annualized return.

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FCTFX has a 0.45% expense ratio, which is higher than PWZ's 0.28% expense ratio.

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.

The current FCTFX Sharpe Ratio is 0.42, which is higher than the PWZ Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of FCTFX and PWZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

FCTFX's dividend yield for the trailing twelve months is around 2.68%, less than PWZ's 3.50% yield.

The maximum FCTFX drawdown since its inception was -19.94%, smaller than the maximum PWZ drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for FCTFX and PWZ.

The current volatility for Fidelity California Municipal Income Fund (FCTFX) is 0.72%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 1.56%. 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.