FCTFX vs. PWZ
Compare and contrast key facts about Fidelity California Municipal Income Fund (FCTFX) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
FCTFX is managed by Fidelity. It was launched on Jul 7, 1984. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: FCTFX or PWZ.
Key characteristics
| FCTFX | PWZ | |
|---|---|---|
| YTD Return | 2.05% | 1.59% |
| 1Y Return | 7.82% | 8.52% |
| 3Y Return (Ann) | -0.35% | -1.24% |
| 5Y Return (Ann) | 0.98% | 0.70% |
| 10Y Return (Ann) | 2.19% | 2.41% |
| Sharpe Ratio | 1.98 | 1.42 |
| Sortino Ratio | 2.87 | 2.11 |
| Omega Ratio | 1.46 | 1.26 |
| Calmar Ratio | 0.86 | 0.70 |
| Martin Ratio | 7.83 | 7.57 |
| Ulcer Index | 0.87% | 1.13% |
| Daily Std Dev | 3.47% | 6.01% |
| Max Drawdown | -19.94% | -21.49% |
| Current Drawdown | -1.77% | -4.68% |
Correlation
The correlation between FCTFX and PWZ is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
FCTFX vs. PWZ - Performance Comparison
In the year-to-date period, FCTFX achieves a 2.05% return, which is significantly higher than PWZ's 1.59% return. Over the past 10 years, FCTFX has underperformed PWZ with an annualized return of 2.19%, while PWZ has yielded a comparatively higher 2.41% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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FCTFX vs. PWZ - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than PWZ's 0.28% expense ratio.
Risk-Adjusted Performance
FCTFX vs. PWZ - Risk-Adjusted Performance 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.
Dividends
FCTFX vs. PWZ - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 2.82%, less than PWZ's 3.29% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCTFX Fidelity California Municipal Income Fund | 2.82% | 2.67% | 2.52% | 2.20% | 2.45% | 2.71% | 3.01% | 3.01% | 3.24% | 3.31% | 3.54% | 3.82% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.29% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
Drawdowns
FCTFX vs. PWZ - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -19.94%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for FCTFX and PWZ. For additional features, visit the drawdowns tool.
Volatility
FCTFX vs. PWZ - Volatility Comparison
The current volatility for Fidelity California Municipal Income Fund (FCTFX) is 1.87%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 2.56%. 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.