FCTFX vs. VCADX
FCTFX (Fidelity California Municipal Income Fund) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, FCTFX returned 1.84%/yr vs 2.10%/yr for VCADX. Their correlation of 0.87 means they have usually moved in the same direction. FCTFX charges 0.45%/yr vs 0.09%/yr for VCADX.
Performance
FCTFX vs. VCADX - Performance Comparison
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Returns By Period
In the year-to-date period, FCTFX achieves a -0.21% return, which is significantly lower than VCADX's -0.15% return. Over the past 10 years, FCTFX has underperformed VCADX with an annualized return of 1.84%, while VCADX has yielded a comparatively higher 2.10% 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%
VCADX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.09%
- YTD
- -0.15%
- 1Y
- 3.96%
- 3Y*
- 3.79%
- 5Y*
- 1.27%
- 10Y*
- 2.10%
- ALL TIME*
- 3.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FCTFX vs. VCADX - 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% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.15% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
Correlation
The correlation between FCTFX and VCADX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.87 |
The correlation between FCTFX and VCADX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
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Return for Risk
FCTFX vs. VCADX — Risk / Return Rank
FCTFX
VCADX
FCTFX vs. VCADX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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 | VCADX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.48 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.58 | +0.07 |
| Martin ratioReturn relative to average drawdown | 5.03 | 4.55 | +0.48 |
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Drawdowns
FCTFX vs. VCADX - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, which is greater than VCADX's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for FCTFX and VCADX.
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Drawdown Indicators
| FCTFX | VCADX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -11.13% | -12.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -2.98% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -3.87% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -11.13% | -2.88% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -11.13% | -2.88% |
Current DrawdownCurrent decline from peak | -2.42% | -2.27% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -1.50% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.03% | +0.09% |
Volatility
FCTFX vs. VCADX - Volatility Comparison
Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 0.99% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) at 0.81%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCTFX | VCADX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.81% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 1.96% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 2.37% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 3.27% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 3.42% | +0.64% |
FCTFX vs. VCADX - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than VCADX's 0.09% expense ratio.
Dividends
FCTFX vs. VCADX - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 2.84%, less than VCADX's 2.95% 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% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.95% | 3.82% | 3.35% | 2.57% | 2.36% | 1.77% | 2.28% | 2.72% | 2.71% | 2.66% | 2.76% | 2.86% |
Frequently Asked Questions
With a correlation of 0.92, FCTFX and VCADX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FCTFX has higher volatility (0.99%) compared to VCADX (0.81%). In terms of maximum drawdown, FCTFX dropped -23.20% vs VCADX's -11.13%.
VCADX currently has the higher Sharpe Ratio (1.99 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.
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