FCTFX vs. VCAIX

Last updated Jun 23, 2026

FCTFX (Fidelity California Municipal Income Fund) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, FCTFX returned 2.07%/yr vs 2.22%/yr for VCAIX. Their correlation of 0.85 suggests significant overlap in exposure. FCTFX charges 0.45%/yr vs 0.17%/yr for VCAIX.

Performance

FCTFX vs. VCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity California Municipal Income Fund (FCTFX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCTFX achieves a 1.42% return, which is significantly higher than VCAIX's 1.22% return. Over the past 10 years, FCTFX has underperformed VCAIX with an annualized return of 2.07%, while VCAIX has yielded a comparatively higher 2.22% annualized return.

FCTFX

• 1D: 0.08%
• 1M: 1.74%
• YTD: 1.42%
• 6M: 1.77%
• 1Y: 7.26%
• 3Y*: 4.46%
• 5Y*: 1.15%
• 10Y*: 2.07%

VCAIX

• 1D: 0.09%
• 1M: 1.32%
• YTD: 1.22%
• 6M: 1.57%
• 1Y: 6.38%
• 3Y*: 4.37%
• 5Y*: 1.62%
• 10Y*: 2.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCTFX vs. VCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCTFX Fidelity California Municipal Income Fund	1.42%	5.75%	1.89%	6.53%	-9.64%	1.39%	4.50%	7.63%	0.68%	5.81%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	1.22%	5.83%	2.15%	5.82%	-6.69%	0.40%	4.53%	6.95%	1.19%	4.83%

Correlation

The correlation between FCTFX and VCAIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 4, 1994	0.85

The correlation between FCTFX and VCAIX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

FCTFX vs. VCAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCTFX

FCTFX Risk / Return Rank: 67
FCTFX Sharpe Ratio Rank: 85
FCTFX Sortino Ratio Rank: 88
FCTFX Omega Ratio Rank: 91
FCTFX Calmar Ratio Rank: 35
FCTFX Martin Ratio Rank: 33

VCAIX

VCAIX Risk / Return Rank: 70
VCAIX Sharpe Ratio Rank: 92
VCAIX Sortino Ratio Rank: 93
VCAIX Omega Ratio Rank: 95
VCAIX Calmar Ratio Rank: 36
VCAIX Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCTFX vs. VCAIX - 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 Investor Shares (VCAIX). 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	VCAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.87	-0.29
Sortino ratio: Return per unit of downside risk	3.92	4.41	-0.49
Omega ratio: Gain probability vs. loss probability	1.64	1.75	-0.11
Calmar ratio: Return relative to maximum drawdown	2.13	2.15	-0.02
Martin ratio: Return relative to average drawdown	6.99	6.84	+0.15

FCTFX vs. VCAIX - Sharpe Ratio Comparison

The current FCTFX Sharpe Ratio is 2.58, which is comparable to the VCAIX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FCTFX and VCAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCTFX vs. VCAIX - Drawdown Comparison

The maximum FCTFX drawdown since its inception was -23.20%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for FCTFX and VCAIX.

Drawdown Indicators

	FCTFX	VCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.20%	-11.22%	-11.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-2.98%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.39%	-4.25%	-1.14%
Max Drawdown (5Y) Largest decline over 5 years	-14.01%	-11.22%	-2.79%
Max Drawdown (10Y) Largest decline over 10 years	-14.01%	-11.22%	-2.79%
Current Drawdown Current decline from peak	-0.82%	-0.92%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.43%	-1.36%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.94%	+0.10%

Volatility

FCTFX vs. VCAIX - Volatility Comparison

Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 0.77% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.59%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCTFX	VCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.59%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	1.78%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	2.23%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	3.24%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	3.42%	+0.64%

FCTFX vs. VCAIX - Expense Ratio Comparison

FCTFX has a 0.45% expense ratio, which is higher than VCAIX's 0.17% expense ratio.

Dividends

FCTFX vs. VCAIX - Dividend Comparison

FCTFX's dividend yield for the trailing twelve months is around 3.02%, less than VCAIX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCTFX Fidelity California Municipal Income Fund	3.02%	3.86%	2.85%	2.67%	1.67%	2.28%	2.79%	2.84%	3.01%	3.53%	3.52%	3.03%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	3.09%	3.75%	3.27%	2.49%	2.28%	1.71%	2.19%	2.64%	2.63%	2.56%	2.65%	2.78%

Frequently Asked Questions

Can I hold both FCTFX and VCAIX in my portfolio?

With a correlation of 0.91, FCTFX and VCAIX 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.

Which is riskier, FCTFX or VCAIX?

FCTFX has higher volatility (0.77%) compared to VCAIX (0.59%). In terms of maximum drawdown, FCTFX dropped -23.20% vs VCAIX's -11.22%.

Which has better risk-adjusted returns?

VCAIX currently has the higher Sharpe Ratio (2.87 vs 2.58), 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.