FCTFX vs. VCITX
FCTFX (Fidelity California Municipal Income Fund) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, FCTFX returned 2.07%/yr vs 2.47%/yr for VCITX. Their correlation of 0.82 suggests significant overlap in exposure. FCTFX charges 0.45%/yr vs 0.17%/yr for VCITX.
Performance
FCTFX vs. VCITX - Performance Comparison
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Returns By Period
In the year-to-date period, FCTFX achieves a 1.42% return, which is significantly lower than VCITX's 1.94% return. Over the past 10 years, FCTFX has underperformed VCITX with an annualized return of 2.07%, while VCITX has yielded a comparatively higher 2.47% 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%
VCITX
- 1D
- 0.09%
- 1M
- 1.98%
- YTD
- 1.94%
- 6M
- 2.43%
- 1Y
- 8.17%
- 3Y*
- 4.78%
- 5Y*
- 1.35%
- 10Y*
- 2.47%
FCTFX vs. VCITX - 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% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 1.94% | 4.90% | 2.66% | 7.51% | -10.06% | 1.46% | 5.60% | 8.81% | 0.67% | 6.82% |
Correlation
The correlation between FCTFX and VCITX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 1986 | 0.83 |
The correlation between FCTFX and VCITX shifts across timeframes, from 0.82 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCTFX vs. VCITX — Risk / Return Rank
FCTFX
VCITX
FCTFX vs. VCITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Municipal Income Fund (FCTFX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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 | VCITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.66 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.39 | -0.26 |
| Martin ratioReturn relative to average drawdown | 6.99 | 8.49 | -1.50 |
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Drawdowns
FCTFX vs. VCITX - Drawdown Comparison
The maximum FCTFX drawdown since its inception was -23.20%, roughly equal to the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for FCTFX and VCITX.
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Drawdown Indicators
| FCTFX | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.20% | -22.71% | -0.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -3.43% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.39% | -6.57% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -15.79% | +1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -15.79% | +1.78% |
Current DrawdownCurrent decline from peak | -0.82% | -0.30% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -2.58% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.96% | +0.08% |
Volatility
FCTFX vs. VCITX - Volatility Comparison
The current volatility for Fidelity California Municipal Income Fund (FCTFX) is 0.77%, while Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) has a volatility of 0.83%. This indicates that FCTFX experiences smaller price fluctuations and is considered to be less risky than VCITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCTFX | VCITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.83% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.39% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.83% | 3.11% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 4.56% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 4.56% | -0.50% |
FCTFX vs. VCITX - Expense Ratio Comparison
FCTFX has a 0.45% expense ratio, which is higher than VCITX's 0.17% expense ratio.
Dividends
FCTFX vs. VCITX - Dividend Comparison
FCTFX's dividend yield for the trailing twelve months is around 3.02%, less than VCITX's 3.54% 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% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.54% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Frequently Asked Questions
FCTFX and VCITX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCITX has higher volatility (0.83%) compared to FCTFX (0.77%). In terms of maximum drawdown, FCTFX dropped -23.20% vs VCITX's -22.71%.
VCITX currently has the higher Sharpe Ratio (2.64 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.
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