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FCTFX vs. VCLAX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between FCTFX and VCLAX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.


-0.50.00.51.00.9

Performance

FCTFX vs. VCLAX - Performance Comparison

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

0.00%1.00%2.00%3.00%4.00%JulyAugustSeptemberOctoberNovemberDecember
1.34%
0.90%
FCTFX
VCLAX

Key characteristics

Sharpe Ratio

FCTFX:

0.47

VCLAX:

0.50

Sortino Ratio

FCTFX:

0.64

VCLAX:

0.70

Omega Ratio

FCTFX:

1.10

VCLAX:

1.10

Calmar Ratio

FCTFX:

0.30

VCLAX:

0.33

Martin Ratio

FCTFX:

1.66

VCLAX:

1.82

Ulcer Index

FCTFX:

0.97%

VCLAX:

1.03%

Daily Std Dev

FCTFX:

3.43%

VCLAX:

3.77%

Max Drawdown

FCTFX:

-19.94%

VCLAX:

-16.25%

Current Drawdown

FCTFX:

-2.33%

VCLAX:

-2.63%

Returns By Period

In the year-to-date period, FCTFX achieves a 1.61% return, which is significantly higher than VCLAX's 1.35% return. Over the past 10 years, FCTFX has underperformed VCLAX with an annualized return of 2.09%, while VCLAX has yielded a comparatively higher 2.57% annualized return.


FCTFX

YTD

1.61%

1M

-0.83%

6M

1.34%

1Y

1.86%

5Y*

0.81%

10Y*

2.09%

VCLAX

YTD

1.35%

1M

-1.04%

6M

0.99%

1Y

1.88%

5Y*

0.93%

10Y*

2.57%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


FCTFX vs. VCLAX - Expense Ratio Comparison

FCTFX has a 0.45% expense ratio, which is higher than VCLAX's 0.09% expense ratio.


FCTFX
Fidelity California Municipal Income Fund
Expense ratio chart for FCTFX: current value at 0.45% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.45%
Expense ratio chart for VCLAX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%

Risk-Adjusted Performance

FCTFX vs. VCLAX - Risk-Adjusted Performance 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 Admiral Shares (VCLAX). 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.


Sharpe ratio
The chart of Sharpe ratio for FCTFX, currently valued at 0.47, compared to the broader market-1.000.001.002.003.004.000.470.36
The chart of Sortino ratio for FCTFX, currently valued at 0.64, compared to the broader market-2.000.002.004.006.008.0010.000.640.51
The chart of Omega ratio for FCTFX, currently valued at 1.10, compared to the broader market0.501.001.502.002.503.003.501.101.07
The chart of Calmar ratio for FCTFX, currently valued at 0.30, compared to the broader market0.002.004.006.008.0010.0012.0014.000.300.24
The chart of Martin ratio for FCTFX, currently valued at 1.66, compared to the broader market0.0020.0040.0060.001.661.30
FCTFX
VCLAX

The current FCTFX Sharpe Ratio is 0.47, which is comparable to the VCLAX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FCTFX and VCLAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.004.00JulyAugustSeptemberOctoberNovemberDecember
0.47
0.36
FCTFX
VCLAX

Dividends

FCTFX vs. VCLAX - Dividend Comparison

FCTFX's dividend yield for the trailing twelve months is around 2.84%, less than VCLAX's 3.10% yield.


TTM20232022202120202019201820172016201520142013
FCTFX
Fidelity California Municipal Income Fund
2.84%2.67%2.52%2.20%2.45%2.71%3.01%3.01%3.24%3.31%3.54%3.82%
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
3.10%3.07%2.74%2.40%2.64%3.01%3.39%3.34%3.56%3.58%3.71%4.07%

Drawdowns

FCTFX vs. VCLAX - Drawdown Comparison

The maximum FCTFX drawdown since its inception was -19.94%, which is greater than VCLAX's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for FCTFX and VCLAX. For additional features, visit the drawdowns tool.


-4.00%-3.00%-2.00%-1.00%0.00%JulyAugustSeptemberOctoberNovemberDecember
-2.33%
-2.63%
FCTFX
VCLAX

Volatility

FCTFX vs. VCLAX - Volatility Comparison

Fidelity California Municipal Income Fund (FCTFX) has a higher volatility of 1.35% compared to Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) at 1.28%. This indicates that FCTFX's price experiences larger fluctuations and is considered to be riskier than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%JulyAugustSeptemberOctoberNovemberDecember
1.35%
1.28%
FCTFX
VCLAX
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Disclaimer

The information contained herein does not constitute investment advice and made available for educational purposes only. Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling.

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