FHIGX vs. FCTFX
FHIGX (Fidelity Municipal Income Fund) and FCTFX (Fidelity California Municipal Income Fund) are both Municipal Bonds funds from Fidelity. Over the past 10 years, FHIGX returned 2.16%/yr vs 2.03%/yr for FCTFX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.
Performance
FHIGX vs. FCTFX - Performance Comparison
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Returns By Period
In the year-to-date period, FHIGX achieves a 1.62% return, which is significantly higher than FCTFX's 1.42% return. Over the past 10 years, FHIGX has outperformed FCTFX with an annualized return of 2.16%, while FCTFX has yielded a comparatively lower 2.03% annualized return.
FHIGX
- 1D
- 0.16%
- 1M
- 1.25%
- YTD
- 1.62%
- 6M
- 2.06%
- 1Y
- 7.25%
- 3Y*
- 4.24%
- 5Y*
- 0.90%
- 10Y*
- 2.16%
FCTFX
- 1D
- 0.08%
- 1M
- 1.24%
- YTD
- 1.42%
- 6M
- 1.77%
- 1Y
- 7.17%
- 3Y*
- 4.37%
- 5Y*
- 1.18%
- 10Y*
- 2.03%
FHIGX vs. FCTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FHIGX Fidelity Municipal Income Fund | 1.62% | 5.37% | 1.68% | 7.14% | -10.98% | 2.43% | 4.42% | 8.51% | 0.81% | 6.69% |
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% |
Correlation
The correlation between FHIGX and FCTFX 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 Jul 3, 1984 | 0.89 |
The correlation between FHIGX and FCTFX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
FHIGX vs. FCTFX — Risk / Return Rank
FHIGX
FCTFX
FHIGX vs. FCTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Income Fund (FHIGX) and Fidelity California Municipal Income Fund (FCTFX). 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.
| FHIGX | FCTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.63 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.11 | +0.12 |
| Martin ratioReturn relative to average drawdown | 7.48 | 6.87 | +0.61 |
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Drawdowns
FHIGX vs. FCTFX - Drawdown Comparison
The maximum FHIGX drawdown since its inception was -32.80%, which is greater than FCTFX's maximum drawdown of -23.20%. Use the drawdown chart below to compare losses from any high point for FHIGX and FCTFX.
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Drawdown Indicators
| FHIGX | FCTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.80% | -23.20% | -9.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -3.42% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -5.39% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -16.18% | -14.01% | -2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -16.18% | -14.01% | -2.17% |
Current DrawdownCurrent decline from peak | -0.64% | -0.82% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -2.43% | -2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.05% | -0.08% |
Volatility
FHIGX vs. FCTFX - Volatility Comparison
Fidelity Municipal Income Fund (FHIGX) and Fidelity California Municipal Income Fund (FCTFX) have volatilities of 0.79% and 0.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHIGX | FCTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.78% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 2.22% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 2.83% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.16% | 3.97% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.24% | 4.05% | +0.19% |
FHIGX vs. FCTFX - Expense Ratio Comparison
Both FHIGX and FCTFX have an expense ratio of 0.45%.
Dividends
FHIGX vs. FCTFX - Dividend Comparison
FHIGX's dividend yield for the trailing twelve months is around 3.08%, more than FCTFX's 3.02% 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% |
FHIGX Fidelity Municipal Income Fund | 3.08% | 4.00% | 2.98% | 2.83% | 1.81% | 2.64% | 2.79% | 3.16% | 3.66% | 4.45% | 4.88% | 3.65% |
Frequently Asked Questions
FHIGX and FCTFX 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.
FHIGX has higher volatility (0.79%) compared to FCTFX (0.78%). In terms of maximum drawdown, FHIGX dropped -32.80% vs FCTFX's -23.20%.
FHIGX currently has the higher Sharpe Ratio (2.58 vs 2.55), 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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