FMHI vs. CA
Compare and contrast key facts about First Trust Municipal High Income ETF (FMHI) and Xtrackers California Municipal Bond ETF (CA).
FMHI and CA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMHI is an actively managed fund by First Trust. It was launched on Nov 1, 2017. CA is a passively managed fund by Xtrackers that tracks the performance of the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. It was launched on Dec 13, 2023.
Performance
FMHI vs. CA - Performance Comparison
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FMHI vs. CA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 0.67% | 3.54% | 5.41% | 0.44% |
CA Xtrackers California Municipal Bond ETF | 0.04% | 3.05% | 1.51% | 0.79% |
Returns By Period
In the year-to-date period, FMHI achieves a 0.67% return, which is significantly higher than CA's 0.04% return.
FMHI
- 1D
- 0.40%
- 1M
- -1.21%
- YTD
- 0.67%
- 6M
- 2.57%
- 1Y
- 3.67%
- 3Y*
- 4.81%
- 5Y*
- 1.07%
- 10Y*
- —
CA
- 1D
- 0.11%
- 1M
- -1.69%
- YTD
- 0.04%
- 6M
- 1.33%
- 1Y
- 3.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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FMHI vs. CA - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than CA's 0.07% expense ratio.
Return for Risk
FMHI vs. CA — Risk / Return Rank
FMHI
CA
FMHI vs. CA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and Xtrackers California Municipal Bond ETF (CA). 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.
| FMHI | CA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.76 | 0.84 | -0.08 |
Sortino ratioReturn per unit of downside risk | 0.98 | 1.11 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.09 | -0.23 |
Martin ratioReturn relative to average drawdown | 2.21 | 3.10 | -0.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMHI | CA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.84 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.58 | -0.05 |
Correlation
The correlation between FMHI and CA is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
FMHI vs. CA - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.25%, more than CA's 3.23% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.25% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
CA Xtrackers California Municipal Bond ETF | 3.23% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
FMHI vs. CA - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for FMHI and CA.
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Drawdown Indicators
| FMHI | CA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -5.24% | -13.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.89% | -3.67% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -1.88% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -1.30% | -3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 1.29% | +0.62% |
Volatility
FMHI vs. CA - Volatility Comparison
First Trust Municipal High Income ETF (FMHI) has a higher volatility of 1.42% compared to Xtrackers California Municipal Bond ETF (CA) at 1.27%. This indicates that FMHI's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMHI | CA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.27% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 1.77% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.88% | 4.38% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 4.09% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 4.09% | +1.68% |