FOVL vs. GCAL
FOVL (iShares Focused Value Factor ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. FOVL is passively managed, while GCAL is actively managed. Their 0.00 correlation means their historical movements had little consistent relationship. FOVL charges 0.25%/yr vs 0.30%/yr for GCAL.
Performance
FOVL vs. GCAL - Performance Comparison
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Returns By Period
FOVL
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GCAL
- 1D
- 0.10%
- 1M
- -0.94%
- 6M
- 0.38%
- YTD
- 1.28%
- 1Y
- 5.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.23M | $871.56K | $881.01K |
FOVL vs. GCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 6.43% | 12.16% |
GCAL Goldman Sachs Dynamic California Municipal Income ETF | 1.28% | 4.60% | 1.70% |
Correlation
The correlation between FOVL and GCAL is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024 | 0.00 |
The correlation between FOVL and GCAL shifts across timeframes, from -0.18 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FOVL vs. GCAL — Risk / Return Rank
FOVL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GCAL
FOVL vs. GCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). 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.
| FOVL | GCAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.42 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.32 | — |
| Martin ratioReturn relative to average drawdown | — | 7.89 | — |
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Drawdowns
FOVL vs. GCAL - Drawdown Comparison
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Drawdown Indicators
| FOVL | GCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -4.39% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.24% | — |
Current DrawdownCurrent decline from peak | — | -0.96% | — |
Average DrawdownAverage peak-to-trough decline | — | -0.83% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.66% | — |
Volatility
FOVL vs. GCAL - Volatility Comparison
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Volatility by Period
| FOVL | GCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.96% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 2.46% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 3.56% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 3.56% | — |
FOVL vs. GCAL - Expense Ratio Comparison
FOVL has a 0.25% expense ratio, which is lower than GCAL's 0.30% expense ratio.
Dividends
FOVL vs. GCAL - Dividend Comparison
FOVL has not paid dividends to shareholders, while GCAL's dividend yield for the trailing twelve months is around 3.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 1.36% | 2.08% | 2.59% | 3.38% | 2.80% | 2.88% | 2.09% |
GCAL Goldman Sachs Dynamic California Municipal Income ETF | 3.61% | 3.06% | 1.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FOVL and GCAL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FOVL is cheaper with a 0.25% expense ratio, compared with 0.30% for GCAL.
GCAL has the higher dividend yield at 3.61%, compared with 0.00% for FOVL.
FOVL is categorized as Mid Cap Value Equities, while GCAL is Municipal Bonds. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.25% for FOVL and 0.30% for GCAL.
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