MMCA vs. FCAL
Compare and contrast key facts about IQ MacKay California Municipal Intermediate ETF (MMCA) and First Trust California Municipal High Income ETF (FCAL).
MMCA and FCAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMCA is an actively managed fund by IndexIQ. It was launched on Dec 21, 2021. FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017.
Performance
MMCA vs. FCAL - Performance Comparison
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MMCA vs. FCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | -0.43% | 5.74% | 1.70% | 5.77% | -12.15% | 0.01% |
FCAL First Trust California Municipal High Income ETF | 0.00% | 3.19% | 1.90% | 6.08% | -9.50% | 0.08% |
Returns By Period
MMCA
- 1D
- 0.19%
- 1M
- -2.60%
- YTD
- -0.43%
- 6M
- 1.02%
- 1Y
- 4.71%
- 3Y*
- 3.45%
- 5Y*
- —
- 10Y*
- —
FCAL
- 1D
- 0.27%
- 1M
- -2.08%
- YTD
- 0.00%
- 6M
- 1.94%
- 1Y
- 4.14%
- 3Y*
- 2.88%
- 5Y*
- 0.77%
- 10Y*
- —
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MMCA vs. FCAL - Expense Ratio Comparison
MMCA has a 0.36% expense ratio, which is lower than FCAL's 0.50% expense ratio.
Return for Risk
MMCA vs. FCAL — Risk / Return Rank
MMCA
FCAL
MMCA vs. FCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and First Trust California Municipal High Income ETF (FCAL). 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.
| MMCA | FCAL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 0.93 | +0.46 |
Sortino ratioReturn per unit of downside risk | 1.81 | 1.21 | +0.60 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.22 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.67 | 0.97 | +0.70 |
Martin ratioReturn relative to average drawdown | 6.09 | 2.69 | +3.40 |
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
| MMCA | FCAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.93 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.46 | -0.50 |
Correlation
The correlation between MMCA and FCAL is 0.61, 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
MMCA vs. FCAL - Dividend Comparison
MMCA's dividend yield for the trailing twelve months is around 3.67%, more than FCAL's 3.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | 3.67% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
FCAL First Trust California Municipal High Income ETF | 3.32% | 3.22% | 2.99% | 2.74% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% |
Drawdowns
MMCA vs. FCAL - Drawdown Comparison
The maximum MMCA drawdown since its inception was -15.97%, which is greater than FCAL's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for MMCA and FCAL.
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Drawdown Indicators
| MMCA | FCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.97% | -14.81% | -1.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -4.30% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.44% | — |
Current DrawdownCurrent decline from peak | -2.60% | -2.08% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -7.26% | -3.40% | -3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.55% | -0.73% |
Volatility
MMCA vs. FCAL - Volatility Comparison
The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 1.23%, while First Trust California Municipal High Income ETF (FCAL) has a volatility of 1.48%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than FCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMCA | FCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.48% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.90% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 4.49% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 4.26% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 5.29% | -1.65% |