Correlation
The correlation between PWZ and FCTFX is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
PWZ vs. FCTFX
Compare and contrast key facts about Invesco California AMT-Free Municipal Bond ETF (PWZ) and Fidelity California Municipal Income Fund (FCTFX).
PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007. FCTFX is managed by Fidelity. It was launched on Jul 7, 1984.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PWZ or FCTFX.
Performance
PWZ vs. FCTFX - Performance Comparison
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Key characteristics
PWZ:
-0.21
FCTFX:
0.29
PWZ:
-0.32
FCTFX:
0.43
PWZ:
0.96
FCTFX:
1.07
PWZ:
-0.22
FCTFX:
0.29
PWZ:
-0.82
FCTFX:
0.94
PWZ:
2.92%
FCTFX:
1.82%
PWZ:
8.52%
FCTFX:
5.52%
PWZ:
-21.48%
FCTFX:
-19.95%
PWZ:
-8.64%
FCTFX:
-3.36%
Returns By Period
In the year-to-date period, PWZ achieves a -4.69% return, which is significantly lower than FCTFX's -1.54% return. Over the past 10 years, PWZ has underperformed FCTFX with an annualized return of 1.89%, while FCTFX has yielded a comparatively higher 2.09% annualized return.
PWZ
-4.69%
-0.47%
-5.21%
-1.72%
1.38%
-0.46%
1.89%
FCTFX
-1.54%
0.33%
-1.87%
1.70%
2.60%
0.70%
2.09%
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PWZ vs. FCTFX - Expense Ratio Comparison
PWZ has a 0.28% expense ratio, which is lower than FCTFX's 0.45% expense ratio.
Risk-Adjusted Performance
PWZ vs. FCTFX — Risk-Adjusted Performance Rank
PWZ
FCTFX
PWZ vs. FCTFX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco California AMT-Free Municipal Bond ETF (PWZ) 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.
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Dividends
PWZ vs. FCTFX - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.53%, more than FCTFX's 2.93% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.53% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.49% | 2.86% | 3.16% | 3.80% |
FCTFX Fidelity California Municipal Income Fund | 2.93% | 2.85% | 2.67% | 2.52% | 2.65% | 2.78% | 2.83% | 3.02% | 3.53% | 3.24% | 3.31% | 3.54% |
Drawdowns
PWZ vs. FCTFX - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.48%, which is greater than FCTFX's maximum drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for PWZ and FCTFX.
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Volatility
PWZ vs. FCTFX - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 1.52% compared to Fidelity California Municipal Income Fund (FCTFX) at 0.97%. This indicates that PWZ's price experiences larger fluctuations and is considered to be riskier than FCTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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