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.
Key characteristics
| PWZ | FCTFX | |
|---|---|---|
| YTD Return | 2.25% | 2.13% |
| 1Y Return | 9.83% | 7.90% |
| 3Y Return (Ann) | -1.02% | -0.35% |
| 5Y Return (Ann) | 0.91% | 1.04% |
| 10Y Return (Ann) | 2.49% | 2.19% |
| Sharpe Ratio | 1.54 | 2.10 |
| Sortino Ratio | 2.28 | 3.05 |
| Omega Ratio | 1.29 | 1.50 |
| Calmar Ratio | 0.73 | 0.88 |
| Martin Ratio | 8.31 | 8.48 |
| Ulcer Index | 1.11% | 0.86% |
| Daily Std Dev | 6.04% | 3.47% |
| Max Drawdown | -21.49% | -19.94% |
| Current Drawdown | -4.06% | -1.69% |
Correlation
The correlation between PWZ and FCTFX is 0.52, 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.
Performance
PWZ vs. FCTFX - Performance Comparison
In the year-to-date period, PWZ achieves a 2.25% return, which is significantly higher than FCTFX's 2.13% return. Over the past 10 years, PWZ has outperformed FCTFX with an annualized return of 2.49%, while FCTFX has yielded a comparatively lower 2.19% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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 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.
Dividends
PWZ vs. FCTFX - Dividend Comparison
PWZ's dividend yield for the trailing twelve months is around 3.27%, more than FCTFX's 2.81% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.27% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
FCTFX Fidelity California Municipal Income Fund | 2.81% | 2.67% | 2.52% | 2.20% | 2.45% | 2.71% | 3.01% | 3.01% | 3.24% | 3.31% | 3.54% | 3.82% |
Drawdowns
PWZ vs. FCTFX - Drawdown Comparison
The maximum PWZ drawdown since its inception was -21.49%, which is greater than FCTFX's maximum drawdown of -19.94%. Use the drawdown chart below to compare losses from any high point for PWZ and FCTFX. For additional features, visit the drawdowns tool.
Volatility
PWZ vs. FCTFX - Volatility Comparison
Invesco California AMT-Free Municipal Bond ETF (PWZ) has a higher volatility of 2.52% compared to Fidelity California Municipal Income Fund (FCTFX) at 1.87%. 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.