First Trust California Municipal High Income ETF (FCAL) Performance
FCAL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.1% since Dec 31, 2025
- 1 year
- −0.4% total return
- 5 years
- +0.3% a year
- Since first price
- +2.2% a year since 2017
FCAL trailing returns vs SPY, QQQ, AGG
| Period | FCAL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +0.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.6% | −2.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.4% | −4.1% | +7.8% | +8.4% | −1.5% |
| YTD | −1.1% | −4.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −0.4% | −4.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +12.1%+3.9%/yr | +1.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +1.3%+0.3%/yr | −12.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 27, 2017 | +22.5%+2.2%/yr | −5.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FCAL vs SPY
From Jun 27, 2017: FCAL grew to $12,248, SPY to $36,323.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FCAL returns by calendar year
7 of 8 full years positive. Best 2019 (+9.3%), worst 2022 (−9.5%). 2026 is year to date.
FCAL annual returns table
| Year | FCAL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.1% | −6.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +3.5% | −4.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +1.9% | −2.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +6.1% | −5.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.5% | −13.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +3.3% | −2.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +3.5% | −14.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +9.3% | −1.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +0.3% | −2.8% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FCAL largest drawdowns
Now 3.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 28, 2020 | −14.8% | Mar 20, 2020 | Dec 17, 2020 | 21 days | 10 months |
| Jul 20, 2021 | −14.4% | Oct 26, 2022 | Nov 4, 2025 | 1.3 years | 4.3 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FCAL risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +2.6% | −0.3% | +1.9% |
| Volatility (annualized) | 5.2% | 6.2% | 5.8% |
| Sharpe ratio | -0.32 | -0.62 | -0.06 |
| Sortino ratio | -0.43 | -0.79 | -0.08 |
| Best month | +5.0% | +5.0% | +5.0% |
| Worst month | −3.9% | −3.9% | −7.0% |
| Best 12 months | +9.5% | +9.5% | +12.4% |
| Worst 12 months | −1.6% | −12.7% | −12.7% |
| Positive months | 61% | 55% | 63% |
| Beta vs S&P 500 | 0.26 | 0.26 | — |
| Correlation with S&P 500 | 0.61 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FCAL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 101 | −12.7% | +2.9% | +12.4% | 79% |
| 3-year (a year) | 77 | −2.4% | +2.0% | +5.9% | 66% |
| 5-year (a year) | 53 | −0.3% | +1.2% | +2.3% | 98% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
FCAL performance overview
First Trust California Municipal High Income ETF (FCAL) returned −0.4% over the past year and +0.3% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +2.2% a year, turning $10,000 into about $12,248. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.8%, from Feb 28, 2020 to Mar 20, 2020, and it took 9 months to get back to the old high. FCAL finished 7 of its 8 full calendar years with a gain; the best year was 2019 (+9.3%) and the worst 2022 (−9.5%). Volatility has been 5.8% a year.
Related: FCAL chart, FCAL dividends. See the FCAL overview for the latest quote and fund facts.
FCAL performance FAQ
What is the FCAL return over the past year?
FCAL returned −0.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.0%.
What is the average annual return of FCAL?
FCAL has returned +0.3% a year over 5 years, +2.2% a year since June 27, 2017 (total return, distributions reinvested).
How much would $10,000 invested in FCAL be worth?
$10,000 invested in FCAL at its first recorded close on June 27, 2017 would be worth about $12,248 on October 23, 2026 with distributions reinvested.
What was the worst year for FCAL?
The worst calendar year was 2022, with a total return of −9.5%. The best was 2019 at +9.3%.
What is the biggest drawdown of FCAL?
The largest peak-to-trough decline was −14.8% between February 28, 2020 and March 20, 2020. It recovered to the old high on December 17, 2020, 9 months after the bottom.
How volatile is FCAL?
Over the past 3 years FCAL had an annualized volatility of 5.2% and a Sharpe ratio of -0.32 (excess return over 1–3 month T-bills per unit of risk).