FCAL vs IVV
First Trust California Municipal High income ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | FCAL | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.03% | |
| AUM | $223M | $907.0B | |
| Dividend Yield | 3.43% | 1.10% | |
| Holdings | 281 | 508 | |
| YTD Return | +0.81% | +13.22% | |
| 1Y Return | +5.24% | +21.62% | |
| 3Y Return (annualized) | +3.43% | +22.17% | |
| 5Y Return (annualized) | +0.28% | +13.42% | |
| Volatility (annualized) | 5.7% | 15.1% | |
| Max Drawdown | -14.8% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | iShares by BlackRock (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 21, 2017 | May 15, 2000 |
FCAL vs IVV Performance
First Trust California Municipal High income ETF (FCAL) is a ETF from First Trust Portfolios (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FCAL returned +5.24% while IVV returned +21.62%. Year to date, FCAL is up 0.81% versus a gain of 13.22% for IVV.
Over three years, FCAL compounded at +3.43% per year against +22.17% for IVV; over five years the annualized figures are +0.28% and +13.42% respectively. Across the full 9-year window we track, IVV has the edge at +7.02% annualized vs +1.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 5.7% for FCAL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.8% for FCAL and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.47. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FCAL charges 0.49% per year while IVV charges 0.03%. On a $10,000 position that is $49 vs $3 annually, a gap of $46 per year that compounds over a long holding period. On income, FCAL currently yields 3.43% against 1.10% for IVV.
Holdings Overlap
FCAL and IVV share 0 holdings out of 668 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FCAL or IVV?
FCAL has an expense ratio of 0.49% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, FCAL or IVV?
Over the past year FCAL returned +5.24% vs +21.62% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (9 years), FCAL annualized +1.36% vs +7.02% for IVV. Past performance does not guarantee future results.
Which is riskier, FCAL or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 5.7% for FCAL. Worst drawdown: FCAL -14.8% vs IVV -56.5%.
Should I hold both FCAL and IVV?
FCAL and IVV have a monthly-return correlation of 0.47, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FCAL and IVV?
FCAL and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 668 unique securities.
Which pays a higher dividend, FCAL or IVV?
FCAL yields 3.43% while IVV yields 1.10%, so FCAL currently pays the higher dividend yield.
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