FCAL vs SCHD
First Trust California Municipal High income ETF vs Schwab US Dividend Equity ETF
Quick Verdict
SCHD has a lower expense ratio. SCHD delivered stronger 1-year returns. FCAL offers more diversification with 281 holdings.
Side-by-Side Comparison
| Metric | FCAL | SCHD | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.06% | |
| AUM | $223M | $108.7B | |
| Dividend Yield | 3.43% | 3.13% | |
| Holdings | 281 | 104 | |
| YTD Return | +1.11% | +26.54% | |
| 1Y Return | +5.44% | +30.90% | |
| 3Y Return (annualized) | +3.17% | +16.29% | |
| 5Y Return (annualized) | +0.34% | +9.65% | |
| Volatility (annualized) | 5.7% | 13.6% | |
| Max Drawdown | -14.8% | -33.4% | |
| Fund Family | First Trust Portfolios (US) | Charles Schwab Asset Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 21, 2017 | Oct 20, 2011 |
FCAL vs SCHD Performance
First Trust California Municipal High income ETF (FCAL) is a ETF from First Trust Portfolios (US) and Schwab US Dividend Equity ETF (SCHD) is a ETF from Charles Schwab Asset Management. Over the past year FCAL returned +5.44% while SCHD returned +30.90%. Year to date, FCAL is up 1.11% versus a gain of 26.54% for SCHD.
Over three years, FCAL compounded at +3.17% per year against +16.29% for SCHD; over five years the annualized figures are +0.34% and +9.65% respectively. Across the full 9-year window we track, SCHD has the edge at +11.51% annualized vs +1.39%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHD has been the more volatile fund, with annualized monthly volatility of 13.6% 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 -33.4% for SCHD. 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 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FCAL charges 0.49% per year while SCHD charges 0.06%. On a $10,000 position that is $49 vs $6 annually, a gap of $43 per year that compounds over a long holding period. On income, FCAL currently yields 3.43% against 3.13% for SCHD.
Holdings Overlap
FCAL and SCHD share 0 holdings out of 263 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 SCHD?
FCAL has an expense ratio of 0.49% while SCHD charges 0.06%. SCHD is the cheaper option. On a $10,000 investment, that is $43 per year of difference.
Which performed better, FCAL or SCHD?
Over the past year FCAL returned +5.44% vs +30.90% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (9 years), FCAL annualized +1.39% vs +11.51% for SCHD. Past performance does not guarantee future results.
Which is riskier, FCAL or SCHD?
SCHD has been the more volatile fund at 13.6% annualized versus 5.7% for FCAL. Worst drawdown: FCAL -14.8% vs SCHD -33.4%.
Should I hold both FCAL and SCHD?
FCAL and SCHD have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FCAL and SCHD?
FCAL and SCHD share 0 common holdings with a 0.0% weight overlap. Combined, they hold 263 unique securities.
Which pays a higher dividend, FCAL or SCHD?
FCAL yields 3.43% while SCHD yields 3.13%, so FCAL currently pays the higher dividend yield.
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