FCAL vs SPY
First Trust California Municipal High income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FCAL or SPY?
Municipal California against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FCAL | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $219M | $804.7B |
| Dividend Yield | 3.47% | 0.98% |
| Holdings | 280 | 505 |
| YTD Return | -1.50% | +12.47%Best |
| 1Y Return | +0.35% | +17.51%Best |
| 3Y Return (annualized) | +2.63% | +21.18%Best |
| 5Y Return (annualized) | -0.16% | +12.88%Best |
| Volatility (annualized) | 5.7%Best | 15.9% |
| Max Drawdown | -14.8%Best | -34.1% |
| $10,000 over 5 years | $9,920 | $18,327Best |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal California | Large Cap Blend |
| Inception | Jun 21, 2017 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 27, 2017 to Sep 11, 2026 (9.2 years).
FCAL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
FCAL vs SPY Performance
First Trust California Municipal High income ETF (FCAL) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FCAL returned +0.35% while SPY returned +17.51%. Year to date, FCAL is down 1.50% versus a gain of 12.47% for SPY.
Over three years, FCAL compounded at +2.63% per year against +21.18% for SPY; over five years the annualized figures are -0.16% and +12.88% respectively. Across the full 9-year window we track, SPY has the edge at +14.25% annualized vs +1.09%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.9% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.47. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FCAL charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, FCAL currently yields 3.47% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 164 holdings in FCAL and 504 in SPY, totalling 57.4% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 164 positions we hold weights for in FCAL and 504 in SPY, against full books of 280 and 505.
You are not choosing between two funds in isolation.
Whichever of FCAL and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FCAL or SPY?
FCAL has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, FCAL or SPY?
Over the past year FCAL returned +0.35% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (9 years), FCAL annualized +1.09% vs +14.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FCAL or SPY?
SPY has been the more volatile fund at 15.9% annualized versus 5.7% for FCAL. Worst drawdown: FCAL -14.8% vs SPY -34.1%.
Should I hold both FCAL and SPY?
FCAL and SPY have a monthly-return correlation of 0.47, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FCAL or SPY?
FCAL yields 3.47% while SPY yields 0.98%, so FCAL currently pays the higher dividend yield.
Is SPY better than FCAL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.