FCALvsHYDETF Comparison
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First Trust California Municipal High Income ETF (FCAL) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. In contrast, HYD's top sector exposures are Municipal. FCAL is more expensive with a Total Expense Ratio (TER) of 0.49%, versus 0.32% for HYD. FCAL is down -1.43% year-to-date (YTD) with +$20M in YTD flows. HYD performs worse with -1.57% YTD performance, and +$535M in YTD flows. Run a side-by-side ETF comparison of FCAL and HYD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FCAL vs HYD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FCAL HYD | -0.62%-0.86% | -4.20%-3.95% | -1.43%-1.57% | -0.70%-0.91% | +6.77%+13.01% | -2.88%-4.06% |
| Flows | FCAL HYD | -$2M+$368M | +$122K+$62M | +$20M+$535M | +$30M+$981M | +$70M+$1.81B | +$124M+$1.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FCAL HYD | +5.14%+5.81% | +3.26%+3.64% | +3.66%+4.51% | +3.62%+4.67% |
| Max drawdown | FCAL HYD | -6.33%-6.17% | -6.78%-6.77% | -6.78%-6.77% | -13.87%-19.44% |
| Max drawdown duration | FCAL HYD | 88d92d | 102d102d | 102d102d | 1610d1747d |
Trading data
FCAL | HYD | |
Last sale 10/16/2026 at 1:30 PM | $46.95 | $48.74 |
| Previous close 10/15/2026 | $46.89 | $48.82 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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FCAL
is actively managed and doesn’t replicate an indexFCAL | HYD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
FCAL | HYD | |
|---|---|---|
| Last price | $46.95 | $48.74 |
| 1D performance | +0.13% | -0.16% |
| AuM | $211.15 M | $4.35 B |
| E/R | 0.49% | 0.32% |
Characteristics
FCAL | HYD | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Trust | VanEck |
| Benchmark | - | ICE Broad High Yield Crossover Municipal Index |
| N° of holdings | - | 714 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 20, 2017 | February 4, 2009 |
| ESG | No | No |
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Exposure
Countries
FCAL
Data will be available soon
HYD
USA
60.08%
Other
39.92%
Sectors
FCAL
Data will be available soon
HYD
Municipal
60.08%
Other
39.92%
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Diversification
FCAL
Data will be available soon
HYD
Total weight of top 15 holdings out of 15
8.65%
Top 15 holdings
Data as of January 1, 1970
FCAL
Data will be available soon
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
Frequently asked questions about FCAL and HYD
How have the FCAL and HYD ETFs performed in 2026?
As of October 15, 2026, FCAL is down -1.43% year-to-date (YTD), while HYD has lost -1.57%. That puts FCAL better performer ahead so far this year.
Which ETF is attracting more investor money: FCAL or HYD?
Year-to-date, the FCAL ETF saw +$20M in flows, compared to +$535M for HYD.
Which ETF is more volatile: FCAL or HYD?
Over the past year, FCAL had a volatility of 3.26%, while HYD experienced 3.64%.
Which ETF is bigger: FCAL or HYD?
As of October 15, 2026, FCAL holds $211.15 M in assets under management (AUM), while HYD manages $4.35 B.
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Latest news about FCAL & HYD
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July 22, 2026
HYD
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September 2, 2025
HYD
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