FCALvsVTEBETF Comparison
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First Trust California Municipal High Income ETF (FCAL) and Vanguard Tax-Exempt Bond Index ETF (VTEB) belong to the same industry segment: Municipal Bonds. In contrast, VTEB's top sector exposures are Municipal. FCAL is more expensive with a Total Expense Ratio (TER) of 0.49%, versus 0.03% for VTEB. FCAL is down -1.43% year-to-date (YTD) with +$20M in YTD flows. VTEB performs worse with -2.08% YTD performance, and +$10.89B in YTD flows. Run a side-by-side ETF comparison of FCAL and VTEB 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 VTEB 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 VTEB | -0.62%-0.21% | -4.20%-3.46% | -1.43%-2.08% | -0.70%-1.57% | +6.77%+10.28% | -2.88%+1.27% |
| Flows | FCAL VTEB | -$2M+$5.04B | +$122K+$7.65B | +$20M+$10.89B | +$30M+$12.82B | +$70M+$24.62B | +$124M+$39.99B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FCAL VTEB | +5.14%+5.28% | +3.26%+3.33% | +3.66%+3.84% | +3.62%+3.82% |
| Max drawdown | FCAL VTEB | -6.33%-5.92% | -6.78%-6.63% | -6.78%-6.63% | -13.87%-12.41% |
| Max drawdown duration | FCAL VTEB | 88d92d | 102d102d | 102d102d | 1610d1001d |
Trading data
FCAL | VTEB | |
Last sale 10/16/2026 at 1:30 PM | $46.95 | $48.00 |
| Previous close 10/15/2026 | $46.89 | $47.96 |
| 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 September 30, 2026
1-year trailing difference
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FCAL
is actively managed and doesn’t replicate an indexFCAL | VTEB | |
|---|---|---|
| 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 | VTEB | |
|---|---|---|
| Last price | $46.95 | $48.00 |
| 1D performance | +0.13% | +0.08% |
| AuM | $211.15 M | $51.37 B |
| E/R | 0.49% | 0.03% |
Characteristics
FCAL | VTEB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Trust | Vanguard |
| Benchmark | - | S&P National AMT-Free Municipal Bond Index |
| N° of holdings | - | 5200 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 20, 2017 | August 21, 2015 |
| ESG | No | No |
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Exposure
Countries
FCAL
Data will be available soon
VTEB
USA
55.18%
Other
44.82%
Sectors
FCAL
Data will be available soon
VTEB
Municipal
55.18%
Other
44.82%
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Diversification
FCAL
Data will be available soon
VTEB
Total weight of top 15 holdings out of 15
1.57%
Top 15 holdings
Data as of January 1, 1970
FCAL
Data will be available soon
VTEB
US13063EUN48
0.16%
US13063EUP95
0.15%
City of New York, 5% 1aug2034, USD (2026)
0.12%
University of California, 5% 15may2036, USD (2025)
0.11%
US68608JXF38
0.10%
Idaho, 4% 30jun2027, USD (2026)
0.10%
US87638QBF54
0.10%
California, 5.25% 1aug2032, USD
0.10%
US646140KX00
0.10%
New Jersey Health Care Facilities Financing Authority, 1.9% 1jul2061, USD (2026B-1)
0.10%
City of New York, 5% 1aug2032, USD (2026)
0.09%
US574193YA01
0.09%
Wisconsin, 5% 1may2038, USD (2026)
0.09%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.08%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.08%
Frequently asked questions about FCAL and VTEB
How have the FCAL and VTEB ETFs performed in 2026?
As of October 15, 2026, FCAL is down -1.43% year-to-date (YTD), while VTEB has lost -2.08%. That puts FCAL better performer ahead so far this year.
Which ETF is attracting more investor money: FCAL or VTEB?
Year-to-date, the FCAL ETF saw +$20M in flows, compared to +$10.89B for VTEB.
Which ETF is more volatile: FCAL or VTEB?
Over the past year, FCAL had a volatility of 3.26%, while VTEB experienced 3.33%.
Which ETF is bigger: FCAL or VTEB?
As of October 15, 2026, FCAL holds $211.15 M in assets under management (AUM), while VTEB manages $51.37 B.
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Latest news about FCAL & VTEB
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
VTEB
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTEB
Vanguard plans to launch a new short-term municipal bond ETF in 2023
December 23, 2022
VTEB
Investing in Municipal Bond ETFs
October 24, 2022
VTEB
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