FCAL vs HYD: Grades, Fees and Holdings Compared

First Trust California Municipal High Income ETF

FCALCNasdaq

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

HYD −0.33pt a year

FCAL0.65%HYD0.32%

Avg volume · 30D

HYD 52.6×the volume

FCAL28.8KHYD1.51M

5Y return · a year

FCAL +0.6pt

FCAL+0.3%HYD−0.3%

FCAL vs HYD Performance

Oct 29, 2021 – Oct 30, 2026

+1.6%FCAL−1.7%HYD

Expense ratio: FCAL 0.65%; HYD 0.32%, better
Fund size: FCAL $212M; HYD $4.6B
1Y total return: FCAL +0.1%; HYD +1.4%, better
Yield (12M): FCAL 3.56%; HYD 4.47%, better
Holdings: FCAL 280; HYD 2159
Avg volume (30D): FCAL 28.8K sh; HYD 1.51M sh, better
NAV per share: FCAL $47.68; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for FCAL, HYD, with each pillar’s weight
Pillar	FCAL	HYD
Cost30% weight	F8	A89Higher
Mission25% weight	A92	A93Higher
Risk15% weight	C54	B58Higher
Tradability15% weight	B63Higher	B57
Holdings10% weight	B61	A84Higher
Durability5% weight	C52	A81Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FCAL and HYD are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

HYD ranks 2nd and FCAL 16th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 72
Rank 15CHTAXNomura National High-Yield Municipal Bond ETFScore 54
Rank 16CFCALFirst Trust California Municipal High Income ETFScore 51
Rank 17CMFLXFirst Trust Flexible Municipal High Income ETFScore 40

Our read on each fund

ETF.net Research

FCALCFirst Trust California Municipal High Income ETF

HYDAVanEck High Yield Muni ETF

In short

FCAL A California-only muni fund that actually reaches for yield: at least half investment grade, up to half high yield, actively picked. Double tax exemption at home, at 0.65% a year.

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

Stated mandate

FCAL FCAL seeks current income exempt from regular federal and California income taxes, with long-term capital appreciation as a secondary objective. Normally, it invests at least 80% of net assets in municipal debt securities whose interest is exempt from those taxes.

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

Why people hold it

FCAL Income exempt from regular federal and California income taxes, so in-state holders dodge two tax bills instead of one.ftportfolios.com
Up to half the portfolio can sit below investment grade, a credit dial most California muni funds never touch; at least half stays investment grade.sec.gov
Actively managed since 2017, around 300 bonds deep, and it pays monthly.sec.gov

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

Worth knowing

FCAL 0.65% a year, no waiver trimming it, above the category median. National high-income muni peers like HYD (0.32%) and FMUB (0.30%) charge less.
Credit risk is the trade-off: the high-yield sleeve can include bonds already in default, and results ride on California issuers alone.sec.gov
Thinly traded and on the small side. Limit orders matter, and the market price can drift from the value of the bonds inside.

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

Full FCAL profile⁠

Full HYD profile⁠

FCAL vs HYD Holdings

How FCAL and HYD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FCAL and 0.0% of HYD.

Level by level

Holdings0 in both0.0%
Countryby domicile94.4%

Sector

No Sector split for FCAL and HYD.

Country, concentration and asset class

Country by domicile

Country weights in FCAL and HYD, widest gap first
Country	More in FCALMore in HYD	FCAL	HYD
United States	FCAL +5.5 points	98.2%	92.7%
Puerto Rico	HYD +5.2 points	1.8%	7.0%
Other countries (2)	HYD +0.2 points	0.1%	0.3%

Concentration

Weight in the 10 largest Holdings

FCAL10.6%
HYD10.0%

Securities held

FCAL276
HYD588

Asset class

FCAL: Fixed Income
HYD: Multi-Asset

Holdings

Only in FCAL276
In both0
Only in HYD588

Only in FCAL

276 securities, 100% of FCAL by weight

FONTANA CA SPL TAX 5%, due 09/01/20391.66%
SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/20491.42%
STHRN CA PUBLIC PWR AUTH REV 5%, due 11/01/20331.24%
STOCKTON-EAST CA WTR DIST 5%, due 03/01/20501.09%
CALIFORNIA ST 5%, due 08/01/20461.00%
CALIFORNIA CMNTY CHOICE FING AUTH Variable rate, due 10/01/20561.00%
CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV Variable rate, due 12/01/20550.99%
FRESNO CA JT PWRS FING AUTH 5.25%, due 04/01/20500.98%
CALIFORNIA ST HLTH FACS FING AUTH 5%, due 12/01/20440.97%
ANAHEIM CA HSG & PUBLIC IMPT AUTH Variable rate, due 10/01/20540.96%
CALIFORNIA ST MUNI FIN AUTH REV Variable rate, due 11/01/20350.96%
CALIFORNIA ST MUNI FIN AUTH SOL WST DISP Variable rate, due 11/01/20410.95%
CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.45%, due 12/01/20420.93%
IRVINE RANCH CA WTR DIST Variable rate, due 10/01/20410.91%
CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.40%, due 12/01/20430.87%
CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV 5%, due 08/01/20340.83%
RIVERSIDE CA SWR REVENUE 5%, due 08/01/20400.78%
SANTA CLARA CA WSTWTR REV CTFS PARTN 4.25%, due 02/01/20410.76%
CALIFORNIA ST MUNI FIN AUTH SPL FAC REV N/C, 4%, due 07/15/20290.76%
CALIFORNIA ST HLTH FACS FING AUTH 5.50%, due 11/15/20520.76%
CORONA-NORCO CA UNIF SCH DIST 5%, due 08/01/20460.75%
SAN DIEGO CA UNIF SCH DIST 5%, due 07/01/20420.75%
CALIFORNIA ST POLL CONTROL FING AUTH 5%, due 07/01/20360.75%
CALIFORNIA ST MUNI FIN AUTH REV 5%, due 11/15/20420.74%
FONTANA CA PUBLIC FIN AUTH LEASE REV 5%, due 11/01/20500.74%
CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REV 4%, due 07/01/20560.73%
ORANGE CNTY CA CMNTY FACS DIST 5%, due 08/15/20460.72%
UNIV OF CALIFORNIA REVENUES Variable rate, due 05/15/20480.72%
CALIFORNIA ST POLL CONTROL FIN AUTH Variable rate, due 07/01/20430.71%
SAN CLEMENTE CA SPL TAX 5%, due 09/01/20410.69%
CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK 5%, due 07/01/20400.69%
OAKDALE CA JT UNIF SCH DIST 5%, due 08/01/20440.69%
CALIFORNIA ST MUNI FIN AUTH REV 5%, due 11/15/20400.66%
SAN FRANCISCO CITY & CNTY CA REDEV AGY 5%, due 08/01/20480.65%
SAN FRANCISCO CITY & CNTY CA REDEV AGY 5.25%, due 08/01/20400.64%
INGLEWOOD CA JT PWRS AUTH LEASE REV 5.25%, due 08/01/20500.62%
CALIFORNIA ST HLTH FACS FING AUTH 5%, due 02/01/20430.62%
CALIFORNIA ST HLTH FACS FING AUTH 5%, due 11/15/20460.61%
CALIFORNIA ST MUNI FIN AUTH SOL WST DISP Variable rate, due 12/01/20440.60%
MENIFEE CA UNION SCH DIST 3%, due 08/01/20400.59%
LAMMERSVILLE CA JT UNIF SCH DIST 5%, due 09/01/20460.58%
AZUSA CA SPL TAX 5%, due 09/01/20440.58%
SACRAMENTO CNTY CA ARPT SYS REV N/C, 5%, due 07/01/20330.57%
LOS ANGELES CA DEPT OF ARPTS 5%, due 05/15/20420.57%
LOS ANGELES CA DEPT OF ARPTS N/C, 5%, due 05/15/20310.56%
ELK GROVE CA FIN AUTH SPL TAX REV 4%, due 09/01/20500.56%
SANTA MARGARITA CA WTR DIST 5%, due 09/01/20430.55%
SANTA FE SPRINGS CA PUBLIC FIN AUTH 5%, due 06/01/20400.55%
CALIFORNIA STWD CMNTYS DEV AUTH 5.25%, due 12/01/20440.54%
CALIFORNIA ST PUBLIC WKS BRD LEASE REV 5%, due 11/01/20460.54%

Only in HYD

588 securities, 96.3% of HYD by weight

New York Transportation Development Cor4.76%
Chicago Board Of Education4.63%
Puerto Rico Sales Tax Financing Corp Sa3.75%
Public Finance Authority3.41%
California Municipal Finance Authority2.11%
Florida Development Finance Corp1.92%
City Of Houston Tx Airport System Reven1.69%
California Statewide Communities Develo1.65%
Commonwealth Of Puerto Rico1.58%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.25%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.08%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.01%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.90%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.85%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
North Carolina Medical Care Commission0.77%
Arkansas Development Finance Authority0.77%
Oklahoma Development Finance Authority0.74%
New York State Dormitory Authority0.73%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Southeast Energy Authority A Cooperativ0.62%
Maryland Health & Higher Educational Fa0.62%
State Of Illinois0.59%
City Of Chicago Il0.59%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.56%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.53%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.48%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.46%
Allentown Neighborhood Improvement Zone0.44%
Baldwin County Industrial Development A0.43%
California Infrastructure & Economic De0.42%
New Jersey Economic Development Authori0.42%

Weight gaps

FCAL and HYD share no securities.

All 280 FCAL holdings⁠All 1,940 HYD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FCAL vs HYD Cost

Overpaying FCAL vs HYD

$6,175

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FCAL 0.65%
$12,717
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

FCAL 0.65%
HYD 0.32%
Overpaying

Year by year

Year	FCAL	HYD	Overpaying
10	$1,163	$580	$583
20	$4,440	$2,250	$2,190
30	$12,717	$6,542	$6,175

Expense ratio

0.65%FCAL
0.32%HYD, cheaper

HYD0.32%FCAL0.65%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

HYD 2nd cheapest of 18 funds

FCAL 16th cheapest of 18 funds

FCAL vs HYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FCAL 3.56%; HYD 4.47%, better
Payout (12M): FCAL $1.70; HYD $2.22
Last payment: FCAL $0.15; HYD $0.18
Ex-dividend: FCAL Oct 21, 2026; HYD Oct 1, 2026
Paid on: FCAL Oct 30, 2026; HYD Oct 6, 2026
Frequency: FCAL Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FCALMonthly · 46 paymentsAll FCAL payments⁠

HYDMonthly · 45 paymentsAll HYD payments⁠

FCAL vs HYD Risk

Fall from peak · 5 years

FCAL
HYD

Risk facts

VolatilityStd dev, 3 years: FCAL 5.5%, betterHYD 6.6%
Return per unit of riskSharpe ratio, 3 years: FCAL −0.07HYD 0.20, better
Worst fallMax drawdown, 5 years: FCAL −14.0%, betterHYD −20.2%
Market sensitivityBeta, 5 years: FCAL 0.85HYD 1.02; Market = 1

FCAL and HYD in the news

All news⁠

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HYD

Popular comparisons

FCALCvsCGHMA
First Trust California Municipal High Income ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.65% · 0.34%
Category
HYDAvsCGHMA
VanEck High Yield Muni ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.32% · 0.34%
Category
FCALCvsFMUBA
First Trust California Municipal High Income ETF · Fidelity Municipal Bond Opportunities ETF
Expense ratio
0.65% · 0.30%
Category
HYDAvsFMUBA
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FCALCvsHYMBA
First Trust California Municipal High Income ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
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HYDAvsHYMBA
VanEck High Yield Muni ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
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0.32% · 0.35%
Category

FCAL vs HYD

In short

Stated mandate

Why people hold it

Worth knowing

How FCAL and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FCAL

Only in HYD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How FCAL and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FCAL

Only in HYD

Weight gaps