A side-by-side comparison of iShares Short-Term California Muni Active ETF (CALI) and First Trust Municipal High Income ETF (FMHI) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | CALI | FMHI |
|---|---|---|
| YTD Return | +0.17%✓ | -2.46% |
| 1-Day Change | -0.07%✓ | -0.49% |
| 1-Week Change | +0.17% | +0.71%✓ |
| 1-Month Change | +0.73%✓ | +4.17% |
| Current Price | $50.25 | $46.58 |
| AUM | $701M | $1.12B✓ |
| MER (Expense Ratio) | 0.21%✓ | 0.73% |
| Dividend Yield | 2.58% | 4.44%✓ |
| Distribution Frequency | — | — |
| Inception Date | 2023-07-11 | 2017-11-01 |
| Holdings Count | 1 | 1 |
| MorningStar Rating | — | — |
| Category | US Municipal Bonds | US Municipal Bonds |
| Beta | -41.78 | 0.98 |
| 52-Week High | $50.98 | $47.88 |
| 52-Week Low | $49.28 | $44.17 |
| 50-Day MA | $50.06 | $45.82 |
| 200-Day MA | $50.37 | $47.50 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | CALI | FMHI |
|---|---|---|
| YTD | +0.17%✓ | -2.46% |
| 1 Year | +1.97%✓ | +1.91% |
| 3 Year | +3.00% | +5.64%✓ |
| 5 Year | — | +0.43% |
| 10 Year | — | +0.00% |
| 1Y Volatility | 1.69% | 6.78% |
| Sharpe Ratio (3Y) | -1.17 | 0.23 |
Past performance is not a guarantee of future results.
Sector Weights
| Sector | CALI | FMHI |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About CALI
Under normal circumstances, the fund will primarily invest in U.S. dollar-denominated investment-grade short-term fixed- and floating-rate municipal securities issued by California with remaining maturities of five years or less, such as municipal bonds, municipal notes and variable rate demand obligations, as well as money market instruments and registered investment companies. The fund is non-diversified.
About FMHI
Under normal market conditions, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. Municipal securities are generally issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities.
Which ETF is Right for You?
Both CALI and FMHI are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, FMHI scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between CALI and FMHI?
CALI (iShares Short-Term California Muni Active ETF) and FMHI (First Trust Municipal High Income ETF) are both Canadian-listed ETFs. Key differences include their AUM ($701M vs $1.12B), dividend yield (2.58% vs 4.44%), and year-to-date performance (+0.17% vs -2.46%).
Is CALI better than FMHI?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, CALI has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy CALI and FMHI on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both CALI and FMHI should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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