FCAL vs PWZ
First Trust California Municipal High Income ETF compared with Invesco California AMT-Free Municipal Bond ETF on yield, payout growth, payment schedule, cost and risk.
FCAL
First Trust California Municipal High Income ETF
TTM yield · Monthly
PWZ
Invesco California AMT-Free Municipal Bond ETF
TTM yield · Monthly
Quick take
- PWZ yields more today: 4.02% vs 3.59% (forward).
- Both pay every month.
- Over the last year FCAL delivered the higher total return: +0.6% vs -0.5% (price change plus payouts).
- PWZ is cheaper to own: 0.28% vs 0.49% expense ratio.
Generated from the latest data on both pages. Not a recommendation.
Side by side
| Metric | FCAL | PWZ |
|---|---|---|
| Share price | $47.35 | $22.87 |
| TTM yield | 3.59% | 4.02% |
| Forward yield | 3.59% | 4.02% |
| Annual payout per share | $1.699 | $0.919 |
| Payment frequency | Monthly | Monthly |
| Next ex-date | Nov 20, 2026 (est.) | Nov 16, 2026 (est.) |
| Expense ratio | 0.49% | 0.28% |
| 1-year payout growth | +7.9% | — |
| 5-year payout CAGR | +8.7% | — |
| Consecutive years of increases | 4 years | — |
| Payout consistency (last 12) | 98/100 | 98/100 |
| 1-year total return | +0.6% | -0.5% |
| 1-year price return | -2.9% | -4.4% |
| Size (market cap / AUM) | 210.4M | 1.1B |
| Years paying | 9.3 | 18.9 |
| Sector / category | Muni California Long | Muni California Long |
✓ marks the more favourable figure where one exists (higher yield, growth, streak, consistency, return and size; lower cost, payout ratio and risk).
$10,000 invested today
| FCAL | PWZ | |
|---|---|---|
| Shares | 211.2 | 437.3 |
| Income per year | $359 | $402 |
| Income per month (avg) | $30 | $33 |
At forward yields, before taxes. Model FCAL · Model PWZ
Next payments
| Ex-date | Pay date | Per share | Status |
|---|---|---|---|
| FCAL Nov 20, 2026 | Nov 28, 2026 | $0.1416 | Est. |
| FCAL Dec 20, 2026 | Dec 28, 2026 | $0.1416 | Est. |
| FCAL Jan 19, 2027 | Jan 27, 2027 | $0.1416 | Est. |
| PWZ Nov 16, 2026 | Nov 30, 2026 | $0.0766 | Est. |
| PWZ Dec 14, 2026 | Dec 28, 2026 | $0.0766 | Est. |
| PWZ Jan 11, 2027 | Jan 25, 2027 | $0.0766 | Est. |
Annual payouts per share
FCALPWZ
Regular payments only; the current year is year to date. Per-share amounts are not directly comparable when share prices differ, so read this chart for growth trends.
FAQ
Which has the higher dividend yield, FCAL or PWZ?
PWZ currently has the higher trailing yield: FCAL yields 3.59% and PWZ yields 4.02%. Yield changes daily with price, so check the live figures above.
How often do FCAL and PWZ pay?
FCAL pays every month and PWZ pays every month. FCAL's next ex-date is Nov 20, 2026 and PWZ's is Nov 16, 2026.
Is FCAL or PWZ better for income?
It depends on what you are optimising for. FCAL and PWZ differ in yield, growth, payment schedule and risk profile; the table above puts every metric side by side so you can weigh them for your own goals. This page is data, not advice.