GCAL vs FRI
Comparison between GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF (GCAL, ETF) and FIRST TRUST S&P REIT INDEX FUND (FRI, ETF).
GCAL vs FRI - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
GCAL
$165M
FRI
$165M
Expense Ratio
Winner
GCAL
0.30%
FRI
0.50%
Max Drawdown
Winner
GCAL
5.11%
FRI
73.28%
Sharpe Ratio
Winner
GCAL
1.14
FRI
1.00
5Y Beta
Winner
GCAL
0.01
FRI
0.54
P/E Ratio
GCAL
N/A
FRI
36.54
Forward P/E
GCAL
N/A
FRI
35.96
5Y Dividends CAGR
GCAL
N/A
FRI
3.24%
5Y EPS CAGR
GCAL
N/A
FRI
8.57%
Debt to Equity
GCAL
N/A
FRI
44.85%
P/S Ratio
GCAL
N/A
FRI
7.34
P/B Ratio
GCAL
N/A
FRI
2.40
GCAL vs FRI - Historical Returns
Returns include dividend reinvestment.
1M
GCAL
+0.62%
Winner
FRI
+1.37%
3M
GCAL
+0.37%
Winner
FRI
+4.56%
6M
GCAL
+2.05%
Winner
FRI
+13.63%
1Y
GCAL
+6.72%
Winner
FRI
+17.57%
5Y(CAGR)
GCAL
N/A
FRI
+4.87%
10Y(CAGR)
GCAL
N/A
FRI
+5.94%
Max(CAGR)
GCAL
+4.21%
Winner
FRI
+5.12%
GCAL vs FRI - Annual Returns (2007 - 2026)
Returns include dividend reinvestment.
| Year | GCAL | FRI |
|---|---|---|
| 2026 | +1.52% | +14.27% |
| 2025 | +4.44% | +3.67% |
| 2024 | +1.65% | +6.78% |
| 2023 | N/A | +13.52% |
| 2022 | N/A | -24.21% |
| 2021 | N/A | +47.78% |
| 2020 | N/A | -6.50% |
| 2019 | N/A | +26.83% |
| 2018 | N/A | -3.95% |
| 2017 | N/A | +3.50% |
| 2016 | N/A | +9.19% |
| 2015 | N/A | +0.47% |
| 2014 | N/A | +30.00% |
| 2013 | N/A | +0.53% |
| 2012 | N/A | +16.38% |
| 2011 | N/A | +6.31% |
| 2010 | N/A | +28.60% |
| 2009 | N/A | +30.64% |
| 2008 | N/A | -38.19% |
| 2007 | N/A | -19.25% |
GCAL vs FRI Drawdown Comparison
The maximum drawdown for GCAL was -4.39%, occurring on Apr 11, 2025. Recovery took 130 trading sessions.
The maximum drawdown for FRI was -71.97%, occurring on Mar 6, 2009. Recovery took 1284 trading sessions.
The current GCAL drawdown is -0.35%. The current FRI drawdown is -1.01%.
| Rank | GCAL | FRI |
|---|---|---|
| #1 | -4.39% Mar 3, 2025 - Sep 8, 2025 | -71.97% May 30, 2007 - Jul 2, 2012 |
| #2 | -2.24% Feb 27, 2026 - Mar 26, 2026 | -44.16% Feb 21, 2020 - Apr 21, 2021 |
| #3 | -1.97% Dec 4, 2024 - Feb 25, 2025 | -31.25% Dec 31, 2021 - Feb 6, 2026 |
| #4 | -1.92% Oct 1, 2024 - Dec 2, 2024 | -18.28% May 21, 2013 - Jun 5, 2014 |
| #5 | -0.80% Aug 5, 2024 - Sep 4, 2024 | -17.40% Jan 26, 2015 - May 6, 2016 |
| #6 | -0.45% Sep 17, 2025 - Oct 8, 2025 | -17.36% Aug 1, 2016 - Dec 6, 2018 |
| #7 | -0.40% Nov 11, 2025 - Nov 25, 2025 | -13.16% Dec 6, 2018 - Jan 31, 2019 |
| #8 | -0.36% Jan 16, 2026 - Jan 30, 2026 | -9.31% Sep 14, 2012 - Jan 15, 2013 |
| #9 | -0.35% Nov 26, 2025 - Dec 18, 2025 | -7.58% Sep 5, 2014 - Oct 27, 2014 |
| #10 | -0.27% Oct 24, 2025 - Nov 10, 2025 | -7.57% Mar 2, 2026 - Apr 16, 2026 |
| #11 | -0.16% Sep 16, 2024 - Sep 27, 2024 | -7.06% Sep 2, 2021 - Oct 26, 2021 |
| #12 | -0.14% Dec 24, 2025 - Dec 29, 2025 | -6.39% Oct 24, 2019 - Feb 10, 2020 |
| #13 | -0.10% Oct 22, 2025 - Oct 24, 2025 | -5.83% May 9, 2016 - Jun 28, 2016 |
| #14 | -0.09% Feb 25, 2025 - Feb 28, 2025 | -5.74% Nov 24, 2021 - Dec 8, 2021 |
| #15 | -0.07% Oct 14, 2025 - Oct 16, 2025 | -5.66% May 11, 2007 - May 30, 2007 |
Correlation
Correlation between GCAL and FRI is 0.79 which considered as a strong positive correlation - the stocks tend to move together.
0.79
-101
Dividend Comparison (2007 - 2026)
GCAL vs FRI dividend yield comparison.
| Year | GCAL | FRI |
|---|---|---|
| 2026 | 1.48% | 0.30% |
| 2025 | 3.06% | 2.99% |
| 2024 | 1.41% | 3.33% |
| 2023 | 0.00% | 3.24% |
| 2022 | 0.00% | 2.52% |
| 2021 | 0.00% | 1.44% |
| 2020 | 0.00% | 3.08% |
| 2019 | 0.00% | 2.28% |
| 2018 | 0.00% | 3.21% |
| 2017 | 0.00% | 2.82% |
| 2016 | 0.00% | 3.27% |
| 2015 | 0.00% | 2.66% |
| 2014 | 0.00% | 2.07% |
| 2013 | 0.00% | 3.10% |
| 2012 | 0.00% | 2.27% |
| 2011 | 0.00% | 2.20% |
| 2010 | 0.00% | 2.04% |
| 2009 | 0.00% | 2.34% |
| 2008 | 0.00% | 3.31% |
| 2007 | 0.00% | 2.37% |
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