Asset Allocation
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in CA tax free bond funds and ETFs, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.
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The earliest data available for this chart is Oct 18, 2007, corresponding to the inception date of PWZ
Returns By Period
As of Apr 2, 2026, the CA tax free bond funds and ETFs returned -0.12% Year-To-Date and 2.09% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.11% | -3.43% | -3.84% | -1.98% | 16.08% | 16.86% | 10.37% | 12.29% |
Portfolio CA tax free bond funds and ETFs | 0.12% | -1.41% | -0.12% | 1.52% | 4.32% | 3.06% | 0.88% | 2.09% |
| Portfolio components: | ||||||||
CMF iShares California Muni Bond ETF | 0.15% | -1.15% | -0.14% | 1.46% | 4.43% | 2.60% | 0.67% | 1.76% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 0.33% | -0.95% | 0.50% | 2.21% | 4.09% | 2.22% | 0.11% | 1.93% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 0.17% | -1.80% | -0.36% | 1.12% | 4.61% | 3.63% | 1.50% | 2.20% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 0.18% | -1.73% | -0.47% | 1.31% | 4.12% | 3.81% | 1.19% | 2.46% |
Monthly Returns
Based on dividend-adjusted daily data since Oct 19, 2007, CA tax free bond funds and ETFs's average daily return is +0.01%, while the average monthly return is +0.29%. At this rate, your investment would double in approximately 19.9 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +6.6%, while the worst month was Feb 2008 at -5.7%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CA tax free bond funds and ETFs closed higher 56% of trading days. The best single day was Dec 26, 2014 with a return of +4.7%, while the worst single day was Dec 29, 2014 at -4.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.67% | 1.50% | -2.62% | 0.38% | -0.12% | ||||||||
| 2025 | -0.27% | 1.27% | -1.86% | -0.57% | -0.23% | 0.50% | -0.60% | 1.00% | 2.84% | 1.38% | 0.39% | 0.00% | 3.83% |
| 2024 | 0.18% | -0.10% | -0.13% | -1.08% | -0.36% | 1.48% | 1.11% | 0.48% | 1.16% | -1.40% | 1.85% | -0.99% | 2.16% |
| 2023 | 2.91% | -2.36% | 2.37% | -0.21% | -0.83% | 0.94% | 0.17% | -1.08% | -2.61% | -1.76% | 6.61% | 2.43% | 6.41% |
| 2022 | -2.83% | -0.44% | -3.29% | -3.53% | 1.98% | -2.18% | 3.15% | -2.63% | -3.84% | -0.71% | 5.48% | -0.18% | -9.09% |
| 2021 | 0.38% | -1.90% | 0.69% | 0.93% | 0.37% | 0.26% | 0.74% | -0.40% | -0.79% | -0.07% | 0.86% | 0.11% | 1.15% |
Benchmark Metrics
CA tax free bond funds and ETFs has an annualized alpha of 3.46%, beta of 0.00, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 19, 2007.
- This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.37%) than losses (9.23%) — typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R² of 0.00 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
- R² of 0.00 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.46%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 15.37%
- Downside Capture
- 9.23%
Expense Ratio
CA tax free bond funds and ETFs has an expense ratio of 0.22%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Return for Risk
Risk / Return Rank
CA tax free bond funds and ETFs ranks 18 for risk / return — in the bottom 18% of portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 0.88 | +0.08 |
Sortino ratioReturn per unit of downside risk | 1.19 | 1.37 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.39 | -0.35 |
Martin ratioReturn relative to average drawdown | 2.86 | 6.43 | -3.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 44 | 0.99 | 1.23 | 1.25 | 1.12 | 3.45 |
PWZ Invesco California AMT-Free Municipal Bond ETF | 25 | 0.57 | 0.79 | 1.14 | 0.62 | 1.61 |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 52 | 1.21 | 1.60 | 1.34 | 1.29 | 4.81 |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 25 | 0.77 | 1.04 | 1.21 | 0.86 | 2.58 |
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Dividends
Dividend yield
CA tax free bond funds and ETFs provided a 3.29% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.29% | 3.61% | 3.30% | 2.65% | 2.33% | 2.03% | 2.38% | 2.58% | 2.66% | 2.59% | 2.79% | 3.00% |
| Portfolio components: | ||||||||||||
CMF iShares California Muni Bond ETF | 2.97% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.55% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.08% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.56% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the CA tax free bond funds and ETFs. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the CA tax free bond funds and ETFs was 14.18%, occurring on Oct 25, 2022. Recovery took 721 trading sessions.
The current CA tax free bond funds and ETFs drawdown is 2.45%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -14.18% | Jul 20, 2021 | 321 | Oct 25, 2022 | 721 | Sep 11, 2025 | 1042 |
| -13.58% | Jan 24, 2008 | 186 | Oct 16, 2008 | 146 | May 18, 2009 | 332 |
| -12.48% | Mar 10, 2020 | 10 | Mar 23, 2020 | 91 | Jul 31, 2020 | 101 |
| -9.27% | Oct 13, 2010 | 67 | Jan 18, 2011 | 136 | Aug 2, 2011 | 203 |
| -8.22% | May 3, 2013 | 36 | Jun 24, 2013 | 198 | Apr 7, 2014 | 234 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 4 assets, with an effective number of assets of 4.00, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| Benchmark | CMF | PWZ | VCAIX | VCITX | Portfolio | |
|---|---|---|---|---|---|---|
| Benchmark | 1.00 | -0.06 | -0.04 | -0.10 | -0.11 | -0.09 |
| CMF | -0.06 | 1.00 | 0.45 | 0.51 | 0.52 | 0.76 |
| PWZ | -0.04 | 0.45 | 1.00 | 0.51 | 0.53 | 0.80 |
| VCAIX | -0.10 | 0.51 | 0.51 | 1.00 | 0.91 | 0.79 |
| VCITX | -0.11 | 0.52 | 0.53 | 0.91 | 1.00 | 0.81 |
| Portfolio | -0.09 | 0.76 | 0.80 | 0.79 | 0.81 | 1.00 |