CA tax free bond funds and ETFs
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 Quarterly
The earliest data available for this chart is Oct 11, 2007, corresponding to the inception date of PWZ
Returns By Period
As of Nov 13, 2024, the CA tax free bond funds and ETFs returned 1.60% Year-To-Date and 2.31% of annualized return in the last 10 years.
| Year-To-Date | 1 month | 6 months | 1 year | 5 years (annualized) | 10 years (annualized) | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | 25.45% | 2.91% | 14.05% | 35.64% | 14.13% | 11.39% |
| CA tax free bond funds and ETFs | 1.60% | -0.40% | 1.62% | 6.78% | 0.98% | 2.31% |
| Portfolio components: | ||||||
CMF iShares California Muni Bond ETF | 1.31% | -0.01% | 1.59% | 5.73% | 0.82% | 1.97% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.59% | -0.69% | 1.00% | 7.01% | 0.69% | 2.41% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 1.53% | -0.46% | 1.85% | 6.14% | 1.25% | 2.21% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 1.98% | -0.42% | 2.03% | 8.22% | 1.13% | 2.63% |
Monthly Returns
The table below presents the monthly returns of CA tax free bond funds and ETFs, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.18% | -0.10% | -0.13% | -1.08% | -0.36% | 1.48% | 1.11% | 0.48% | 1.16% | -1.40% | 1.60% | ||
| 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% | -0.45% | -3.29% | -3.53% | 1.98% | -2.18% | 3.15% | -2.63% | -3.84% | -0.71% | 5.48% | -0.22% | -9.13% |
| 2021 | 0.47% | -1.80% | 0.69% | 0.93% | 0.37% | 0.26% | 0.74% | -0.40% | -0.79% | -0.07% | 0.86% | -0.05% | 1.17% |
| 2020 | 1.84% | 1.17% | -3.58% | -1.70% | 4.00% | 0.34% | 1.76% | -0.55% | 0.05% | -0.44% | 1.74% | 0.18% | 4.71% |
| 2019 | 0.46% | 0.40% | 1.76% | 0.59% | 1.48% | 0.39% | 0.86% | 1.70% | -0.72% | 0.19% | 0.04% | 0.36% | 7.75% |
| 2018 | -1.17% | -0.61% | 0.38% | -0.43% | 1.49% | 0.00% | 0.21% | 0.20% | -0.83% | -0.90% | 1.16% | 1.33% | 0.80% |
| 2017 | 0.27% | 0.61% | 0.31% | 0.78% | 1.68% | -0.14% | 0.73% | 0.92% | -0.49% | 0.19% | -0.38% | 1.17% | 5.78% |
| 2016 | 1.09% | 0.09% | 0.53% | 0.83% | 0.28% | 1.92% | -0.29% | 0.38% | -0.67% | -1.07% | -4.34% | 1.49% | 0.09% |
| 2015 | 1.75% | -1.03% | 0.21% | -0.67% | -0.21% | -0.49% | 1.09% | 0.22% | 0.72% | 0.41% | 0.52% | 1.00% | 3.57% |
| 2014 | 2.66% | 1.30% | 0.54% | 1.56% | 1.35% | 0.16% | 0.32% | 1.40% | 0.19% | 0.76% | 0.13% | 0.75% | 11.69% |
| 2013 | 0.84% | 0.35% | -0.69% | 1.08% | -1.53% | -3.74% | -0.72% | -1.40% | 2.51% | 1.36% | -0.12% | -0.51% | -2.69% |
Expense Ratio
CA tax free bond funds and ETFs has an expense ratio of 0.22%, which is considered low compared to other funds. Below you can find the expense ratios of portfolio funds side-by-side and effortlessly compare their relative costs.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of CA tax free bond funds and ETFs is 24, indicating that it is in the bottom 24% of portfolios on our website in terms of risk-adjusted performance. This ranking is based on the combined values of the indicators listed below.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.69 | 2.42 | 1.33 | 0.81 | 7.36 |
PWZ Invesco California AMT-Free Municipal Bond ETF | 1.42 | 2.11 | 1.26 | 0.70 | 7.57 |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.32 | 3.62 | 1.56 | 1.03 | 8.80 |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 2.29 | 3.48 | 1.53 | 0.88 | 9.60 |
Dividends
Dividend yield
CA tax free bond funds and ETFs provided a 3.01% dividend yield over the last twelve months.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.01% | 2.65% | 2.29% | 2.05% | 2.22% | 2.48% | 2.66% | 2.60% | 2.80% | 3.01% | 3.31% | 3.60% |
| Portfolio components: | ||||||||||||
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.29% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.74% | 2.50% | 2.28% | 2.02% | 2.18% | 2.46% | 2.63% | 2.59% | 2.65% | 2.78% | 3.00% | 3.30% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.25% | 2.99% | 2.66% | 2.34% | 2.56% | 2.93% | 3.32% | 3.22% | 3.45% | 3.53% | 3.64% | 4.00% |
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.
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 14.31%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
The current CA tax free bond funds and ETFs drawdown is 2.25%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -14.31% | Jul 20, 2021 | 321 | Oct 25, 2022 | — | — | — |
| -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 |
| -8.08% | May 3, 2013 | 36 | Jun 24, 2013 | 197 | Apr 4, 2014 | 233 |
Volatility
Volatility Chart
The current CA tax free bond funds and ETFs volatility is 1.83%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
Diversification
Asset Correlations Table
| CMF | PWZ | VCAIX | VCITX | |
|---|---|---|---|---|
| CMF | 1.00 | 0.43 | 0.50 | 0.51 |
| PWZ | 0.43 | 1.00 | 0.50 | 0.52 |
| VCAIX | 0.50 | 0.50 | 1.00 | 0.91 |
| VCITX | 0.51 | 0.52 | 0.91 | 1.00 |