- ISIN
- US0925288849
- CUSIP
- 092528884
- Issuer
- iShares
- Inception Date
- Oct 4, 2007
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE AMT-Free California Municipal Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $380M
Share Price Chart
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Performance
CALI Performance Chart
iShares Short-Term California Muni Active ETF (CALI) is up 1.0% since the beginning of the year. CALI is currently trading at $50 per share.
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Returns By Period
iShares Short-Term California Muni Active ETF (CALI) has returned 0.97% so far this year and 3.00% over the past 12 months.
iShares Short-Term California Muni Active ETF
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.97%
- 6M
- 1.18%
- 1Y
- 3.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- -0.21%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 23.05%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
CALI Monthly Returns History
Based on dividend-adjusted daily data since Jul 13, 2023, CALI's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 86% of months were positive and 14% were negative. The best month was Nov 2023 with a return of +1.3%, while the worst month was Mar 2026 at -0.5%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 1 months.
On a daily basis, CALI closed higher 58% of trading days. The best single day was Jan 17, 2025 with a return of +0.3%, while the worst single day was Apr 8, 2025 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.38% | 0.38% | -0.46% | 0.35% | 0.21% | 0.11% | 0.97% | ||||||
| 2025 | 0.51% | 0.31% | 0.00% | -0.02% | 0.42% | 0.47% | 0.26% | 0.47% | 0.33% | 0.13% | 0.16% | 0.21% | 3.28% |
| 2024 | 0.07% | 0.01% | 0.31% | 0.02% | 0.33% | 0.32% | 0.55% | 0.56% | 0.27% | -0.05% | 0.50% | -0.08% | 2.84% |
| 2023 | 0.01% | 0.27% | -0.36% | 0.13% | 1.27% | 0.63% | 1.97% |
Benchmark Metrics
iShares Short-Term California Muni Active ETF has an annualized alpha of 3.03%, beta of 0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since July 14, 2023.
- This ETF captured 8.35% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.59%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.01 may look defensive, but with R2 of 0.01 this ETF 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 ETF's risk.
- R2 of 0.01 means this ETF 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
- 3.03%
- Beta
- 0.01
- R²
- 0.01
- Upside Capture
- 8.35%
- Downside Capture
- -1.59%
Expense Ratio
CALI has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
CALI ranks 94 for risk / return — in the top 94% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and compare them to S&P 500 Index.
| CALI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.00 | ||
| Sortino ratioReturn per unit of downside risk | +3.36 | ||
| Omega ratioGain probability vs. loss probability | 1.96 | 1.36 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 4.52 | 2.69 | +1.84 |
| Martin ratioReturn relative to average drawdown | 23.09 | 12.34 | +10.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
iShares Short-Term California Muni Active ETF provided a 2.52% dividend yield over the last twelve months, with an annual payout of $1.27 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.27 | $1.32 | $1.58 | $0.69 |
Dividend yield | 2.52% | 2.62% | 3.14% | 1.37% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Short-Term California Muni Active ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.08 | $0.10 | $0.11 | $0.12 | $0.10 | $0.50 | ||||||
| 2025 | $0.00 | $0.10 | $0.11 | $0.12 | $0.12 | $0.11 | $0.10 | $0.11 | $0.11 | $0.12 | $0.12 | $0.23 | $1.32 |
| 2024 | $0.00 | $0.14 | $0.13 | $0.13 | $0.12 | $0.14 | $0.13 | $0.13 | $0.13 | $0.14 | $0.13 | $0.25 | $1.58 |
| 2023 | $0.16 | $0.15 | $0.13 | $0.25 | $0.69 |
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 iShares Short-Term California Muni Active ETF. 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 iShares Short-Term California Muni Active ETF was 0.78%, occurring on Apr 11, 2025. Recovery took 30 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -0.78%Apr 2025 | 4d | 1mo 16d | 1mo 20dApr 2025 - May 2025 |
2026 pullback2026 | -0.67%Mar 2026 | 24d | 2mo 3d | 2mo 27dMar 2026 - May 2026 |
2023 pullback2023 | -0.45%Oct 2023 | 19d | 1mo 1d | 1mo 20dSep 2023 - Nov 2023 |
2025 pullback2025 | -0.32%Jan 2025 | 1mo 11d | 2d | 1mo 13dDec 2024 - Jan 2025 |
2024 pullback2024 | -0.31%Apr 2024 | 13d | 29d | 1mo 12dMar 2024 - May 2024 |
Drawdown Indicators
| CALI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -56.78% | +56.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -9.10% | +8.43% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.97% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -10.72% | +10.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 1.97% | -1.84% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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