iShares Short-Term California Muni Active ETF (CALI)

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The chart shows the growth of an initial investment of $10,000 in iShares Short-Term California Muni Active ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

iShares Short-Term California Muni Active ETF (CALI) has returned 0.30% so far this year and 2.75% over the past 12 months.

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, your investment would double in approximately 23.1 years.

Historically, 85% of months were positive and 15% 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%.

iShares Short-Term California Muni Active ETF has an annualized alpha of 3.02%, 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 9.74% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.33%) — 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.

CALI has an expense ratio of 0.08%, which is considered low.

CALI ranks 95 for risk / return — in the top 95% 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.

The table below present risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and compare them to a chosen benchmark (S&P 500 Index).

iShares Short-Term California Muni Active ETF provided a 2.57% dividend yield over the last twelve months, with an annual payout of $1.30 per share.

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.

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.

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.

The current iShares Short-Term California Muni Active ETF drawdown is 0.46%.

The chart below shows the rolling one-month volatility.