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ISIN
US0925288849
CUSIP
092528884
Issuer
iShares
Inception Date
Oct 4, 2007
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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S&P 500 Index

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20260.38%0.38%-0.46%0.35%0.21%0.11%0.97%
20250.51%0.31%0.00%-0.02%0.42%0.47%0.26%0.47%0.33%0.13%0.16%0.21%3.28%
20240.07%0.01%0.31%0.02%0.33%0.32%0.55%0.56%0.27%-0.05%0.50%-0.08%2.84%
20230.01%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
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.


CALI Risk / Return Rank: 9494
Overall Rank
CALI Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CALI Sortino Ratio Rank: 9797
Sortino Ratio Rank
CALI Omega Ratio Rank: 9898
Omega Ratio Rank
CALI Calmar Ratio Rank: 8787
Calmar Ratio Rank
CALI Martin Ratio Rank: 9393
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.


CALIBenchmarkDifference
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

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.


1.50%2.00%2.50%3.00%$0.00$0.50$1.00$1.50202320242025
Dividends
Dividend Yield
PeriodTTM202520242023
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.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
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
4d1mo 16d
1mo 20dApr 2025 - May 2025
2026 pullback2026
-0.67%Mar 2026
24d2mo 3d
2mo 27dMar 2026 - May 2026
2023 pullback2023
-0.45%Oct 2023
19d1mo 1d
1mo 20dSep 2023 - Nov 2023
2025 pullback2025
-0.32%Jan 2025
1mo 11d2d
1mo 13dDec 2024 - Jan 2025
2024 pullback2024
-0.31%Apr 2024
13d29d
1mo 12dMar 2024 - May 2024

Drawdown Indicators


CALIBenchmarkDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

0.00%

-2.97%

+2.97%

Average Drawdown

Average peak-to-trough decline

-0.08%

-10.72%

+10.64%

Ulcer Index

Depth 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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Portfolio Analyzer

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