iShares Short-Term California Muni Active ETF (CALI) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with CALI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to CALI
CALI charges 0.08% annually. There are 9 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | CALI vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | CALI vs SCMB | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | CALI vs TAXT | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 130.20M | Aug 2025 | CALI vs TAXS | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | CALI vs FMUN |
Best Risk-Adjusted Alternatives to CALI
CALI has a PortfoliosLab risk / return rank of 94. There are 6 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | CALI vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | CALI vs MYMG | |
| Allspring Ultra Short Municipal ETF | 96 | 30.06M | Jul 2025 | CALI vs AUSM | |
| Goldman Sachs Ultra Short Municipal Income ETF | 96 | 54.13M | Jul 2024 | CALI vs GUMI | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.36B | Mar 2015 | CALI vs MEAR |
Top Performing CALI Alternatives (YTD)
CALI is at 1.12% YTD. There are 37 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 2.90%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 2.90% | 4.54M | May 2023 | CALI vs ZTAX | |
| Overlay Shares Municipal Bond ETF | 2.46% | 30.60M | Sep 2019 | CALI vs OVM | |
| NYLI MacKay Muni Allocation ETF | 2.45% | 28.01M | Dec 2025 | CALI vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.42% | 142.95M | Jun 2013 | CALI vs RVNU | |
| T. Rowe Price High Income Municipal ETF | 2.17% | 26.19M | Nov 2025 | CALI vs THYM |
Lowest Volatility Alternatives to CALI
CALI has 0.72% 1-year volatility. There are 2 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | CALI vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.65% | 8.74M | Sep 2024 | CALI vs MYMF | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | CALI vs AUSM | |
| State Street My2027 Municipal Bond ETF | 0.82% | 8.63M | Sep 2024 | CALI vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 0.84% | 246.47M | Nov 2018 | CALI vs FUMB |
Lowest Drawdown Alternatives to CALI
CALI has a 1-year max drawdown of -0.67%. There are 11 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.23%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.23% | 246.47M | Nov 2018 | CALI vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | CALI vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | CALI vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | CALI vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | CALI vs IBMO |
Other ETFs from iShares
The 10 most viewed iShares ETFs shown here include SGOV, IBIT, SOXX and span 14 categories. AUM among these funds goes as high as $869B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | Ultrashort Bond | 100 | 2.13% | 99.95B | May 2020 | CALI vs SGOV | |
| iShares Bitcoin Trust ETF | Cryptocurrency | 2 | -27.17% | 46.52B | Jan 2024 | CALI vs IBIT | |
| iShares Semiconductor ETF | Semiconductors, Technology Equities | 90 | 68.76% | 44.69B | Jul 2001 | CALI vs SOXX | |
| iShares Core S&P 500 ETF | S&P 500 | 78 | 11.75% | 869.20B | May 2000 | CALI vs IVV | |
| iShares Core Dividend Growth ETF | Large Cap Growth Equities, Dividend | 92 | 13.79% | 42.77B | Jun 2014 | CALI vs DGRO | |
| iShares 20+ Year Treasury Bond ETF | Government Bonds, Long-Term Bond | 7 | -3.18% | 41.54B | Jul 2002 | CALI vs TLT | |
| iShares Silver Trust | Silver, Precious Metals | 35 | -18.57% | 28.08B | Apr 2006 | CALI vs SLV | |
| iShares Gold Trust | Gold, Precious Metals | 28 | -6.14% | 59.74B | Jan 2005 | CALI vs IAU | |
| iShares Russell 2000 ETF | Small Cap Blend Equities | 85 | 20.84% | 80.11B | May 2000 | CALI vs IWM | |
| iShares MSCI ACWI ETF | Global Equities | 77 | 12.35% | 32.49B | Mar 2008 | CALI vs ACWI |
Often Compared With CALI
Investors most often compare CALI with CMF, VTEC, VCADX. These 20 comparison targets span 3 categories, based on PortfoliosLab usage data.
Compare CALI with Any Fund or Stock
Compare CALI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair CALI with funds that move differently
iShares Short-Term California Muni Active ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CALI.
Explore CALI Diversifiers