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 10 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% | 45.70B | Aug 2015 | CALI vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.87B | Oct 2022 | CALI vs SCMB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 178.36M | Jul 2019 | CALI vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 144.40M | Aug 2025 | CALI vs TAXI | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 94.44M | Aug 2025 | CALI vs TAXS |
Best Risk-Adjusted Alternatives to CALI
CALI has a PortfoliosLab risk / return rank of 93. 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 My2027 Municipal Bond ETF | 97 | 9.88M | Sep 2024 | CALI vs MYMG | |
| State Street My2026 Municipal Bond ETF | 96 | 8.74M | Sep 2024 | CALI vs MYMF | |
| iShares Short Maturity Municipal Bond ETF | 95 | 1.38B | Mar 2015 | CALI vs MEAR | |
| First Trust Ultra Short Duration Municipal ETF | 95 | 230.57M | Nov 2018 | CALI vs FUMB | |
| Invesco BulletShares 2027 Municipal Bond ETF | 94 | 339.63M | Sep 2019 | CALI vs BSMR |
Top Performing CALI Alternatives (YTD)
CALI is at 0.91% YTD. There are 101 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.96%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Overlay Shares Municipal Bond ETF | 3.96% | 30.60M | Sep 2019 | CALI vs OVM | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 3.71% | 138.42M | Jun 2013 | CALI vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 3.33% | 18.90M | Sep 2016 | CALI vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.33% | 25.30M | Nov 2025 | CALI vs THYM | |
| SPDR Nuveen Bloomberg Barclays High Yield Municipa... | 2.87% | 2.93B | Apr 2011 | CALI vs HYMB |
Lowest Volatility Alternatives to CALI
CALI has 0.76% 1-year volatility. There are 5 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares iBonds Dec 2024 Term Muni Bond ETF | 0.00% | 349.85M | Mar 2018 | CALI vs IBMM | |
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 27.03M | Sep 2025 | CALI vs ZMUN | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | 0.71% | 348.98M | Nov 2018 | CALI vs IBMN | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | CALI vs AUSM | |
| State Street My2026 Municipal Bond ETF | 0.75% | 8.74M | Sep 2024 | CALI vs MYMF |
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 -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 230.57M | Nov 2018 | CALI vs FUMB | |
| iShares iBonds Dec 2025 Term Muni Bond ETF | -0.25% | 348.98M | Nov 2018 | CALI vs IBMN | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 294.75M | Sep 2019 | CALI vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | CALI vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 40.29M | Jul 2024 | CALI vs GUMI |
Other ETFs from iShares
The 10 most viewed iShares ETFs shown here include SGOV, IBIT, IVV and span 14 categories. AUM among these funds goes as high as $855B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | Ultrashort Bond | 100 | 1.51% | 91.90B | May 2020 | CALI vs SGOV | |
| iShares Bitcoin Trust ETF | Cryptocurrency | 2 | -25.48% | 58.12B | Jan 2024 | CALI vs IBIT | |
| iShares Core S&P 500 ETF | S&P 500 | 70 | 10.85% | 854.92B | May 2000 | CALI vs IVV | |
| iShares 20+ Year Treasury Bond ETF | Government Bonds, Long-Term Bond | 16 | -0.27% | 42.90B | Jul 2002 | CALI vs TLT | |
| iShares Semiconductor ETF | Semiconductors, Technology Equities | 97 | 104.57% | 38.37B | Jul 2001 | CALI vs SOXX | |
| iShares Core Dividend Growth ETF | Large Cap Growth Equities, Dividend | 71 | 8.76% | 40.46B | Jun 2014 | CALI vs DGRO | |
| iShares Silver Trust | Silver, Precious Metals | 47 | 2.78% | 36.82B | Apr 2006 | CALI vs SLV | |
| iShares Gold Trust | Gold, Precious Metals | 32 | 2.98% | 69.92B | Jan 2005 | CALI vs IAU | |
| iShares Russell 2000 ETF | Small Cap Blend Equities | 62 | 17.07% | 80.93B | May 2000 | CALI vs IWM | |
| iShares MSCI ACWI ETF | Global Equities | 66 | 12.13% | 32.93B | 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