iShares California Muni Bond ETF (CMF)

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iShares California Muni Bond ETF (CMF) is up 1.3% since the beginning of the year. CMF is currently trading at $57 per share. Investors who bought $1,000 worth of CMF shares 5 years ago would now be looking at an investment worth $1,038.

iShares California Muni Bond ETF (CMF) has returned 1.28% so far this year and 6.61% over the past 12 months. Over the last ten years, CMF has returned 1.66% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Oct 5, 2007, CMF's average daily return is +0.01%, while the average monthly return is +0.28%. At this rate, an investment would double in approximately 20.7 years.

Historically, 62% of months were positive and 38% were negative. The best month was Aug 2009 with a return of +6.1%, while the worst month was Dec 2010 at -5.4%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, CMF closed higher 54% of trading days. The best single day was Dec 26, 2014 with a return of +19.0%, while the worst single day was Dec 29, 2014 at -15.9%.

iShares California Muni Bond ETF has an annualized alpha of 3.52%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 05, 2007.

• This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (14.32%) than losses (8.06%) - typical of diversified or defensive assets.
• Beta of 0.01 may look defensive, but with R2 of 0.00 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 0.00 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.

CMF has an expense ratio of 0.25%, which is considered low.

CMF ranks 68 for risk / return — better than 68% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

iShares California Muni Bond ETF provided a 2.94% dividend yield over the last twelve months, with an annual payout of $1.69 per share. The fund has been increasing its distributions for 4 consecutive years.

The table displays the monthly dividend distributions for iShares California Muni Bond 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 California Muni Bond 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 California Muni Bond ETF was 16.45%, occurring on Jun 10, 2015. Recovery took 1182 trading sessions.

The current iShares California Muni Bond ETF drawdown is 0.61%.

The chart below shows the rolling one-month volatility.