iShares California Muni Bond ETF (CMF) 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 CMF. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to CMF
CMF 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 | CMF vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | CMF vs SCMB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | CMF vs FMUN | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 130.20M | Aug 2025 | CMF vs TAXS | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | CMF vs TAXT |
Best Risk-Adjusted Alternatives to CMF
CMF has a PortfoliosLab risk / return rank of 68. There are 75 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 | CMF vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | CMF vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | CMF vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.47M | Nov 2018 | CMF vs FUMB | |
| Goldman Sachs Ultra Short Municipal Income ETF | 97 | 54.13M | Jul 2024 | CMF vs GUMI |
Top Performing CMF Alternatives (YTD)
CMF is at -0.17% YTD. There are 124 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.71% | 4.54M | May 2023 | CMF vs ZTAX | |
| NYLI MacKay Muni Allocation ETF | 2.42% | 28.01M | Dec 2025 | CMF vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.38% | 142.95M | Jun 2013 | CMF vs RVNU | |
| Overlay Shares Municipal Bond ETF | 2.26% | 30.60M | Sep 2019 | CMF vs OVM | |
| T. Rowe Price High Income Municipal ETF | 2.25% | 26.19M | Nov 2025 | CMF vs THYM |
Lowest Volatility Alternatives to CMF
CMF has 2.86% 1-year volatility. There are 79 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 | CMF vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.69% | 8.74M | Sep 2024 | CMF vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | CMF vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | CMF vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.84% | 246.47M | Nov 2018 | CMF vs FUMB |
Lowest Drawdown Alternatives to CMF
CMF has a 1-year max drawdown of -2.91%. There are 83 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% | 246.47M | Nov 2018 | CMF vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | CMF vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | CMF vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | CMF vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | CMF 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 | 2.11% | 99.95B | May 2020 | CMF vs SGOV | |
| iShares Bitcoin Trust ETF | Cryptocurrency | 1 | -28.22% | 46.52B | Jan 2024 | CMF vs IBIT | |
| iShares Semiconductor ETF | Semiconductors, Technology Equities | 90 | 67.84% | 44.69B | Jul 2001 | CMF vs SOXX | |
| iShares Core S&P 500 ETF | S&P 500 | 67 | 10.13% | 869.20B | May 2000 | CMF vs IVV | |
| iShares Core Dividend Growth ETF | Large Cap Growth Equities, Dividend | 91 | 13.39% | 42.77B | Jun 2014 | CMF vs DGRO | |
| iShares 20+ Year Treasury Bond ETF | Government Bonds, Long-Term Bond | 9 | -3.49% | 41.54B | Jul 2002 | CMF vs TLT | |
| iShares Silver Trust | Silver, Precious Metals | 36 | -18.72% | 28.08B | Apr 2006 | CMF vs SLV | |
| iShares Gold Trust | Gold, Precious Metals | 30 | -6.16% | 59.74B | Jan 2005 | CMF vs IAU | |
| iShares Russell 2000 ETF | Small Cap Blend Equities | 79 | 18.79% | 80.11B | May 2000 | CMF vs IWM | |
| iShares MSCI ACWI ETF | Global Equities | 71 | 11.28% | 32.49B | Mar 2008 | CMF vs ACWI |
Often Compared With CMF
Investors most often compare CMF with VCADX, PWZ, VCAIX. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.
Compare CMF with Any Fund or Stock
Compare CMF with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair CMF with funds that move differently
iShares California Muni Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CMF.
Explore CMF Diversifiers