BCHYX vs. CMF
BCHYX (American Century California High Yield Municipal Fund) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, BCHYX returned 2.32%/yr vs 1.65%/yr for CMF. A 0.50 correlation means they provide meaningful diversification when combined. BCHYX charges 0.49%/yr vs 0.25%/yr for CMF.
Performance
BCHYX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, BCHYX achieves a 2.21% return, which is significantly higher than CMF's 1.21% return. Over the past 10 years, BCHYX has outperformed CMF with an annualized return of 2.32%, while CMF has yielded a comparatively lower 1.65% annualized return.
BCHYX
- 1D
- -0.10%
- 1M
- 1.91%
- YTD
- 2.21%
- 6M
- 2.77%
- 1Y
- 7.77%
- 3Y*
- 4.65%
- 5Y*
- 0.73%
- 10Y*
- 2.32%
CMF
- 1D
- -0.07%
- 1M
- 1.32%
- YTD
- 1.21%
- 6M
- 1.33%
- 1Y
- 6.50%
- 3Y*
- 3.12%
- 5Y*
- 0.72%
- 10Y*
- 1.65%
BCHYX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCHYX American Century California High Yield Municipal Fund | 2.21% | 3.48% | 4.07% | 6.69% | -12.77% | 3.82% | 3.95% | 9.92% | 0.65% | 8.50% |
CMF iShares California Muni Bond ETF | 1.21% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between BCHYX and CMF is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.50 |
The correlation between BCHYX and CMF shifts across timeframes, from 0.50 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BCHYX vs. CMF — Risk / Return Rank
BCHYX
CMF
BCHYX vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century California High Yield Municipal Fund (BCHYX) and iShares California Muni Bond ETF (CMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCHYX | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.53 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 2.24 | +0.43 |
| Martin ratioReturn relative to average drawdown | 9.25 | 7.36 | +1.88 |
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Drawdowns
BCHYX vs. CMF - Drawdown Comparison
The maximum BCHYX drawdown since its inception was -18.35%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for BCHYX and CMF.
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Drawdown Indicators
| BCHYX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.35% | -16.45% | -1.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -2.91% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -5.22% | -2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -18.35% | -12.45% | -5.90% |
Max Drawdown (10Y)Largest decline over 10 years | -18.35% | -14.57% | -3.78% |
Current DrawdownCurrent decline from peak | -0.10% | -0.68% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -4.76% | +2.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.88% | -0.03% |
Volatility
BCHYX vs. CMF - Volatility Comparison
American Century California High Yield Municipal Fund (BCHYX) has a higher volatility of 0.84% compared to iShares California Muni Bond ETF (CMF) at 0.72%. This indicates that BCHYX's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCHYX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.72% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.17% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 2.77% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 4.19% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 5.08% | -0.27% |
BCHYX vs. CMF - Expense Ratio Comparison
BCHYX has a 0.49% expense ratio, which is higher than CMF's 0.25% expense ratio.
Dividends
BCHYX vs. CMF - Dividend Comparison
BCHYX's dividend yield for the trailing twelve months is around 3.95%, more than CMF's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCHYX American Century California High Yield Municipal Fund | 3.95% | 4.58% | 4.41% | 3.67% | 2.55% | 2.57% | 3.07% | 3.50% | 3.52% | 3.50% | 3.59% | 3.67% |
CMF iShares California Muni Bond ETF | 2.95% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Frequently Asked Questions
BCHYX and CMF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCHYX has higher volatility (0.84%) compared to CMF (0.72%). In terms of maximum drawdown, BCHYX dropped -18.35% vs CMF's -16.45%.
BCHYX currently has the higher Sharpe Ratio (2.41 vs 2.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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