BKMS vs. CALI

Last updated Jun 4, 2026

BKMS (BNY Mellon Municipal Short Duration ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. BKMS is actively managed, while CALI is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. BKMS charges 0.35%/yr vs 0.08%/yr for CALI.

Performance

BKMS vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Short Duration ETF (BKMS) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMS

• 1D: 0.04%
• 1M: 0.26%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.03%
• 1M: 0.25%
• YTD: 0.91%
• 6M: 1.11%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKMS vs. CALI - Yearly Performance Comparison

	2026 (YTD)
BKMS BNY Mellon Municipal Short Duration ETF	0.58%
CALI iShares Short-Term California Muni Active ETF	0.72%

Correlation

The correlation between BKMS and CALI is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.58

Return for Risk

BKMS vs. CALI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 83
CALI Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKMS vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Short Duration ETF (BKMS) and iShares Short-Term California Muni Active ETF (CALI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BKMS	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	2.84	-1.63

Drawdowns

BKMS vs. CALI - Drawdown Comparison

The maximum BKMS drawdown since its inception was -0.87%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BKMS and CALI.

Drawdown Indicators

	BKMS	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-0.78%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.08%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	BKMS	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.25%	0.76%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	1.11%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.25%	1.11%	+0.14%

BKMS vs. CALI - Expense Ratio Comparison

BKMS has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.

Dividends

BKMS vs. CALI - Dividend Comparison

BKMS's dividend yield for the trailing twelve months is around 1.11%, less than CALI's 2.52% yield.

Position	TTM	2025	2024	2023
BKMS BNY Mellon Municipal Short Duration ETF	1.11%	0.00%	0.00%	0.00%
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%

Frequently Asked Questions

Can I hold both BKMS and CALI in my portfolio?

BKMS and CALI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMS or CALI?

On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMS or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.35% for BKMS.

Which ETF pays a higher dividend yield, BKMS or CALI?

CALI has the higher dividend yield at 2.52%, compared with 1.11% for BKMS.

What is the main difference between BKMS and CALI?

They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.35% for BKMS and 0.08% for CALI.