BWX vs. CMF
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and CMF (iShares California Muni Bond ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while CMF is a Single State Muni fund tracking the S&P California AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, BWX returned -1.49%/yr vs 1.64%/yr for CMF. At a 0.27 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.08%/yr for CMF.
Performance
BWX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -3.06% return, which is significantly lower than CMF's 1.28% return. Over the past 10 years, BWX has underperformed CMF with an annualized return of -1.49%, while CMF has yielded a comparatively higher 1.64% annualized return.
BWX
- 1D
- 0.33%
- 1M
- -1.39%
- 6M
- -2.45%
- YTD
- -3.06%
- 1Y
- -4.09%
- 3Y*
- 0.65%
- 5Y*
- -4.42%
- 10Y*
- -1.49%
CMF
- 1D
- -0.01%
- 1M
- 0.32%
- 6M
- 0.72%
- YTD
- 1.28%
- 1Y
- 6.40%
- 3Y*
- 3.26%
- 5Y*
- 0.63%
- 10Y*
- 1.64%
BWX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.06% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between BWX and CMF is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.27 |
Over the past year, BWX and CMF have become more correlated (0.50) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
BWX vs. CMF — Risk / Return Rank
BWX
CMF
BWX vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) 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.
| BWX | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.49 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.13 | -2.90 |
| Martin ratioReturn relative to average drawdown | -1.54 | 7.01 | -8.55 |
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Drawdowns
BWX vs. CMF - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for BWX and CMF.
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Drawdown Indicators
| BWX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -16.45% | -17.60% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -2.91% | -3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -5.22% | -5.00% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -12.45% | -18.33% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -14.57% | -19.48% |
Current DrawdownCurrent decline from peak | -24.87% | -0.60% | -24.27% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -4.75% | -5.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 0.89% | +2.06% |
Volatility
BWX vs. CMF - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 1.82% compared to iShares California Muni Bond ETF (CMF) at 0.62%. This indicates that BWX'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
| BWX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 0.62% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 2.19% | +3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.60% | 2.78% | +4.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 4.19% | +5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 5.08% | +3.58% |
BWX vs. CMF - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than CMF's 0.08% expense ratio.
Dividends
BWX vs. CMF - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.42%, less than CMF's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.42% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
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
BWX and CMF have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.82%) compared to CMF (0.62%). In terms of maximum drawdown, BWX dropped -34.05% vs CMF's -16.45%.
On 10-year performance, CMF leads with 1.64% vs -1.49% for BWX. On fees, CMF is cheaper at 0.08% per year. On volatility, CMF has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CMF has performed better with a 1.64% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF is cheaper with a 0.08% expense ratio, compared with 0.35% for BWX.
CMF has the higher dividend yield at 2.95%, compared with 2.42% for BWX.
BWX is categorized as International Government Bonds, while CMF is Single State Muni. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while CMF tracks S&P California AMT-Free Municipal Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.08% for CMF.
CMF currently has the higher Sharpe Ratio (2.23 vs -0.60), 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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