CA vs. ITM
CA (Xtrackers California Municipal Bond ETF) and ITM (VanEck Intermediate Muni ETF) are both exchange-traded funds - CA is a Single State Muni fund tracking the ICE AMT-Free Broad Liquid California Municipal Index, while ITM is a Municipal Bonds fund tracking the Bloomberg AMT-Free Intermediate Continuous. Both are passively managed. Over the past year, CA returned 6.45% vs 6.05% for ITM. A 0.66 correlation means they provide meaningful diversification when combined. CA charges 0.20%/yr vs 0.24%/yr for ITM.
Performance
CA vs. ITM - Performance Comparison
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Returns By Period
In the year-to-date period, CA achieves a 1.20% return, which is significantly higher than ITM's 0.28% return.
CA
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.45%
- YTD
- 1.20%
- 1Y
- 6.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ITM
- 1D
- -0.15%
- 1M
- -0.31%
- 6M
- -0.30%
- YTD
- 0.28%
- 1Y
- 6.05%
- 3Y*
- 3.22%
- 5Y*
- 0.21%
- 10Y*
- 1.79%
CA vs. ITM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 1.20% | 3.05% | 1.51% | 0.79% |
ITM VanEck Intermediate Muni ETF | 0.28% | 5.34% | 0.73% | 1.27% |
Correlation
The correlation between CA and ITM is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023 | 0.66 |
The correlation between CA and ITM shifts across timeframes, from 0.54 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CA vs. ITM — Risk / Return Rank
CA
ITM
CA vs. ITM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and VanEck Intermediate Muni ETF (ITM). 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.
| CA | ITM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.45 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.77 | +0.75 |
| Martin ratioReturn relative to average drawdown | 9.32 | 5.26 | +4.06 |
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Drawdowns
CA vs. ITM - Drawdown Comparison
The maximum CA drawdown since its inception was -5.24%, smaller than the maximum ITM drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for CA and ITM.
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Drawdown Indicators
| CA | ITM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | -24.75% | +19.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -3.43% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | -0.75% | -1.65% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -2.97% | +1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.15% | -0.45% |
Volatility
CA vs. ITM - Volatility Comparison
The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.00%, while VanEck Intermediate Muni ETF (ITM) has a volatility of 0.60%. This indicates that CA experiences smaller price fluctuations and is considered to be less risky than ITM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CA | ITM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.60% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 2.22% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.41% | 2.83% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 4.31% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 7.09% | -3.20% |
CA vs. ITM - Expense Ratio Comparison
CA has a 0.20% expense ratio, which is lower than ITM's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CA vs. ITM - Dividend Comparison
CA's dividend yield for the trailing twelve months is around 2.69%, less than ITM's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 2.69% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ITM VanEck Intermediate Muni ETF | 2.98% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
Frequently Asked Questions
CA and ITM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITM has higher volatility (0.60%) compared to CA (0.00%). In terms of maximum drawdown, CA dropped -5.24% vs ITM's -24.75%.
On 1-year performance, CA leads with 6.45% vs 6.05% for ITM. On fees, CA is cheaper at 0.20% per year. On volatility, CA has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CA has performed better with a 6.45% return vs 6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CA is cheaper with a 0.20% expense ratio, compared with 0.24% for ITM.
ITM has the higher dividend yield at 2.98%, compared with 2.69% for CA.
CA is categorized as Single State Muni, while ITM is Municipal Bonds. CA tracks ICE AMT-Free Broad Liquid California Municipal Index, while ITM tracks Bloomberg AMT-Free Intermediate Continuous. They also come from different issuers: Xtrackers and VanEck. Their fees differ too: 0.20% for CA and 0.24% for ITM.
CA currently has the higher Sharpe Ratio (2.69 vs 2.15), 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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