CA vs. MBND

Last updated Jun 4, 2026

CA (Xtrackers California Municipal Bond ETF) and MBND (SPDR Nuveen Municipal Bond ETF) are both Municipal Bonds funds. CA is passively managed, while MBND is actively managed. Over the past year, CA returned 6.67% vs 5.33% for MBND. A 0.63 correlation means they provide meaningful diversification when combined. CA charges 0.07%/yr vs 0.40%/yr for MBND.

Performance

CA vs. MBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers California Municipal Bond ETF (CA) and SPDR Nuveen Municipal Bond ETF (MBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CA achieves a 1.20% return, which is significantly higher than MBND's 1.12% return.

CA

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.20%
• 6M: 1.44%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBND

• 1D: 0.00%
• 1M: 0.58%
• YTD: 1.12%
• 6M: 1.54%
• 1Y: 5.33%
• 3Y*: 3.72%
• 5Y*: 0.63%
• 10Y*: —

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

CA vs. MBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%
MBND SPDR Nuveen Municipal Bond ETF	1.12%	2.90%	2.75%	0.76%

Correlation

The correlation between CA and MBND is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.63

The correlation between CA and MBND has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.

Return for Risk

CA vs. MBND — Risk / Return Rank

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

CA

CA Risk / Return Rank: 73
CA Sharpe Ratio Rank: 78
CA Sortino Ratio Rank: 85
CA Omega Ratio Rank: 90
CA Calmar Ratio Rank: 53
CA Martin Ratio Rank: 56

MBND

MBND Risk / Return Rank: 60
MBND Sharpe Ratio Rank: 65
MBND Sortino Ratio Rank: 67
MBND Omega Ratio Rank: 77
MBND Calmar Ratio Rank: 45
MBND Martin Ratio Rank: 45

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.

CA vs. MBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and SPDR Nuveen Municipal Bond ETF (MBND). 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.

	CA	MBND	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.14	+0.40
Sortino ratio: Return per unit of downside risk	3.84	3.07	+0.76
Omega ratio: Gain probability vs. loss probability	1.58	1.45	+0.13
Calmar ratio: Return relative to maximum drawdown	2.61	2.19	+0.42
Martin ratio: Return relative to average drawdown	9.84	7.27	+2.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CA vs. MBND - Sharpe Ratio Comparison

The current CA Sharpe Ratio is 2.54, which is comparable to the MBND Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CA and MBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CA	MBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.14	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.21	+0.47

Drawdowns

CA vs. MBND - Drawdown Comparison

The maximum CA drawdown since its inception was -5.24%, smaller than the maximum MBND drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for CA and MBND.

Drawdown Indicators

	CA	MBND	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-13.18%	+7.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.44%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.18%	—
Current Drawdown Current decline from peak	-0.75%	-0.62%	-0.13%
Average Drawdown Average peak-to-trough decline	-1.27%	-4.19%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.73%	-0.05%

Volatility

CA vs. MBND - Volatility Comparison

The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.31%, while SPDR Nuveen Municipal Bond ETF (MBND) has a volatility of 1.05%. This indicates that CA experiences smaller price fluctuations and is considered to be less risky than MBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA	MBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	1.05%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.82%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	2.50%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	3.48%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	3.41%	+0.58%

CA vs. MBND - Expense Ratio Comparison

CA has a 0.07% expense ratio, which is lower than MBND's 0.40% expense ratio.

Dividends

CA vs. MBND - Dividend Comparison

CA's dividend yield for the trailing twelve months is around 2.96%, less than MBND's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%	0.00%	0.00%	0.00%
MBND SPDR Nuveen Municipal Bond ETF	3.49%	3.43%	2.72%	2.53%	1.61%	1.62%

Frequently Asked Questions

Can I hold both CA and MBND in my portfolio?

CA and MBND have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CA or MBND?

MBND has higher volatility (1.05%) compared to CA (0.31%). In terms of maximum drawdown, CA dropped -5.24% vs MBND's -13.18%.

Which ETF is better, CA or MBND?

On 1-year performance, CA leads with 6.67% vs 5.33% for MBND. On fees, CA is cheaper at 0.07% per year. On volatility, CA has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CA or MBND?

Over the 1-year period, CA has performed better with a 6.67% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CA or MBND?

CA is cheaper with a 0.07% expense ratio, compared with 0.40% for MBND.

Which ETF pays a higher dividend yield, CA or MBND?

MBND has the higher dividend yield at 3.49%, compared with 2.96% for CA.

What is the main difference between CA and MBND?

They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.07% for CA and 0.40% for MBND.

Which has better risk-adjusted returns?

CA currently has the higher Sharpe Ratio (2.54 vs 2.14), 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.