CA vs. SUB
CA (Xtrackers California Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - CA tracks the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past year, CA returned 6.67% vs 3.18% for SUB. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
CA vs. SUB - 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 SUB's 0.79% return.
CA
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.20%
- 6M
- 1.44%
- 1Y
- 6.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SUB
- 1D
- 0.01%
- 1M
- 0.32%
- YTD
- 0.79%
- 6M
- 1.15%
- 1Y
- 3.18%
- 3Y*
- 3.19%
- 5Y*
- 1.46%
- 10Y*
- 1.49%
CA vs. SUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 1.20% | 3.05% | 1.51% | 0.79% |
SUB iShares Short-Term National Muni Bond ETF | 0.79% | 3.64% | 2.17% | 0.18% |
Correlation
The correlation between CA and SUB is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023 | 0.54 |
The correlation between CA and SUB shifts across timeframes, from 0.38 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CA vs. SUB — Risk / Return Rank
CA
SUB
CA vs. SUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and iShares Short-Term National Muni Bond ETF (SUB). 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 | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.72 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.97 | -1.36 |
| Martin ratioReturn relative to average drawdown | 9.84 | 11.24 | -1.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CA | SUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 3.20 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.90 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.42 | +0.25 |
Drawdowns
CA vs. SUB - Drawdown Comparison
The maximum CA drawdown since its inception was -5.24%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for CA and SUB.
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Drawdown Indicators
| CA | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | -9.46% | +4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -0.81% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.23% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.75% | -0.11% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -0.92% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.28% | +0.40% |
Volatility
CA vs. SUB - Volatility Comparison
Xtrackers California Municipal Bond ETF (CA) has a higher volatility of 0.31% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that CA's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CA | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 0.28% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 0.79% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.64% | 1.00% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.99% | 1.64% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 2.60% | +1.39% |
CA vs. SUB - Expense Ratio Comparison
Both CA and SUB have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CA vs. SUB - Dividend Comparison
CA's dividend yield for the trailing twelve months is around 2.96%, more than SUB's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 2.96% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SUB iShares Short-Term National Muni Bond ETF | 2.53% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
Frequently Asked Questions
CA and SUB have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CA has higher volatility (0.31%) compared to SUB (0.28%). In terms of maximum drawdown, CA dropped -5.24% vs SUB's -9.46%.
On 1-year performance, CA leads with 6.67% vs 3.18% for SUB. Both ETFs have the same 0.07% expense ratio. Their volatility is very similar. 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 6.67% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CA and SUB have the same expense ratio: 0.07% per year.
CA has the higher dividend yield at 2.96%, compared with 2.53% for SUB.
CA tracks ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: Xtrackers and iShares.
SUB currently has the higher Sharpe Ratio (3.20 vs 2.54), 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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