CA vs. TRSY

Last updated Jun 4, 2026

CA (Xtrackers California Municipal Bond ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both exchange-traded funds - CA is a Municipal Bonds fund tracking the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, CA returned 6.67% vs 4.00% for TRSY. At a 0.05 correlation, their price movements are largely independent. CA charges 0.07%/yr vs 0.06%/yr for TRSY.

Performance

CA vs. TRSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers California Municipal Bond ETF (CA) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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 lower than TRSY's 1.50% return.

CA

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

TRSY

• 1D: 0.07%
• 1M: 0.32%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CA vs. TRSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	0.24%
TRSY Xtrackers US 0-1 Year Treasury ETF	1.50%	4.22%	1.07%

Correlation

The correlation between CA and TRSY is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.05

Return for Risk

CA vs. TRSY — 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

TRSY

TRSY Risk / Return Rank: 100
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 100
TRSY Omega Ratio Rank: 100
TRSY Calmar Ratio Rank: 100
TRSY Martin Ratio Rank: 100

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. TRSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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	TRSY	Difference
Sharpe ratio: Return per unit of total volatility	2.54	10.56	-8.02
Sortino ratio: Return per unit of downside risk	3.84	28.65	-24.81
Omega ratio: Gain probability vs. loss probability	1.58	6.84	-5.26
Calmar ratio: Return relative to maximum drawdown	2.61	60.65	-58.04
Martin ratio: Return relative to average drawdown	9.84	385.94	-376.10
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. TRSY - Sharpe Ratio Comparison

The current CA Sharpe Ratio is 2.54, which is lower than the TRSY Sharpe Ratio of 10.56. The chart below compares the historical Sharpe Ratios of CA and TRSY, 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	TRSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	10.56	-8.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	3.91	-3.24

Drawdowns

CA vs. TRSY - Drawdown Comparison

The maximum CA drawdown since its inception was -5.24%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for CA and TRSY.

Drawdown Indicators

	CA	TRSY	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-0.82%	-4.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-0.07%	-2.50%
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-1.27%	-0.06%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.01%	+0.67%

Volatility

CA vs. TRSY - Volatility Comparison

Xtrackers California Municipal Bond ETF (CA) has a higher volatility of 0.31% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.11%. This indicates that CA's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA	TRSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.11%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	0.24%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	0.38%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	1.07%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	1.07%	+2.92%

CA vs. TRSY - Expense Ratio Comparison

CA has a 0.07% expense ratio, which is higher than TRSY's 0.06% expense ratio. However, 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. TRSY - Dividend Comparison

CA's dividend yield for the trailing twelve months is around 2.96%, less than TRSY's 3.72% yield.

Position	TTM	2025	2024
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both CA and TRSY in my portfolio?

CA and TRSY have a correlation of 0.04, 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 TRSY?

CA has higher volatility (0.31%) compared to TRSY (0.11%). In terms of maximum drawdown, CA dropped -5.24% vs TRSY's -0.82%.

Which ETF is better, CA or TRSY?

On 1-year performance, CA leads with 6.67% vs 4.00% for TRSY. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CA or TRSY?

Over the 1-year period, CA has performed better with a 6.67% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CA or TRSY?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.07% for CA.

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

TRSY has the higher dividend yield at 3.72%, compared with 2.96% for CA.

What is the main difference between CA and TRSY?

CA is categorized as Municipal Bonds, while TRSY is Government Bonds. CA tracks ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while TRSY tracks ICE U.S. Treasury Short Bond Index. Their fees differ too: 0.07% for CA and 0.06% for TRSY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.56 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.