CALI vs. BSMP
CALI (iShares Short-Term California Muni Active ETF) and BSMP (Invesco BulletShares 2025 Municipal Bond ETF) are both Municipal Bonds funds - CALI tracks the ICE AMT-Free California Municipal Index while BSMP tracks the Invesco BulletShares Municipal Bond 2025 Index. Both are passively managed. At a 0.19 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.18%/yr for BSMP.
Performance
CALI vs. BSMP - Performance Comparison
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Returns By Period
CALI
- 1D
- 0.06%
- 1M
- 0.31%
- YTD
- 0.97%
- 6M
- 1.18%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMP
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI vs. BSMP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.97% | 3.28% | 2.84% | 1.97% |
BSMP Invesco BulletShares 2025 Municipal Bond ETF | 0.00% | 2.27% | 2.46% | 1.82% |
Correlation
The correlation between CALI and BSMP is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023 | 0.19 |
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Return for Risk
CALI vs. BSMP — Risk / Return Rank
CALI
BSMP
CALI vs. BSMP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and Invesco BulletShares 2025 Municipal Bond ETF (BSMP). 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.
| CALI | BSMP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.94 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | — | — |
| Martin ratioReturn relative to average drawdown | 22.91 | — | — |
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
| CALI | BSMP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.85 | — | — |
Drawdowns
CALI vs. BSMP - Drawdown Comparison
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Drawdown Indicators
| CALI | BSMP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | — | — |
Average DrawdownAverage peak-to-trough decline | -0.08% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | — | — |
Volatility
CALI vs. BSMP - Volatility Comparison
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Volatility by Period
| CALI | BSMP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.23% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.76% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.11% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.11% | — | — |
CALI vs. BSMP - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than BSMP's 0.18% 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
CALI vs. BSMP - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.52%, more than BSMP's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMP Invesco BulletShares 2025 Municipal Bond ETF | 1.27% | 2.35% | 2.53% | 2.20% | 1.23% | 0.72% | 1.32% | 0.35% |
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CALI and BSMP have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMP.
CALI has the higher dividend yield at 2.52%, compared with 1.27% for BSMP.
CALI tracks ICE AMT-Free California Municipal Index, while BSMP tracks Invesco BulletShares Municipal Bond 2025 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.08% for CALI and 0.18% for BSMP.
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