CALI vs. BSMQ
CALI (iShares Short-Term California Muni Active ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - CALI tracks the ICE AMT-Free California Municipal Index while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past year, CALI returned 2.99% vs 3.08% for BSMQ. At a 0.27 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.18%/yr for BSMQ.
Performance
CALI vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 0.91% return, which is significantly higher than BSMQ's 0.73% return.
CALI
- 1D
- 0.03%
- 1M
- 0.25%
- YTD
- 0.91%
- 6M
- 1.11%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
CALI vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.91% | 3.28% | 2.84% | 1.97% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 2.21% |
Correlation
The correlation between CALI and BSMQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023 | 0.27 |
The correlation between CALI and BSMQ shifts across timeframes, from 0.17 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CALI vs. BSMQ — Risk / Return Rank
CALI
BSMQ
CALI vs. BSMQ - 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 2026 Municipal Bond ETF (BSMQ). 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 | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.94 | 1.48 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 9.43 | -4.94 |
| Martin ratioReturn relative to average drawdown | 22.91 | 24.69 | -1.78 |
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 | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.97 | 2.32 | +1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.84 | 0.25 | +2.59 |
Drawdowns
CALI vs. BSMQ - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for CALI and BSMQ.
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Drawdown Indicators
| CALI | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -13.18% | +12.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.33% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.50% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.12% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -3.48% | +3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.12% | +0.01% |
Volatility
CALI vs. BSMQ - Volatility Comparison
The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.22%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.39%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 0.39% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.51% | 0.94% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.76% | 1.33% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.11% | 2.68% | -1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.11% | 4.79% | -3.68% |
CALI vs. BSMQ - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than BSMQ'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. BSMQ - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.52%, less than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% |
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 BSMQ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.39%) compared to CALI (0.22%). In terms of maximum drawdown, CALI dropped -0.78% vs BSMQ's -13.18%.
On 1-year performance, BSMQ leads with 3.08% vs 2.99% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BSMQ has performed better with a 3.08% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMQ.
BSMQ has the higher dividend yield at 2.76%, compared with 2.52% for CALI.
CALI tracks ICE AMT-Free California Municipal Index, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.08% for CALI and 0.18% for BSMQ.
CALI currently has the higher Sharpe Ratio (3.97 vs 2.32), 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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