CALI vs. BSMS
Compare and contrast key facts about iShares Short-Term California Muni Active ETF (CALI) and Invesco BulletShares 2028 Municipal Bond ETF (BSMS).
CALI and BSMS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007. BSMS is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Municipal Bond 2028 Index. It was launched on Sep 25, 2019. Both CALI and BSMS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CALI vs. BSMS - Performance Comparison
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CALI vs. BSMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.30% | 3.28% | 2.84% | 1.97% |
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 0.23% | 3.61% | 1.00% | 2.58% |
Returns By Period
In the year-to-date period, CALI achieves a 0.30% return, which is significantly higher than BSMS's 0.23% return.
CALI
- 1D
- 0.07%
- 1M
- -0.46%
- YTD
- 0.30%
- 6M
- 0.80%
- 1Y
- 2.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMS
- 1D
- 0.04%
- 1M
- -0.96%
- YTD
- 0.23%
- 6M
- 1.28%
- 1Y
- 3.82%
- 3Y*
- 2.42%
- 5Y*
- 0.31%
- 10Y*
- —
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CALI vs. BSMS - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than BSMS'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%.
Return for Risk
CALI vs. BSMS — Risk / Return Rank
CALI
BSMS
CALI vs. BSMS - 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 2028 Municipal Bond ETF (BSMS). 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 | BSMS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.53 | 1.30 | +1.23 |
Sortino ratioReturn per unit of downside risk | 3.29 | 1.59 | +1.70 |
Omega ratioGain probability vs. loss probability | 1.63 | 1.36 | +0.26 |
Calmar ratioReturn relative to maximum drawdown | 3.51 | 1.29 | +2.22 |
Martin ratioReturn relative to average drawdown | 15.32 | 5.65 | +9.67 |
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 | BSMS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 1.30 | +1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.76 | 0.18 | +2.58 |
Correlation
The correlation between CALI and BSMS is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CALI vs. BSMS - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.57%, less than BSMS's 2.79% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.57% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 2.79% | 2.79% | 2.81% | 2.58% | 1.56% | 1.49% | 1.61% | 0.46% |
Drawdowns
CALI vs. BSMS - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum BSMS drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for CALI and BSMS.
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Drawdown Indicators
| CALI | BSMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -14.95% | +14.17% |
Max Drawdown (1Y)Largest decline over 1 year | -0.78% | -2.96% | +2.18% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.95% | — |
Current DrawdownCurrent decline from peak | -0.46% | -1.67% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -5.07% | +4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.68% | -0.50% |
Volatility
CALI vs. BSMS - Volatility Comparison
The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.34%, while Invesco BulletShares 2028 Municipal Bond ETF (BSMS) has a volatility of 0.45%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than BSMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | BSMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 0.45% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 0.92% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.09% | 2.96% | -1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.13% | 3.61% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.13% | 6.29% | -5.16% |