CALI vs. CLOB

Last updated Jun 4, 2026

CALI (iShares Short-Term California Muni Active ETF) and CLOB (VanEck AA-BB CLO ETF) are both exchange-traded funds - CALI is a Municipal Bonds fund tracking the ICE AMT-Free California Municipal Index, while CLOB is a CLO fund actively managed by VanEck. CALI is passively managed, while CLOB is actively managed. Over the past year, CALI returned 2.99% vs 6.36% for CLOB. At a correlation of -0.03, they often move in opposite directions. CALI charges 0.08%/yr vs 0.45%/yr for CLOB.

Performance

CALI vs. CLOB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term California Muni Active ETF (CALI) and VanEck AA-BB CLO ETF (CLOB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALI achieves a 0.91% return, which is significantly lower than CLOB's 1.88% return.

CALI

• 1D: 0.03%
• 1M: 0.25%
• YTD: 0.91%
• 6M: 1.11%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOB

• 1D: 0.01%
• 1M: 0.47%
• YTD: 1.88%
• 6M: 2.35%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALI vs. CLOB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CALI iShares Short-Term California Muni Active ETF	0.91%	3.28%	0.32%
CLOB VanEck AA-BB CLO ETF	1.88%	6.94%	2.81%

Correlation

The correlation between CALI and CLOB is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024	-0.03

Return for Risk

CALI vs. CLOB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 83
CALI Martin Ratio Rank: 92

CLOB

CLOB Risk / Return Rank: 68
CLOB Sharpe Ratio Rank: 63
CLOB Sortino Ratio Rank: 66
CLOB Omega Ratio Rank: 75
CLOB Calmar Ratio Rank: 65
CLOB Martin Ratio Rank: 74

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.

CALI vs. CLOB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and VanEck AA-BB CLO ETF (CLOB). 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	CLOB	Difference
Sharpe ratio: Return per unit of total volatility	3.97	2.15	+1.83
Sortino ratio: Return per unit of downside risk	6.02	3.09	+2.93
Omega ratio: Gain probability vs. loss probability	1.94	1.46	+0.49
Calmar ratio: Return relative to maximum drawdown	4.49	3.27	+1.22
Martin ratio: Return relative to average drawdown	22.91	14.04	+8.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CALI vs. CLOB - Sharpe Ratio Comparison

The current CALI Sharpe Ratio is 3.97, which is higher than the CLOB Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CALI and CLOB, 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

	CALI	CLOB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	2.15	+1.83
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	1.27	+1.57

Drawdowns

CALI vs. CLOB - Drawdown Comparison

The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum CLOB drawdown of -5.54%. Use the drawdown chart below to compare losses from any high point for CALI and CLOB.

Drawdown Indicators

	CALI	CLOB	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-5.54%	+4.76%
Max Drawdown (1Y) Largest decline over 1 year	-0.67%	-1.96%	+1.29%
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.30%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.45%	-0.32%

Volatility

CALI vs. CLOB - Volatility Comparison

The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.22%, while VanEck AA-BB CLO ETF (CLOB) has a volatility of 0.97%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than CLOB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALI	CLOB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.97%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	0.51%	2.46%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	0.76%	2.98%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.11%	5.53%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.11%	5.53%	-4.42%

CALI vs. CLOB - Expense Ratio Comparison

CALI has a 0.08% expense ratio, which is lower than CLOB's 0.45% expense ratio.

Dividends

CALI vs. CLOB - Dividend Comparison

CALI's dividend yield for the trailing twelve months is around 2.52%, less than CLOB's 6.42% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
CLOB VanEck AA-BB CLO ETF	6.42%	6.61%	1.65%	0.00%

Frequently Asked Questions

Can I hold both CALI and CLOB in my portfolio?

CALI and CLOB have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALI or CLOB?

CLOB has higher volatility (0.97%) compared to CALI (0.22%). In terms of maximum drawdown, CALI dropped -0.78% vs CLOB's -5.54%.

Which ETF is better, CALI or CLOB?

On 1-year performance, CLOB leads with 6.36% 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.

Which ETF has performed better, CALI or CLOB?

Over the 1-year period, CLOB has performed better with a 6.36% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALI or CLOB?

CALI is cheaper with a 0.08% expense ratio, compared with 0.45% for CLOB.

Which ETF pays a higher dividend yield, CALI or CLOB?

CLOB has the higher dividend yield at 6.42%, compared with 2.52% for CALI.

What is the main difference between CALI and CLOB?

CALI is categorized as Municipal Bonds, while CLOB is CLO. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.08% for CALI and 0.45% for CLOB.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.97 vs 2.15), 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.