CALI vs. CMF
CALI (iShares Short-Term California Muni Active ETF) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds from iShares - CALI tracks the ICE AMT-Free California Municipal Index while CMF tracks the S&P California AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, CALI returned 3.03%/yr vs 2.68%/yr for CMF. Their 0.45 correlation means their historical movements had little consistent relationship. Both charge a 0.08% expense ratio.
Performance
CALI vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 1.01% return, which is significantly higher than CMF's -0.17% return.
CALI
- 1D
- -0.02%
- 1M
- -0.12%
- 6M
- 0.64%
- YTD
- 1.01%
- 1Y
- 2.20%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.99%
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $5.47M | |
| $29.81M | $26.50M | $27.09M |
CALI vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 1.01% | 3.28% | 2.84% | 1.97% |
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 3.30% |
Correlation
The correlation between CALI and CMF is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.45 |
The correlation between CALI and CMF shifts across timeframes, from 0.45 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CALI vs. CMF — Risk / Return Rank
CALI
CMF
CALI vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and iShares California Muni Bond ETF (CMF). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CALI | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.38 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 1.73 | +1.76 |
| Martin ratioReturn relative to average drawdown | 17.64 | 5.29 | +12.35 |
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Drawdowns
CALI vs. CMF - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for CALI and CMF.
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Drawdown Indicators
| CALI | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -16.45% | +15.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -2.91% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | -5.22% | +4.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.57% | — |
Current DrawdownCurrent decline from peak | -0.13% | -2.03% | +1.90% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -4.74% | +4.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.95% | -0.82% |
Volatility
CALI vs. CMF - Volatility Comparison
The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.19%, while iShares California Muni Bond ETF (CMF) has a volatility of 0.86%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.86% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 0.53% | 2.28% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 2.86% | -2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 4.21% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 5.08% | -3.99% |
CALI vs. CMF - Expense Ratio Comparison
Both CALI and CMF have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CALI vs. CMF - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.54%, less than CMF's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.33% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CMF iShares California Muni Bond ETF | 2.74% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Frequently Asked Questions
CALI and CMF have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.86%) compared to CALI (0.19%). In terms of maximum drawdown, CALI dropped -0.78% vs CMF's -16.45%.
On 3-year performance, CALI leads with 3.03% vs 2.68% for CMF. Both ETFs have the same 0.08% expense ratio. On volatility, CALI has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CALI has performed better with a 3.03% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI and CMF have the same expense ratio: 0.08% per year.
CMF has the higher dividend yield at 2.74%, compared with 2.33% for CALI.
CALI tracks ICE AMT-Free California Municipal Index, while CMF tracks S&P California AMT-Free Municipal Bond Index.
CALI currently has the higher Sharpe Ratio (3.23 vs 1.77), 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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