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 year, CALI returned 2.86% vs 6.61% for CMF. At a 0.44 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.25%/yr for CMF.
Performance
CALI vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 1.03% return, which is significantly lower than CMF's 1.28% return.
CALI
- 1D
- -0.00%
- 1M
- 0.41%
- YTD
- 1.03%
- 6M
- 1.15%
- 1Y
- 2.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMF
- 1D
- -0.02%
- 1M
- 1.39%
- YTD
- 1.28%
- 6M
- 1.51%
- 1Y
- 6.61%
- 3Y*
- 3.14%
- 5Y*
- 0.75%
- 10Y*
- 1.66%
CALI vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 1.03% | 3.28% | 2.84% | 1.97% |
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 3.30% |
Correlation
The correlation between CALI and CMF is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.44 |
The correlation between CALI and CMF has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.
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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 | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.54 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 2.28 | +2.01 |
| Martin ratioReturn relative to average drawdown | 21.89 | 7.50 | +14.39 |
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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 | — | -5.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.57% | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.61% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -4.76% | +4.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.88% | -0.75% |
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 0.71%. 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% | 0.71% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 2.17% | -1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 2.77% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.10% | 4.19% | -3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.10% | 5.08% | -3.98% |
CALI vs. CMF - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than CMF's 0.25% 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. CMF - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.52%, less than CMF's 2.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 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 | 2.94% | 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 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.71%) compared to CALI (0.19%). In terms of maximum drawdown, CALI dropped -0.78% vs CMF's -16.45%.
On 1-year performance, CMF leads with 6.61% vs 2.86% for CALI. On fees, CALI is cheaper at 0.08% per year. 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 1-year period, CMF has performed better with a 6.61% return vs 2.86%. 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 0.25% for CMF.
CMF has the higher dividend yield at 2.94%, compared with 2.52% for CALI.
CALI tracks ICE AMT-Free California Municipal Index, while CMF tracks S&P California AMT-Free Municipal Bond Index. Their fees differ too: 0.08% for CALI and 0.25% for CMF.
CALI currently has the higher Sharpe Ratio (3.83 vs 2.40), 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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