CALI vs. MBNE

Last updated Jun 3, 2026

CALI (iShares Short-Term California Muni Active ETF) and MBNE (SPDR Nuveen Municipal Bond ESG ETF) are both Municipal Bonds funds. CALI is passively managed, while MBNE is actively managed. Over the past year, CALI returned 2.94% vs 4.86% for MBNE. At a 0.32 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.43%/yr for MBNE.

Performance

CALI vs. MBNE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term California Muni Active ETF (CALI) and SPDR Nuveen Municipal Bond ESG ETF (MBNE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CALI having a 0.88% return and MBNE slightly lower at 0.84%.

CALI

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.88%
• 6M: 1.10%
• 1Y: 2.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBNE

• 1D: 0.00%
• 1M: 0.03%
• YTD: 0.84%
• 6M: 1.25%
• 1Y: 4.86%
• 3Y*: 2.97%
• 5Y*: —
• 10Y*: —

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

CALI vs. MBNE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	0.88%	3.28%	2.84%	1.97%
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	3.57%

Correlation

The correlation between CALI and MBNE is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023	0.32

Return for Risk

CALI vs. MBNE — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 92
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 82
CALI Martin Ratio Rank: 91

MBNE

MBNE Risk / Return Rank: 48
MBNE Sharpe Ratio Rank: 48
MBNE Sortino Ratio Rank: 48
MBNE Omega Ratio Rank: 58
MBNE Calmar Ratio Rank: 46
MBNE Martin Ratio Rank: 43

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. MBNE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and SPDR Nuveen Municipal Bond ESG ETF (MBNE). 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	MBNE	Difference
Sharpe ratio Return per unit of total volatility	3.90	1.71	+2.19
Sortino ratio Return per unit of downside risk	5.91	2.40	+3.51
Omega ratio Gain probability vs. loss probability	1.92	1.36	+0.56
Calmar ratio Return relative to maximum drawdown	4.38	2.31	+2.07
Martin ratio Return relative to average drawdown	22.40	7.16	+15.24
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. MBNE - Sharpe Ratio Comparison

The current CALI Sharpe Ratio is 3.90, which is higher than the MBNE Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of CALI and MBNE, 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	MBNE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.90	1.71	+2.19
Sharpe Ratio (All Time) Calculated using the full available price history	2.83	0.63	+2.20

Drawdowns

CALI vs. MBNE - Drawdown Comparison

The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum MBNE drawdown of -6.19%. Use the drawdown chart below to compare losses from any high point for CALI and MBNE.

Drawdown Indicators

	CALI	MBNE	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-6.19%	+5.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.67%	-2.02%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.98%	—
Current Drawdown Current decline from peak	0.00%	-1.04%	+1.04%
Average Drawdown Average peak-to-trough decline	-0.08%	-1.41%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.65%	-0.52%

Volatility

CALI vs. MBNE - Volatility Comparison

The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.22%, while SPDR Nuveen Municipal Bond ESG ETF (MBNE) has a volatility of 0.42%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than MBNE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALI	MBNE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.42%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	2.06%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	0.76%	2.87%	-2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.11%	3.70%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.11%	3.70%	-2.59%

CALI vs. MBNE - Expense Ratio Comparison

CALI has a 0.08% expense ratio, which is lower than MBNE's 0.43% expense ratio.

Dividends

CALI vs. MBNE - Dividend Comparison

CALI's dividend yield for the trailing twelve months is around 2.52%, less than MBNE's 3.15% yield.

Position	TTM	2025	2024	2023	2022
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%	0.00%
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%

Frequently Asked Questions

Can I hold both CALI and MBNE in my portfolio?

CALI and MBNE have a correlation of 0.26, 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 MBNE?

MBNE has higher volatility (0.42%) compared to CALI (0.22%). In terms of maximum drawdown, CALI dropped -0.78% vs MBNE's -6.19%.

Which ETF is better, CALI or MBNE?

On 1-year performance, MBNE leads with 4.86% vs 2.94% 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 MBNE?

Over the 1-year period, MBNE has performed better with a 4.86% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALI or MBNE?

CALI is cheaper with a 0.08% expense ratio, compared with 0.43% for MBNE.

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

MBNE has the higher dividend yield at 3.15%, compared with 2.52% for CALI.

What is the main difference between CALI and MBNE?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for CALI and 0.43% for MBNE.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.90 vs 1.71), 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.