CALI vs. MEAR
Compare and contrast key facts about iShares Short-Term California Muni Active ETF (CALI) and iShares Short Maturity Municipal Bond ETF (MEAR).
CALI and MEAR 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. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.
Performance
CALI vs. MEAR - Performance Comparison
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CALI vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.30% | 3.28% | 2.84% | 1.97% |
MEAR iShares Short Maturity Municipal Bond ETF | 0.47% | 3.76% | 3.40% | 1.87% |
Returns By Period
In the year-to-date period, CALI achieves a 0.30% return, which is significantly lower than MEAR's 0.47% return.
CALI
- 1D
- 0.07%
- 1M
- -0.46%
- YTD
- 0.30%
- 6M
- 0.80%
- 1Y
- 2.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MEAR
- 1D
- 0.12%
- 1M
- -0.31%
- YTD
- 0.47%
- 6M
- 1.07%
- 1Y
- 3.12%
- 3Y*
- 3.50%
- 5Y*
- 2.30%
- 10Y*
- 1.74%
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CALI vs. MEAR - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than MEAR'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%.
Return for Risk
CALI vs. MEAR — Risk / Return Rank
CALI
MEAR
CALI vs. MEAR - 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 Short Maturity Municipal Bond ETF (MEAR). 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 | MEAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.53 | 2.71 | -0.18 |
Sortino ratioReturn per unit of downside risk | 3.29 | 3.63 | -0.34 |
Omega ratioGain probability vs. loss probability | 1.63 | 1.70 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 3.51 | 3.69 | -0.18 |
Martin ratioReturn relative to average drawdown | 15.32 | 20.82 | -5.50 |
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 | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 2.71 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.37 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.76 | 1.09 | +1.67 |
Correlation
The correlation between CALI and MEAR is 0.21, 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. MEAR - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.57%, less than MEAR's 2.87% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.57% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.87% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Drawdowns
CALI vs. MEAR - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum MEAR drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for CALI and MEAR.
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Drawdown Indicators
| CALI | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -2.68% | +1.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.78% | -0.86% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -2.68% | — |
Current DrawdownCurrent decline from peak | -0.46% | -0.35% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.19% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.15% | +0.03% |
Volatility
CALI vs. MEAR - Volatility Comparison
The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.34%, while iShares Short Maturity Municipal Bond ETF (MEAR) has a volatility of 0.36%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 0.36% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 0.60% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.09% | 1.16% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.13% | 0.98% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.13% | 1.52% | -0.39% |