CALI vs. MQY
CALI (iShares Short-Term California Muni Active ETF) and MQY (BlackRock MuniYield Quality Fund) are both Municipal Bonds funds. CALI is passively managed, while MQY is actively managed. Over the past year, CALI returned 2.79% vs 11.21% for MQY. At a 0.33 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 2.07%/yr for MQY.
Performance
CALI vs. MQY - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 0.99% return, which is significantly lower than MQY's 4.72% return.
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MQY
- 1D
- 0.35%
- 1M
- 3.39%
- YTD
- 4.72%
- 6M
- 5.37%
- 1Y
- 11.21%
- 3Y*
- 6.00%
- 5Y*
- -2.18%
- 10Y*
- 1.38%
CALI vs. MQY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
MQY BlackRock MuniYield Quality Fund | 4.72% | 4.28% | -0.06% | 7.08% |
Correlation
The correlation between CALI and MQY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.33 |
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Return for Risk
CALI vs. MQY — Risk / Return Rank
CALI
MQY
CALI vs. MQY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and BlackRock MuniYield Quality Fund (MQY). 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 | MQY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.87 | 1.22 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 4.19 | 1.39 | +2.80 |
| Martin ratioReturn relative to average drawdown | 21.38 | 4.30 | +17.08 |
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Drawdowns
CALI vs. MQY - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum MQY drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for CALI and MQY.
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Drawdown Indicators
| CALI | MQY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -41.67% | +40.89% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -8.13% | +7.46% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.44% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.97% | — |
Current DrawdownCurrent decline from peak | -0.04% | -12.82% | +12.78% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -8.29% | +8.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 2.61% | -2.48% |
Volatility
CALI vs. MQY - Volatility Comparison
The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.19%, while BlackRock MuniYield Quality Fund (MQY) has a volatility of 2.86%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than MQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | MQY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 2.86% | -2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 7.50% | -6.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 9.44% | -8.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.10% | 12.21% | -11.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.10% | 13.04% | -11.94% |
CALI vs. MQY - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than MQY's 2.07% expense ratio.
Dividends
CALI vs. MQY - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.52%, less than MQY's 6.06% 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% |
MQY BlackRock MuniYield Quality Fund | 6.06% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
Frequently Asked Questions
CALI and MQY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MQY has higher volatility (2.86%) compared to CALI (0.19%). In terms of maximum drawdown, CALI dropped -0.78% vs MQY's -41.67%.
CALI currently has the higher Sharpe Ratio (3.74 vs 1.19), 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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