CALI vs. NCATX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Short-Term California Muni Active ETF (CALI) and Northern California Tax Exempt Fund (NCATX).

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. NCATX is managed by Northern Funds. It was launched on Apr 7, 1997.

Performance

CALI vs. NCATX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term California Muni Active ETF (CALI) and Northern California Tax Exempt Fund (NCATX). The values are adjusted to include any dividend payments, if applicable.

CALI vs. NCATX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	0.37%	3.28%	2.84%	1.97%
NCATX Northern California Tax Exempt Fund	-0.08%	3.65%	1.89%	3.32%

Returns By Period

In the year-to-date period, CALI achieves a 0.37% return, which is significantly higher than NCATX's -0.08% return.

CALI

• 1D: 0.07%
• 1M: -0.32%
• YTD: 0.37%
• 6M: 0.85%
• 1Y: 2.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCATX

• 1D: 0.29%
• 1M: -1.90%
• YTD: -0.08%
• 6M: 1.34%
• 1Y: 4.46%
• 3Y*: 2.79%
• 5Y*: 0.09%
• 10Y*: 1.56%

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

CALI vs. NCATX - Expense Ratio Comparison

CALI has a 0.08% expense ratio, which is lower than NCATX's 0.45% expense ratio.

NCATX

Northern California Tax Exempt Fund

CALI

iShares Short-Term California Muni Active ETF

Return for Risk

CALI vs. NCATX — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 95
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 93
CALI Martin Ratio Rank: 94

NCATX

NCATX Risk / Return Rank: 40
NCATX Sharpe Ratio Rank: 35
NCATX Sortino Ratio Rank: 28
NCATX Omega Ratio Rank: 68
NCATX Calmar Ratio Rank: 33
NCATX Martin Ratio Rank: 34

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. NCATX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) and Northern California Tax Exempt Fund (NCATX). 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	NCATX	Difference
Sharpe ratio Return per unit of total volatility	2.52	0.89	+1.63
Sortino ratio Return per unit of downside risk	3.29	1.20	+2.09
Omega ratio Gain probability vs. loss probability	1.63	1.29	+0.34
Calmar ratio Return relative to maximum drawdown	3.63	1.15	+2.48
Martin ratio Return relative to average drawdown	15.71	4.50	+11.20
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. NCATX - Sharpe Ratio Comparison

The current CALI Sharpe Ratio is 2.52, which is higher than the NCATX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of CALI and NCATX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CALI	NCATX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	0.89	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.02	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	1.05	+1.73

Correlation

The correlation between CALI and NCATX is 0.33, 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. NCATX - Dividend Comparison

CALI's dividend yield for the trailing twelve months is around 2.55%, less than NCATX's 3.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALI iShares Short-Term California Muni Active ETF	2.55%	2.62%	3.14%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NCATX Northern California Tax Exempt Fund	3.75%	2.85%	3.39%	2.46%	1.47%	2.18%	2.85%	3.82%	3.51%	3.19%	4.08%	3.21%

Drawdowns

CALI vs. NCATX - Drawdown Comparison

The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum NCATX drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for CALI and NCATX.

Drawdown Indicators

	CALI	NCATX	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-16.55%	+15.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.78%	-4.58%	+3.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.55%	—
Current Drawdown Current decline from peak	-0.38%	-2.18%	+1.80%
Average Drawdown Average peak-to-trough decline	-0.08%	-2.42%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	1.17%	-0.99%

Volatility

CALI vs. NCATX - Volatility Comparison

The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.34%, while Northern California Tax Exempt Fund (NCATX) has a volatility of 0.96%. This indicates that CALI experiences smaller price fluctuations and is considered to be less risky than NCATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALI	NCATX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.96%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	1.71%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	1.09%	5.42%	-4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.13%	4.10%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	4.24%	-3.11%