CALI vs. SGOV
CALI (iShares Short-Term California Muni Active ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CALI is a Municipal Bonds fund tracking the ICE AMT-Free California Municipal Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 3 years, CALI returned 3.07%/yr vs 4.62%/yr for SGOV. Their 0.08 correlation means their historical movements had little consistent relationship. CALI charges 0.08%/yr vs 0.09%/yr for SGOV.
Performance
CALI vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 1.12% return, which is significantly lower than SGOV's 2.13% return.
CALI
- 1D
- 0.10%
- 1M
- -0.02%
- 6M
- 0.73%
- YTD
- 1.12%
- 1Y
- 2.30%
- 3Y*
- 3.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.01%
SGOV
- 1D
- 0.02%
- 1M
- 0.29%
- 6M
- 1.82%
- YTD
- 2.13%
- 1Y
- 3.85%
- 3Y*
- 4.62%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.40M | $5.45M | $5.34M | |
| $1.99B | $1.87B | $2.06B |
CALI vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 1.12% | 3.28% | 2.84% | 1.97% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.13% | 4.24% | 5.27% | 2.54% |
Correlation
The correlation between CALI and SGOV is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.08 |
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Return for Risk
CALI vs. SGOV — Risk / Return Rank
CALI
SGOV
CALI vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.56 | ||
| Sortino ratioReturn per unit of downside risk | -375.47 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 380.49 | -378.77 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 388.26 | -384.81 |
| Martin ratioReturn relative to average drawdown | 17.46 | 6,151.27 | -6,133.81 |
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Drawdowns
CALI vs. SGOV - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CALI and SGOV.
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Drawdown Indicators
| CALI | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.03% | -0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.01% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | -0.01% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.08% | 0.00% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.00% | +0.13% |
Volatility
CALI vs. SGOV - Volatility Comparison
iShares Short-Term California Muni Active ETF (CALI) has a higher volatility of 0.21% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that CALI's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CALI | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 0.04% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 0.13% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 0.19% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 0.24% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 0.23% | +0.86% |
CALI vs. SGOV - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is lower than SGOV's 0.09% 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. SGOV - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.53%, less than SGOV's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.53% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.75% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
CALI and SGOV have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CALI has higher volatility (0.21%) compared to SGOV (0.04%). In terms of maximum drawdown, CALI dropped -0.78% vs SGOV's -0.03%.
On 3-year performance, SGOV leads with 4.62% vs 3.07% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SGOV has performed better with a 4.62% return vs 3.07%. 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 0.09% for SGOV.
SGOV has the higher dividend yield at 3.75%, compared with 2.53% for CALI.
CALI is categorized as Municipal Bonds, while SGOV is Ultrashort Bond. CALI tracks ICE AMT-Free California Municipal Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.08% for CALI and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 vs 3.22), 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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