CALI vs. TAXI

Last updated Jun 4, 2026

CALI (iShares Short-Term California Muni Active ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - CALI tracks the ICE AMT-Free California Municipal Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. CALI charges 0.08%/yr vs 0.05%/yr for TAXI.

Performance

CALI vs. TAXI - 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 Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CALI having a 0.91% return and TAXI slightly higher at 0.94%.

CALI

• 1D: 0.03%
• 1M: 0.25%
• YTD: 0.91%
• 6M: 1.11%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CALI vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
CALI iShares Short-Term California Muni Active ETF	0.91%	0.97%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	3.35%

Correlation

The correlation between CALI and TAXI is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.59

Return for Risk

CALI vs. TAXI — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 83
CALI Martin Ratio Rank: 92

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. TAXI - 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 Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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	TAXI	Difference
Sharpe ratio: Return per unit of total volatility	3.97	—	—
Sortino ratio: Return per unit of downside risk	6.02	—	—
Omega ratio: Gain probability vs. loss probability	1.94	—	—
Calmar ratio: Return relative to maximum drawdown	4.49	—	—
Martin ratio: Return relative to average drawdown	22.91	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CALI	TAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	2.92	-0.09

Drawdowns

CALI vs. TAXI - Drawdown Comparison

The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum TAXI drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for CALI and TAXI.

Drawdown Indicators

	CALI	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-2.23%	+1.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.67%	—	—
Current Drawdown Current decline from peak	0.00%	-0.79%	+0.79%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.46%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	CALI	TAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.76%	1.90%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.11%	1.90%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.11%	1.90%	-0.79%

CALI vs. TAXI - Expense Ratio Comparison

CALI has a 0.08% expense ratio, which is higher than TAXI's 0.05% expense ratio. However, 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. TAXI - Dividend Comparison

CALI's dividend yield for the trailing twelve months is around 2.52%, more than TAXI's 2.00% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CALI and TAXI in my portfolio?

CALI and TAXI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CALI or TAXI?

On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CALI or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.08% for CALI.

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

CALI has the higher dividend yield at 2.52%, compared with 2.00% for TAXI.

What is the main difference between CALI and TAXI?

CALI tracks ICE AMT-Free California Municipal Index, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.08% for CALI and 0.05% for TAXI.