CALI vs. TAXT
CALI (iShares Short-Term California Muni Active ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - CALI tracks the ICE AMT-Free California Municipal Index while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CALI charges 0.08%/yr vs 0.05%/yr for TAXT.
Performance
CALI vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, CALI achieves a 1.12% return, which is significantly higher than TAXT's 0.46% 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%
TAXT
- 1D
- 0.14%
- 1M
- -1.43%
- 6M
- -0.38%
- YTD
- 0.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.40M | $5.45M | $5.34M | |
| $96.43K | $96.52K | $143.72K |
CALI vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 1.12% | 0.96% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.46% | 3.91% |
Correlation
The correlation between CALI and TAXT is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.65 |
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Return for Risk
CALI vs. TAXT — Risk / Return Rank
CALI
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CALI vs. TAXT - 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 Tax-Exempt Bond ETF (TAXT). 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 | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.72 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | — | — |
| Martin ratioReturn relative to average drawdown | 17.46 | — | — |
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Drawdowns
CALI vs. TAXT - Drawdown Comparison
The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum TAXT drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for CALI and TAXT.
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Drawdown Indicators
| CALI | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -2.49% | +1.71% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -1.58% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.52% | +0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | — | — |
Volatility
CALI vs. TAXT - Volatility Comparison
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Volatility by Period
| CALI | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 2.57% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 2.57% | -1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 2.57% | -1.48% |
CALI vs. TAXT - Expense Ratio Comparison
CALI has a 0.08% expense ratio, which is higher than TAXT'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. TAXT - Dividend Comparison
CALI's dividend yield for the trailing twelve months is around 2.53%, less than TAXT's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.53% | 2.62% | 3.14% | 1.37% |
TAXT Northern Trust Tax-Exempt Bond ETF | 3.17% | 1.23% | 0.00% | 0.00% |
Frequently Asked Questions
CALI and TAXT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.08% for CALI.
TAXT has the higher dividend yield at 3.17%, compared with 2.53% for CALI.
CALI tracks ICE AMT-Free California Municipal Index, while TAXT tracks ICE 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 TAXT.
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