CGMU vs. CALI
CGMU (Capital Group Municipal Income ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. CGMU is actively managed, while CALI is passively managed. Over the past 3 years, CGMU returned 4.10%/yr vs 3.03%/yr for CALI. Their 0.43 correlation means their historical movements had little consistent relationship. CGMU charges 0.27%/yr vs 0.08%/yr for CALI.
Performance
CGMU vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, CGMU achieves a 0.55% return, which is significantly lower than CALI's 1.01% return.
CGMU
- 1D
- -0.12%
- 1M
- -1.46%
- 6M
- -0.42%
- YTD
- 0.55%
- 1Y
- 4.49%
- 3Y*
- 4.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.27%
CALI
- 1D
- -0.02%
- 1M
- -0.12%
- 6M
- 0.64%
- YTD
- 1.01%
- 1Y
- 2.20%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $5.47M | |
| $30.40M | $28.97M | $30.27M |
CGMU vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CGMU Capital Group Municipal Income ETF | 0.55% | 5.19% | 2.64% | 3.92% |
CALI iShares Short-Term California Muni Active ETF | 1.01% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between CGMU and CALI is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.43 |
The correlation between CGMU and CALI shifts across timeframes, from 0.43 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CGMU vs. CALI — Risk / Return Rank
CGMU
CALI
CGMU vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Capital Group Municipal Income ETF (CGMU) and iShares Short-Term California Muni Active ETF (CALI). 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.
| CGMU | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.72 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 3.49 | -1.59 |
| Martin ratioReturn relative to average drawdown | 5.61 | 17.64 | -12.03 |
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Drawdowns
CGMU vs. CALI - Drawdown Comparison
The maximum CGMU drawdown since its inception was -4.11%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CGMU and CALI.
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Drawdown Indicators
| CGMU | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.11% | -0.78% | -3.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -0.67% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -3.61% | -0.78% | -2.83% |
Current DrawdownCurrent decline from peak | -1.71% | -0.13% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.08% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.13% | +0.73% |
Volatility
CGMU vs. CALI - Volatility Comparison
Capital Group Municipal Income ETF (CGMU) has a higher volatility of 0.77% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that CGMU's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGMU | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.19% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 0.53% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 0.72% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.44% | 1.09% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.44% | 1.09% | +2.35% |
CGMU vs. CALI - Expense Ratio Comparison
CGMU has a 0.27% expense ratio, which is higher than CALI's 0.08% 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
CGMU vs. CALI - Dividend Comparison
CGMU's dividend yield for the trailing twelve months is around 3.39%, more than CALI's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.33% | 2.62% | 3.14% | 1.37% | 0.00% |
CGMU Capital Group Municipal Income ETF | 3.39% | 3.32% | 3.21% | 3.08% | 0.49% |
Frequently Asked Questions
CGMU and CALI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGMU has higher volatility (0.77%) compared to CALI (0.19%). In terms of maximum drawdown, CGMU dropped -4.11% vs CALI's -0.78%.
On 3-year performance, CGMU leads with 4.10% vs 3.03% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CGMU has performed better with a 4.10% return vs 3.03%. 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 0.27% for CGMU.
CGMU has the higher dividend yield at 3.39%, compared with 2.33% for CALI.
They also come from different issuers: Capital Group and iShares. Their fees differ too: 0.27% for CGMU and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.23 vs 2.04), 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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