CLOB vs. CALI

Last updated Jun 24, 2026

CLOB (VanEck AA-BB CLO ETF) and CALI (iShares Short-Term California Muni Active ETF) are both exchange-traded funds - CLOB is a CLO fund actively managed by VanEck, while CALI is a Municipal Bonds fund tracking the ICE AMT-Free California Municipal Index. CLOB is actively managed, while CALI is passively managed. Over the past year, CLOB returned 6.15% vs 2.79% for CALI. At a correlation of -0.02, they often move in opposite directions. CLOB charges 0.45%/yr vs 0.08%/yr for CALI.

Performance

CLOB vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck AA-BB CLO ETF (CLOB) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOB achieves a 1.95% return, which is significantly higher than CALI's 0.99% return.

CLOB

• 1D: -0.00%
• 1M: 0.19%
• YTD: 1.95%
• 6M: 1.99%
• 1Y: 6.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: -0.03%
• 1M: 0.38%
• YTD: 0.99%
• 6M: 1.08%
• 1Y: 2.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOB vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOB VanEck AA-BB CLO ETF	1.95%	6.94%	2.77%
CALI iShares Short-Term California Muni Active ETF	0.99%	3.28%	0.31%

Correlation

The correlation between CLOB and CALI is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.02

The correlation between CLOB and CALI shifts across timeframes, from -0.12 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CLOB vs. CALI — Risk / Return Rank

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

CLOB

CLOB Risk / Return Rank: 72
CLOB Sharpe Ratio Rank: 68
CLOB Sortino Ratio Rank: 71
CLOB Omega Ratio Rank: 80
CLOB Calmar Ratio Rank: 67
CLOB Martin Ratio Rank: 76

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 96
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 82
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.

CLOB vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck AA-BB CLO ETF (CLOB) 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.

	CLOB	CALI	Difference
Sharpe ratio: Return per unit of total volatility	2.10	3.74	-1.64
Sortino ratio: Return per unit of downside risk	3.02	5.66	-2.63
Omega ratio: Gain probability vs. loss probability	1.45	1.87	-0.42
Calmar ratio: Return relative to maximum drawdown	3.16	4.19	-1.03
Martin ratio: Return relative to average drawdown	13.58	21.38	-7.80

CLOB vs. CALI - Sharpe Ratio Comparison

The current CLOB Sharpe Ratio is 2.10, which is lower than the CALI Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of CLOB and CALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLOB vs. CALI - Drawdown Comparison

The maximum CLOB drawdown since its inception was -5.54%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CLOB and CALI.

Drawdown Indicators

	CLOB	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-5.54%	-0.78%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-0.67%	-1.29%
Current Drawdown Current decline from peak	-0.19%	-0.04%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.08%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.13%	+0.32%

Volatility

CLOB vs. CALI - Volatility Comparison

VanEck AA-BB CLO ETF (CLOB) has a higher volatility of 0.43% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that CLOB'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.

Volatility by Period

	CLOB	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.19%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	0.52%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	0.75%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.45%	1.10%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	1.10%	+4.35%

CLOB vs. CALI - Expense Ratio Comparison

CLOB has a 0.45% expense ratio, which is higher than CALI's 0.08% expense ratio.

Dividends

CLOB vs. CALI - Dividend Comparison

CLOB's dividend yield for the trailing twelve months is around 6.42%, more than CALI's 2.52% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
CLOB VanEck AA-BB CLO ETF	6.42%	6.61%	1.65%	0.00%

Frequently Asked Questions

Can I hold both CLOB and CALI in my portfolio?

CLOB and CALI have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOB or CALI?

CLOB has higher volatility (0.43%) compared to CALI (0.19%). In terms of maximum drawdown, CLOB dropped -5.54% vs CALI's -0.78%.

Which ETF is better, CLOB or CALI?

On 1-year performance, CLOB leads with 6.15% vs 2.79% 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.

Which ETF has performed better, CLOB or CALI?

Over the 1-year period, CLOB has performed better with a 6.15% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOB or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.45% for CLOB.

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

CLOB has the higher dividend yield at 6.42%, compared with 2.52% for CALI.

What is the main difference between CLOB and CALI?

CLOB is categorized as CLO, while CALI is Municipal Bonds. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.45% for CLOB and 0.08% for CALI.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.74 vs 2.10), 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.