CMF vs. AGG
Compare and contrast key facts about iShares California Muni Bond ETF (CMF) and iShares Core U.S. Aggregate Bond ETF (AGG).
CMF and AGG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. AGG is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. It was launched on Sep 22, 2003. Both CMF and AGG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CMF or AGG.
Performance
CMF vs. AGG - Performance Comparison
Returns By Period
In the year-to-date period, CMF achieves a 1.48% return, which is significantly lower than AGG's 1.78% return. Over the past 10 years, CMF has outperformed AGG with an annualized return of 1.99%, while AGG has yielded a comparatively lower 1.46% annualized return.
CMF
1.48%
-0.27%
2.17%
5.45%
0.81%
1.99%
AGG
1.78%
-1.56%
3.14%
6.66%
-0.23%
1.46%
Key characteristics
| CMF | AGG | |
|---|---|---|
| Sharpe Ratio | 1.55 | 1.29 |
| Sortino Ratio | 2.22 | 1.88 |
| Omega Ratio | 1.30 | 1.23 |
| Calmar Ratio | 0.83 | 0.52 |
| Martin Ratio | 6.68 | 4.35 |
| Ulcer Index | 0.89% | 1.71% |
| Daily Std Dev | 3.82% | 5.79% |
| Max Drawdown | -16.45% | -18.43% |
| Current Drawdown | -2.05% | -8.52% |
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CMF vs. AGG - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than AGG'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%.
Correlation
The correlation between CMF and AGG is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
CMF vs. AGG - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
Dividends
CMF vs. AGG - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.74%, less than AGG's 3.96% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
AGG iShares Core U.S. Aggregate Bond ETF | 3.96% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.96% | 2.32% | 2.39% | 2.45% | 2.40% | 2.32% |
Drawdowns
CMF vs. AGG - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for CMF and AGG. For additional features, visit the drawdowns tool.
Volatility
CMF vs. AGG - Volatility Comparison
iShares California Muni Bond ETF (CMF) has a higher volatility of 2.02% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.64%. This indicates that CMF's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.