CMF vs. AGG
CMF (iShares California Muni Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - CMF is a Single State Muni fund tracking the S&P California AMT-Free Municipal Bond Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, CMF returned 1.64%/yr vs 1.42%/yr for AGG. At a 0.46 correlation, their price movements are largely independent. CMF charges 0.08%/yr vs 0.03%/yr for AGG.
Performance
CMF vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.28% return, which is significantly higher than AGG's 0.16% return. Over the past 10 years, CMF has outperformed AGG with an annualized return of 1.64%, while AGG has yielded a comparatively lower 1.42% annualized return.
CMF
- 1D
- -0.01%
- 1M
- 0.32%
- 6M
- 0.72%
- YTD
- 1.28%
- 1Y
- 6.40%
- 3Y*
- 3.26%
- 5Y*
- 0.63%
- 10Y*
- 1.64%
AGG
- 1D
- -0.10%
- 1M
- -0.36%
- 6M
- -0.12%
- YTD
- 0.16%
- 1Y
- 4.06%
- 3Y*
- 4.21%
- 5Y*
- -0.12%
- 10Y*
- 1.42%
CMF vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.16% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between CMF and AGG is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.46 |
Over the past year, CMF and AGG have become more correlated (0.70) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
CMF vs. AGG — Risk / Return Rank
CMF
AGG
CMF vs. AGG - Risk-Adjusted Trends 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.
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.
| CMF | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.17 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 1.32 | +0.81 |
| Martin ratioReturn relative to average drawdown | 7.01 | 3.73 | +3.28 |
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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.
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Drawdown Indicators
| CMF | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -18.43% | +1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.76% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -6.11% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -17.82% | +5.37% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -18.43% | +3.86% |
Current DrawdownCurrent decline from peak | -0.60% | -2.23% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -2.70% | -2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.98% | -0.09% |
Volatility
CMF vs. AGG - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.62%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.21%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 1.21% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 2.92% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 3.79% | -1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 6.10% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 5.41% | -0.33% |
CMF vs. AGG - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is higher than AGG's 0.03% 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
CMF vs. AGG - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.95%, less than AGG's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.02% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
CMF iShares California Muni Bond ETF | 2.95% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Frequently Asked Questions
CMF and AGG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGG has higher volatility (1.21%) compared to CMF (0.62%). In terms of maximum drawdown, CMF dropped -16.45% vs AGG's -18.43%.
On 10-year performance, CMF leads with 1.64% vs 1.42% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, CMF has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CMF has performed better with a 1.64% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.08% for CMF.
AGG has the higher dividend yield at 4.02%, compared with 2.95% for CMF.
CMF is categorized as Single State Muni, while AGG is Total Bond Market. CMF tracks S&P California AMT-Free Municipal Bond Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. Their fees differ too: 0.08% for CMF and 0.03% for AGG.
CMF currently has the higher Sharpe Ratio (2.23 vs 0.96), 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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