CMF vs. BESF

Last updated Jun 23, 2026

CMF (iShares California Muni Bond ETF) and BESF (Bastion Energy ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while BESF is a Energy Equities fund actively managed by Bastion. CMF is passively managed, while BESF is actively managed. Over the past year, CMF returned 6.61% vs 56.15% for BESF. At a correlation of -0.22, they often move in opposite directions. CMF charges 0.25%/yr vs 0.80%/yr for BESF.

Performance

CMF vs. BESF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares California Muni Bond ETF (CMF) and Bastion Energy ETF (BESF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMF achieves a 1.28% return, which is significantly lower than BESF's 14.96% return.

CMF

• 1D: -0.02%
• 1M: 1.39%
• YTD: 1.28%
• 6M: 1.51%
• 1Y: 6.61%
• 3Y*: 3.14%
• 5Y*: 0.75%
• 10Y*: 1.66%

BESF

• 1D: 1.49%
• 1M: -7.22%
• YTD: 14.96%
• 6M: 14.44%
• 1Y: 56.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CMF vs. BESF - Yearly Performance Comparison

	2026 (YTD)	2025
CMF iShares California Muni Bond ETF	1.28%	5.71%
BESF Bastion Energy ETF	14.96%	38.76%

Correlation

The correlation between CMF and BESF is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.22

Return for Risk

CMF vs. BESF — Risk / Return Rank

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

CMF

CMF Risk / Return Rank: 68
CMF Sharpe Ratio Rank: 78
CMF Sortino Ratio Rank: 81
CMF Omega Ratio Rank: 89
CMF Calmar Ratio Rank: 47
CMF Martin Ratio Rank: 46

BESF

BESF Risk / Return Rank: 75
BESF Sharpe Ratio Rank: 74
BESF Sortino Ratio Rank: 71
BESF Omega Ratio Rank: 64
BESF Calmar Ratio Rank: 89
BESF Martin Ratio Rank: 77

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.

CMF vs. BESF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Bastion Energy ETF (BESF). 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	BESF	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.28	+0.12
Sortino ratio: Return per unit of downside risk	3.44	3.08	+0.36
Omega ratio: Gain probability vs. loss probability	1.54	1.37	+0.17
Calmar ratio: Return relative to maximum drawdown	2.28	5.14	-2.86
Martin ratio: Return relative to average drawdown	7.50	14.33	-6.83

CMF vs. BESF - Sharpe Ratio Comparison

The current CMF Sharpe Ratio is 2.40, which is comparable to the BESF Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CMF and BESF, 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

CMF vs. BESF - Drawdown Comparison

The maximum CMF drawdown since its inception was -16.45%, which is greater than BESF's maximum drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for CMF and BESF.

Drawdown Indicators

	CMF	BESF	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-10.97%	-5.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-10.97%	+8.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.57%	—	—
Current Drawdown Current decline from peak	-0.61%	-9.64%	+9.03%
Average Drawdown Average peak-to-trough decline	-4.76%	-2.72%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.93%	-3.05%

Volatility

CMF vs. BESF - Volatility Comparison

The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while Bastion Energy ETF (BESF) has a volatility of 6.87%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than BESF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMF	BESF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	6.87%	-6.16%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	14.94%	-12.77%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	24.78%	-22.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.19%	24.42%	-20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	24.42%	-19.34%

CMF vs. BESF - Expense Ratio Comparison

CMF has a 0.25% expense ratio, which is lower than BESF's 0.80% expense ratio.

Dividends

CMF vs. BESF - Dividend Comparison

CMF's dividend yield for the trailing twelve months is around 2.94%, less than BESF's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BESF Bastion Energy ETF	5.92%	6.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CMF iShares California Muni Bond ETF	2.94%	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

Can I hold both CMF and BESF in my portfolio?

CMF and BESF have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMF or BESF?

BESF has higher volatility (6.87%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs BESF's -10.97%.

Which ETF is better, CMF or BESF?

On 1-year performance, BESF leads with 56.15% vs 6.61% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMF or BESF?

Over the 1-year period, BESF has performed better with a 56.15% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMF or BESF?

CMF is cheaper with a 0.25% expense ratio, compared with 0.80% for BESF.

Which ETF pays a higher dividend yield, CMF or BESF?

BESF has the higher dividend yield at 5.92%, compared with 2.94% for CMF.

What is the main difference between CMF and BESF?

CMF is categorized as Municipal Bonds, while BESF is Energy Equities. They also come from different issuers: iShares and Bastion. Their fees differ too: 0.25% for CMF and 0.80% for BESF.

Which has better risk-adjusted returns?

CMF currently has the higher Sharpe Ratio (2.40 vs 2.28), 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.