CMF vs. BWX
Compare and contrast key facts about iShares California Muni Bond ETF (CMF) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX).
CMF and BWX 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. BWX is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). It was launched on Oct 2, 2007. Both CMF and BWX 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 BWX.
Performance
CMF vs. BWX - Performance Comparison
Returns By Period
In the year-to-date period, CMF achieves a 1.48% return, which is significantly higher than BWX's -4.84% return. Over the past 10 years, CMF has outperformed BWX with an annualized return of 1.99%, while BWX has yielded a comparatively lower -1.59% annualized return.
CMF
1.48%
-0.27%
2.17%
5.45%
0.81%
1.99%
BWX
-4.84%
-3.69%
-0.02%
0.49%
-4.11%
-1.59%
Key characteristics
| CMF | BWX | |
|---|---|---|
| Sharpe Ratio | 1.55 | 0.18 |
| Sortino Ratio | 2.22 | 0.32 |
| Omega Ratio | 1.30 | 1.04 |
| Calmar Ratio | 0.83 | 0.06 |
| Martin Ratio | 6.68 | 0.35 |
| Ulcer Index | 0.89% | 4.57% |
| Daily Std Dev | 3.82% | 8.69% |
| Max Drawdown | -16.45% | -34.00% |
| Current Drawdown | -2.05% | -27.13% |
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CMF vs. BWX - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than BWX's 0.35% expense ratio.
Correlation
The correlation between CMF and BWX is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Risk-Adjusted Performance
CMF vs. BWX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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. BWX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.74%, more than BWX's 1.95% 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% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 1.95% | 1.62% | 1.23% | 1.00% | 0.95% | 1.16% | 1.17% | 0.46% | 0.00% | 0.00% | 1.77% | 1.88% |
Drawdowns
CMF vs. BWX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum BWX drawdown of -34.00%. Use the drawdown chart below to compare losses from any high point for CMF and BWX. For additional features, visit the drawdowns tool.
Volatility
CMF vs. BWX - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 2.02%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.99%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.