CMF vs. BWX
CMF (iShares California Muni Bond ETF) and BWX (State Street SPDR Bloomberg International Treasury Bond ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index. Both are passively managed. Over the past 10 years, CMF returned 1.55%/yr vs -1.57%/yr for BWX. Their 0.27 correlation means their historical movements had little consistent relationship. CMF charges 0.08%/yr vs 0.35%/yr for BWX.
Performance
CMF vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a -0.17% return, which is significantly higher than BWX's -2.47% return. Over the past 10 years, CMF has outperformed BWX with an annualized return of 1.55%, while BWX has yielded a comparatively lower -1.57% annualized return.
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $29.81M | $26.50M | $27.09M |
CMF vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between CMF and BWX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.27 |
Over the past year, CMF and BWX have become more correlated (0.49) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
CMF vs. BWX — Risk / Return Rank
CMF
BWX
CMF vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and State Street SPDR Bloomberg 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.
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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.98 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.97 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | -0.24 | +1.97 |
| Martin ratioReturn relative to average drawdown | 5.29 | -0.48 | +5.77 |
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Drawdowns
CMF vs. BWX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for CMF and BWX.
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Drawdown Indicators
| CMF | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -34.05% | +17.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -6.53% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -10.22% | +5.00% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -30.78% | +18.38% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -34.05% | +19.48% |
Current DrawdownCurrent decline from peak | -2.03% | -24.42% | +22.39% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -10.17% | +5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 3.25% | -2.30% |
Volatility
CMF vs. BWX - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.86%, while State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a volatility of 1.99%. 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.
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Volatility by Period
| CMF | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.99% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 5.95% | -3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 7.54% | -4.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 9.72% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 8.65% | -3.57% |
CMF vs. BWX - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
CMF vs. BWX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.99%, more than BWX's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
CMF iShares California Muni Bond ETF | 2.74% | 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 BWX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.99%) compared to CMF (0.86%). In terms of maximum drawdown, CMF dropped -16.45% vs BWX's -34.05%.
On 10-year performance, CMF leads with 1.55% vs -1.57% for BWX. On fees, CMF is cheaper at 0.08% per year. On volatility, CMF has been the lower-risk option at 0.86%. 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 1.55% return vs -1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF is cheaper with a 0.08% expense ratio, compared with 0.35% for BWX.
CMF has the higher dividend yield at 2.74%, compared with 2.20% for BWX.
CMF is categorized as Municipal Bonds, while BWX is International Government Bonds. CMF tracks S&P California AMT-Free Municipal Bond Index, while BWX tracks Bloomberg Global Treasury ex-US Capped Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for CMF and 0.35% for BWX.
CMF currently has the higher Sharpe Ratio (1.77 vs -0.21), 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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