CMF vs. CALI
CMF (iShares California Muni Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both exchange-traded funds - CMF is a Single State Muni fund tracking the S&P California AMT-Free Municipal Bond Index, while CALI is a Municipal Bonds fund tracking the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, CMF returned 6.40% vs 2.68% for CALI. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.
Performance
CMF vs. CALI - 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 CALI's 1.15% 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%
CALI
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.01%
- YTD
- 1.15%
- 1Y
- 2.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMF vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 3.30% |
CALI iShares Short-Term California Muni Active ETF | 1.15% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between CMF and CALI is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.45 |
The correlation between CMF and CALI has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
CMF vs. CALI — Risk / Return Rank
CMF
CALI
CMF vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares Short-Term California Muni Active ETF (CALI). 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 | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.92 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 4.09 | -1.96 |
| Martin ratioReturn relative to average drawdown | 7.01 | 21.00 | -13.99 |
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Drawdowns
CMF vs. CALI - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CMF and CALI.
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Drawdown Indicators
| CMF | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -0.78% | -15.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -0.67% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -0.78% | -4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.00% | -0.60% |
Average DrawdownAverage peak-to-trough decline | -4.75% | -0.08% | -4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.13% | +0.76% |
Volatility
CMF vs. CALI - Volatility Comparison
iShares California Muni Bond ETF (CMF) has a higher volatility of 0.62% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.15%. This indicates that CMF's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.15% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 0.52% | +1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 0.72% | +2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 1.09% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 1.09% | +3.99% |
CMF vs. CALI - Expense Ratio Comparison
Both CMF and CALI have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CMF vs. CALI - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.95%, more than CALI's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.53% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 CALI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.62%) compared to CALI (0.15%). In terms of maximum drawdown, CMF dropped -16.45% vs CALI's -0.78%.
On 1-year performance, CMF leads with 6.40% vs 2.68% for CALI. Both ETFs have the same 0.08% expense ratio. On volatility, CALI has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CMF has performed better with a 6.40% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF and CALI have the same expense ratio: 0.08% per year.
CMF has the higher dividend yield at 2.95%, compared with 2.53% for CALI.
CMF is categorized as Single State Muni, while CALI is Municipal Bonds. CMF tracks S&P California AMT-Free Municipal Bond Index, while CALI tracks ICE AMT-Free California Municipal Index.
CALI currently has the higher Sharpe Ratio (3.86 vs 2.23), 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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