CMF vs. COMT
CMF (iShares California Muni Bond ETF) and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) are both exchange-traded funds - CMF is a Single State Muni fund tracking the S&P California AMT-Free Municipal Bond Index, while COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index. Both are passively managed. Over the past 10 years, CMF returned 1.63%/yr vs 8.51%/yr for COMT. At a correlation of -0.11, they often move in opposite directions. CMF charges 0.08%/yr vs 0.48%/yr for COMT.
Performance
CMF vs. COMT - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 0.86% return, which is significantly lower than COMT's 31.19% return. Over the past 10 years, CMF has underperformed COMT with an annualized return of 1.63%, while COMT has yielded a comparatively higher 8.51% annualized return.
CMF
- 1D
- -0.02%
- 1M
- -0.14%
- 6M
- 0.18%
- YTD
- 0.86%
- 1Y
- 6.61%
- 3Y*
- 2.88%
- 5Y*
- 0.53%
- 10Y*
- 1.63%
COMT
- 1D
- 0.77%
- 1M
- 3.95%
- 6M
- 27.16%
- YTD
- 31.19%
- 1Y
- 33.37%
- 3Y*
- 12.55%
- 5Y*
- 11.92%
- 10Y*
- 8.51%
CMF vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 0.86% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 31.19% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
Correlation
The correlation between CMF and COMT is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | -0.11 |
The correlation between CMF and COMT shifts across timeframes, from -0.29 (1 year) to -0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. COMT — Risk / Return Rank
CMF
COMT
CMF vs. COMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT). 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 | COMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.28 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.91 | +0.37 |
| Martin ratioReturn relative to average drawdown | 7.48 | 6.33 | +1.15 |
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Drawdowns
CMF vs. COMT - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum COMT drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for CMF and COMT.
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Drawdown Indicators
| CMF | COMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -51.89% | +35.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -17.57% | +14.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -17.57% | +12.35% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -29.00% | +16.55% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -39.22% | +24.65% |
Current DrawdownCurrent decline from peak | -1.02% | -10.59% | +9.57% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -23.95% | +19.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 5.29% | -4.40% |
Volatility
CMF vs. COMT - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.59%, while iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) has a volatility of 5.74%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | COMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 5.74% | -5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 19.67% | -17.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 21.55% | -18.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 21.19% | -17.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.07% | 18.85% | -13.78% |
CMF vs. COMT - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is lower than COMT's 0.48% expense ratio.
Dividends
CMF vs. COMT - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.96%, less than COMT's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.96% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 5.90% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
Frequently Asked Questions
CMF and COMT have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COMT has higher volatility (5.74%) compared to CMF (0.59%). In terms of maximum drawdown, CMF dropped -16.45% vs COMT's -51.89%.
On 10-year performance, COMT leads with 8.51% vs 1.63% for CMF. On fees, CMF is cheaper at 0.08% per year. On volatility, CMF has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 8.51% return vs 1.63%. 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 0.48% for COMT.
COMT has the higher dividend yield at 5.90%, compared with 2.96% for CMF.
CMF is categorized as Single State Muni, while COMT is Commodities. CMF tracks S&P California AMT-Free Municipal Bond Index, while COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index. Their fees differ too: 0.08% for CMF and 0.48% for COMT.
CMF currently has the higher Sharpe Ratio (2.40 vs 1.56), 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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