CMF vs. DGRO
CMF (iShares California Muni Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, CMF returned 1.66%/yr vs 13.58%/yr for DGRO. At a correlation of -0.03, they often move in opposite directions. CMF charges 0.25%/yr vs 0.08%/yr for DGRO.
Performance
CMF vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.28% return, which is significantly lower than DGRO's 8.84% return. Over the past 10 years, CMF has underperformed DGRO with an annualized return of 1.66%, while DGRO has yielded a comparatively higher 13.58% annualized 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%
DGRO
- 1D
- 0.08%
- 1M
- 0.48%
- YTD
- 8.84%
- 6M
- 8.25%
- 1Y
- 22.81%
- 3Y*
- 16.80%
- 5Y*
- 11.08%
- 10Y*
- 13.58%
CMF vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
DGRO iShares Core Dividend Growth ETF | 8.84% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between CMF and DGRO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | -0.03 |
The correlation between CMF and DGRO shifts across timeframes, from -0.03 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. DGRO — Risk / Return Rank
CMF
DGRO
CMF vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares Core Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.43 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 3.54 | -1.26 |
| Martin ratioReturn relative to average drawdown | 7.50 | 13.67 | -6.17 |
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Drawdowns
CMF vs. DGRO - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for CMF and DGRO.
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Drawdown Indicators
| CMF | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -35.10% | +18.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -6.47% | +3.56% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -14.03% | +8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -19.31% | +6.86% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -35.10% | +20.53% |
Current DrawdownCurrent decline from peak | -0.61% | -1.21% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -3.43% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.67% | -0.79% |
Volatility
CMF vs. DGRO - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.64%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 2.64% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 6.94% | -4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 9.55% | -6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 13.80% | -9.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 16.63% | -11.55% |
CMF vs. DGRO - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMF vs. DGRO - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, more than DGRO's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DGRO iShares Core Dividend Growth ETF | 1.97% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
Frequently Asked Questions
CMF and DGRO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGRO has higher volatility (2.64%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.58% vs 1.66% for CMF. On fees, DGRO is cheaper at 0.08% 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.
Over the 10-year period, DGRO has performed better with a 13.58% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.25% for CMF.
CMF has the higher dividend yield at 2.94%, compared with 1.97% for DGRO.
CMF is categorized as Municipal Bonds, while DGRO is Large Cap Growth Equities. CMF tracks S&P California AMT-Free Municipal Bond Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.25% for CMF and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.40 vs 2.40), 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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