CMF vs. ELD
CMF (iShares California Muni Bond ETF) and ELD (WisdomTree Emerging Markets Local Debt Fund) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while ELD is a Emerging Markets Bonds fund actively managed by WisdomTree. CMF is passively managed, while ELD is actively managed. Over the past 10 years, CMF returned 1.65%/yr vs 2.82%/yr for ELD. At a 0.12 correlation, their price movements are largely independent. CMF charges 0.25%/yr vs 0.55%/yr for ELD.
Performance
CMF vs. ELD - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.21% return, which is significantly higher than ELD's 0.51% return. Over the past 10 years, CMF has underperformed ELD with an annualized return of 1.65%, while ELD has yielded a comparatively higher 2.82% annualized return.
CMF
- 1D
- -0.07%
- 1M
- 1.32%
- YTD
- 1.21%
- 6M
- 1.33%
- 1Y
- 6.50%
- 3Y*
- 3.12%
- 5Y*
- 0.72%
- 10Y*
- 1.65%
ELD
- 1D
- -0.30%
- 1M
- 0.50%
- YTD
- 0.51%
- 6M
- 1.01%
- 1Y
- 9.66%
- 3Y*
- 6.83%
- 5Y*
- 2.63%
- 10Y*
- 2.82%
CMF vs. ELD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.21% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
ELD WisdomTree Emerging Markets Local Debt Fund | 0.51% | 21.77% | -4.56% | 14.29% | -9.25% | -9.75% | 1.79% | 12.89% | -7.53% | 12.72% |
Correlation
The correlation between CMF and ELD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2010 | 0.12 |
Over the past year, CMF and ELD have become more correlated (0.35) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
CMF vs. ELD — Risk / Return Rank
CMF
ELD
CMF vs. ELD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and WisdomTree Emerging Markets Local Debt Fund (ELD). 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 | ELD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.21 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 1.36 | +0.88 |
| Martin ratioReturn relative to average drawdown | 7.36 | 4.59 | +2.78 |
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Drawdowns
CMF vs. ELD - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum ELD drawdown of -31.92%. Use the drawdown chart below to compare losses from any high point for CMF and ELD.
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Drawdown Indicators
| CMF | ELD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -31.92% | +15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -7.15% | +4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -10.89% | +5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -22.06% | +9.61% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -25.15% | +10.58% |
Current DrawdownCurrent decline from peak | -0.68% | -2.97% | +2.29% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -13.27% | +8.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.11% | -1.23% |
Volatility
CMF vs. ELD - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.72%, while WisdomTree Emerging Markets Local Debt Fund (ELD) has a volatility of 2.67%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than ELD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | ELD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 2.67% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 7.36% | -5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 8.55% | -5.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 10.96% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 11.21% | -6.13% |
CMF vs. ELD - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than ELD's 0.55% expense ratio.
Dividends
CMF vs. ELD - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.95%, less than ELD's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ELD WisdomTree Emerging Markets Local Debt Fund | 5.83% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
Frequently Asked Questions
CMF and ELD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ELD has higher volatility (2.67%) compared to CMF (0.72%). In terms of maximum drawdown, CMF dropped -16.45% vs ELD's -31.92%.
On 10-year performance, ELD leads with 2.82% vs 1.65% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ELD has performed better with a 2.82% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF is cheaper with a 0.25% expense ratio, compared with 0.55% for ELD.
ELD has the higher dividend yield at 5.83%, compared with 2.95% for CMF.
CMF is categorized as Municipal Bonds, while ELD is Emerging Markets Bonds. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.25% for CMF and 0.55% for ELD.
CMF currently has the higher Sharpe Ratio (2.36 vs 1.13), 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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