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CMF vs. HYMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CMF vs. HYMB

Last updated Jun 4, 2026

CMF (iShares California Muni Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - CMF tracks the S&P California AMT-Free Municipal Bond Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, CMF returned 1.75%/yr vs 2.46%/yr for HYMB. A 0.50 correlation means they provide meaningful diversification when combined. CMF charges 0.25%/yr vs 0.35%/yr for HYMB.

Performance

CMF vs. HYMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares California Muni Bond ETF (CMF) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CMF achieves a 0.96% return, which is significantly lower than HYMB's 2.87% return. Over the past 10 years, CMF has underperformed HYMB with an annualized return of 1.75%, while HYMB has yielded a comparatively higher 2.46% annualized return.

CMF

1D
-0.03%
1M
0.59%
YTD
0.96%
6M
1.33%
1Y
6.72%
3Y*
3.31%
5Y*
0.66%
10Y*
1.75%

HYMB

1D
-0.04%
1M
1.19%
YTD
2.87%
6M
3.18%
1Y
7.43%
3Y*
5.09%
5Y*
0.42%
10Y*
2.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CMF vs. HYMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CMF
iShares California Muni Bond ETF		0.96%3.36%1.65%5.71%-8.27%0.78%4.50%6.94%0.99%4.63%
HYMB
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF		2.87%2.04%5.52%7.73%-15.54%5.16%3.74%9.51%4.91%3.22%

Correlation

The correlation between CMF and HYMB is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2011

0.50

Over the past year, CMF and HYMB have become more correlated (0.80) than their long-term average of 0.50, meaning their price movements have been converging.

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iShares California Muni Bond ETF

SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF

Often compared with CMF:
CMF vs. VCADXCMF vs. PWZCMF vs. VCAIXCMF vs. MUBCMF vs. VCITXCMF vs. FCTFXCMF vs. BCHYX
Often compared with HYMB:
HYMB vs. HYDHYMB vs. VTEBHYMB vs. MUBHYMB vs. HIMUHYMB vs. MINOHYMB vs. NDMOHYMB vs. ITM

Return for Risk

CMF vs. HYMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CMF
CMF Risk / Return Rank: 6565
Overall Rank
CMF Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CMF Sortino Ratio Rank: 7676
Sortino Ratio Rank
CMF Omega Ratio Rank: 8686
Omega Ratio Rank
CMF Calmar Ratio Rank: 4646
Calmar Ratio Rank
CMF Martin Ratio Rank: 4747
Martin Ratio Rank
HYMB
HYMB Risk / Return Rank: 5353
Overall Rank
HYMB Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
HYMB Sortino Ratio Rank: 5454
Sortino Ratio Rank
HYMB Omega Ratio Rank: 6060
Omega Ratio Rank
HYMB Calmar Ratio Rank: 4848
Calmar Ratio Rank
HYMB Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMF vs. HYMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.

CMFHYMBDifference
Sharpe ratioReturn per unit of total volatility
2.41
1.84

+0.57

Sortino ratioReturn per unit of downside risk
3.46
2.63

+0.83

Omega ratioGain probability vs. loss probability

1.54

1.37

+0.17

Calmar ratioReturn relative to maximum drawdown

2.32

2.40

-0.09

Martin ratioReturn relative to average drawdown

7.79

8.51

-0.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMF vs. HYMB - Sharpe Ratio Comparison

The current CMF Sharpe Ratio is 2.41, which is higher than the HYMB Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CMF and HYMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CMFHYMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.41

1.84

+0.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.06

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.22

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.45

-0.06

Drawdowns

CMF vs. HYMB - Drawdown Comparison

The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for CMF and HYMB.

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Drawdown Indicators

CMFHYMBDifference

Max Drawdown

Largest peak-to-trough decline

-16.45%

-29.57%

+13.12%

Max Drawdown (1Y)

Largest decline over 1 year

-2.91%

-3.11%

+0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-5.22%

-7.44%

+2.22%

Max Drawdown (5Y)

Largest decline over 5 years

-12.45%

-20.15%

+7.70%

Max Drawdown (10Y)

Largest decline over 10 years

-14.57%

-29.57%

+15.00%

Current Drawdown

Current decline from peak

-0.92%

-0.04%

-0.88%

Average Drawdown

Average peak-to-trough decline

-4.77%

-3.81%

-0.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.86%

0.88%

-0.02%

Volatility

CMF vs. HYMB - Volatility Comparison

The current volatility for iShares California Muni Bond ETF (CMF) is 0.85%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CMFHYMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.85%

1.35%

-0.50%

Volatility (6M)

Calculated over the trailing 6-month period

2.11%

3.14%

-1.03%

Volatility (1Y)

Calculated over the trailing 1-year period

2.80%

4.05%

-1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.19%

6.66%

-2.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.08%

11.36%

-6.28%

CMF vs. HYMB - Expense Ratio Comparison

CMF has a 0.25% expense ratio, which is lower than HYMB's 0.35% expense ratio.

Dividends

CMF vs. HYMB - Dividend Comparison

CMF's dividend yield for the trailing twelve months is around 2.95%, less than HYMB's 4.54% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HYMB
SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF		4.54%4.55%4.29%4.07%3.77%3.19%3.55%3.95%4.03%3.78%4.08%4.54%

Frequently Asked Questions

CMF and HYMB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYMB has higher volatility (1.35%) compared to CMF (0.85%). In terms of maximum drawdown, CMF dropped -16.45% vs HYMB's -29.57%.

On 10-year performance, HYMB leads with 2.46% vs 1.75% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HYMB has performed better with a 2.46% return vs 1.75%. 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 0.35% for HYMB.

HYMB has the higher dividend yield at 4.54%, compared with 2.95% for CMF.

CMF tracks S&P California AMT-Free Municipal Bond Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for CMF and 0.35% for HYMB.

CMF currently has the higher Sharpe Ratio (2.41 vs 1.84), 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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