CMF vs. MUB
CMF (iShares California Muni Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds from iShares - CMF tracks the S&P California AMT-Free Municipal Bond Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, CMF returned 1.66%/yr vs 1.90%/yr for MUB. A 0.57 correlation means they provide meaningful diversification when combined. CMF charges 0.25%/yr vs 0.07%/yr for MUB.
Performance
CMF vs. MUB - 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 MUB's 1.53% return. Over the past 10 years, CMF has underperformed MUB with an annualized return of 1.66%, while MUB has yielded a comparatively higher 1.90% 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%
MUB
- 1D
- -0.01%
- 1M
- 1.35%
- YTD
- 1.53%
- 6M
- 1.89%
- 1Y
- 6.58%
- 3Y*
- 3.21%
- 5Y*
- 0.96%
- 10Y*
- 1.90%
CMF vs. MUB - 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% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between CMF and MUB is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.57 |
Over the past year, CMF and MUB have become more correlated (0.89) than their long-term average of 0.57, meaning their price movements have been converging.
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Return for Risk
CMF vs. MUB — Risk / Return Rank
CMF
MUB
CMF vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.48 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.37 | -0.09 |
| Martin ratioReturn relative to average drawdown | 7.50 | 8.25 | -0.75 |
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Drawdowns
CMF vs. MUB - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for CMF and MUB.
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Drawdown Indicators
| CMF | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -13.68% | -2.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.79% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -5.34% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -11.88% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -13.68% | -0.89% |
Current DrawdownCurrent decline from peak | -0.61% | -0.41% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -2.23% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.80% | +0.08% |
Volatility
CMF vs. MUB - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.76%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.76% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.27% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 2.89% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 4.07% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 4.93% | +0.15% |
CMF vs. MUB - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than MUB's 0.07% 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. MUB - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, less than MUB's 3.17% 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% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
CMF and MUB have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.76%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs MUB's -13.68%.
On 10-year performance, MUB leads with 1.90% vs 1.66% for CMF. On fees, MUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 1.90% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.25% for CMF.
MUB has the higher dividend yield at 3.17%, compared with 2.94% for CMF.
CMF tracks S&P California AMT-Free Municipal Bond Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.25% for CMF and 0.07% for MUB.
CMF currently has the higher Sharpe Ratio (2.40 vs 2.29), 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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