CMF vs. MUC
CMF (iShares California Muni Bond ETF) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. CMF is passively managed, while MUC is actively managed. Over the past 10 years, CMF returned 1.55%/yr vs 0.53%/yr for MUC. Their 0.28 correlation means their historical movements had little consistent relationship. CMF charges 0.08%/yr vs 2.14%/yr for MUC.
Performance
CMF vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a -0.17% return, which is significantly lower than MUC's 3.33% return. Over the past 10 years, CMF has outperformed MUC with an annualized return of 1.55%, while MUC has yielded a comparatively lower 0.53% annualized return.
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
MUC
- 1D
- -0.19%
- 1M
- -3.70%
- 6M
- -1.10%
- YTD
- 3.33%
- 1Y
- 10.54%
- 3Y*
- 4.86%
- 5Y*
- -3.19%
- 10Y*
- 0.53%
- ALL TIME*
- 3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $4.02M | $3.71M | $3.50M |
CMF vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
MUC BlackRock MuniHoldings California Quality Fund | 3.33% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between CMF and MUC is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.28 |
The correlation between CMF and MUC shifts across timeframes, from 0.28 (all time) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. MUC — Risk / Return Rank
CMF
MUC
CMF vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and BlackRock MuniHoldings California Quality Fund (MUC). 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 | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.27 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.79 | -0.06 |
| Martin ratioReturn relative to average drawdown | 5.29 | 7.36 | -2.06 |
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Drawdowns
CMF vs. MUC - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for CMF and MUC.
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Drawdown Indicators
| CMF | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -48.97% | +32.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -6.53% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -12.20% | +6.98% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -38.29% | +25.89% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -38.29% | +23.72% |
Current DrawdownCurrent decline from peak | -2.03% | -17.08% | +15.05% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -9.93% | +5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.59% | -0.64% |
Volatility
CMF vs. MUC - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.86%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.58%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.58% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 6.06% | -3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 8.19% | -5.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 11.47% | -7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 11.88% | -6.80% |
CMF vs. MUC - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
CMF vs. MUC - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.99%, less than MUC's 6.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
MUC BlackRock MuniHoldings California Quality Fund | 6.07% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Frequently Asked Questions
CMF and MUC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (1.58%) compared to CMF (0.86%). In terms of maximum drawdown, CMF dropped -16.45% vs MUC's -48.97%.
CMF currently has the higher Sharpe Ratio (1.77 vs 1.43), 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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