CMF vs. OPCAX
CMF (iShares California Muni Bond ETF) and OPCAX (Invesco California Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, CMF returned 1.66%/yr vs 2.98%/yr for OPCAX. At a 0.46 correlation, their price movements are largely independent. CMF charges 0.25%/yr vs 0.75%/yr for OPCAX.
Performance
CMF vs. OPCAX - 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 OPCAX's 1.96% return. Over the past 10 years, CMF has underperformed OPCAX with an annualized return of 1.66%, while OPCAX has yielded a comparatively higher 2.98% 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%
OPCAX
- 1D
- 0.13%
- 1M
- 2.41%
- YTD
- 1.96%
- 6M
- 2.45%
- 1Y
- 7.05%
- 3Y*
- 3.75%
- 5Y*
- 0.43%
- 10Y*
- 2.98%
CMF vs. OPCAX - 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% |
OPCAX Invesco California Municipal Fund | 1.96% | 2.59% | 2.86% | 6.86% | -12.10% | 3.56% | 6.07% | 10.31% | 6.59% | 4.47% |
Correlation
The correlation between CMF and OPCAX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.46 |
Over the past year, CMF and OPCAX have become more correlated (0.67) than their long-term average of 0.46, meaning their price movements have been converging.
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Return for Risk
CMF vs. OPCAX — Risk / Return Rank
CMF
OPCAX
CMF vs. OPCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Invesco California Municipal Fund (OPCAX). 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 | OPCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.46 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.40 | -0.12 |
| Martin ratioReturn relative to average drawdown | 7.50 | 7.80 | -0.30 |
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Drawdowns
CMF vs. OPCAX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum OPCAX drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for CMF and OPCAX.
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Drawdown Indicators
| CMF | OPCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -47.36% | +30.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -3.25% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -8.46% | +3.24% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -18.53% | +6.08% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -18.53% | +3.96% |
Current DrawdownCurrent decline from peak | -0.61% | 0.00% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -4.30% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.04% | -0.16% |
Volatility
CMF vs. OPCAX - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while Invesco California Municipal Fund (OPCAX) has a volatility of 0.99%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than OPCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | OPCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.99% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.73% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 3.87% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 5.46% | -1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 5.12% | -0.04% |
CMF vs. OPCAX - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than OPCAX's 0.75% expense ratio.
Dividends
CMF vs. OPCAX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, more than OPCAX's 2.75% 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% |
OPCAX Invesco California Municipal Fund | 2.75% | 4.76% | 4.19% | 3.06% | 2.86% | 3.05% | 3.15% | 3.64% | 3.71% | 4.59% | 4.92% | 5.48% |
Frequently Asked Questions
CMF and OPCAX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPCAX has higher volatility (0.99%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs OPCAX's -47.36%.
CMF currently has the higher Sharpe Ratio (2.40 vs 2.02), 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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