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CMF vs. PCY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between CMF and PCY is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -0.1

Performance

CMF vs. PCY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares California Muni Bond ETF (CMF) and Invesco Emerging Markets Sovereign Debt ETF (PCY). The values are adjusted to include any dividend payments, if applicable.

70.00%80.00%90.00%100.00%110.00%December2025FebruaryMarchAprilMay
72.83%
99.96%
CMF
PCY

Key characteristics

Sharpe Ratio

CMF:

0.23

PCY:

0.58

Sortino Ratio

CMF:

0.32

PCY:

0.89

Omega Ratio

CMF:

1.05

PCY:

1.12

Calmar Ratio

CMF:

0.20

PCY:

0.40

Martin Ratio

CMF:

0.76

PCY:

2.04

Ulcer Index

CMF:

1.55%

PCY:

3.27%

Daily Std Dev

CMF:

5.05%

PCY:

11.46%

Max Drawdown

CMF:

-16.45%

PCY:

-49.14%

Current Drawdown

CMF:

-3.55%

PCY:

-11.56%

Returns By Period

In the year-to-date period, CMF achieves a -1.86% return, which is significantly lower than PCY's 1.24% return. Both investments have delivered pretty close results over the past 10 years, with CMF having a 1.75% annualized return and PCY not far ahead at 1.76%.


CMF

YTD

-1.86%

1M

-1.20%

6M

-1.03%

1Y

0.58%

5Y*

0.44%

10Y*

1.75%

PCY

YTD

1.24%

1M

-1.80%

6M

-0.24%

1Y

4.03%

5Y*

1.68%

10Y*

1.76%

*Annualized

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CMF vs. PCY - Expense Ratio Comparison

CMF has a 0.25% expense ratio, which is lower than PCY's 0.50% expense ratio.


Expense ratio chart for PCY: current value is 0.50%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
PCY: 0.50%
Expense ratio chart for CMF: current value is 0.25%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
CMF: 0.25%

Risk-Adjusted Performance

CMF vs. PCY — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMF
The Risk-Adjusted Performance Rank of CMF is 2828
Overall Rank
The Sharpe Ratio Rank of CMF is 2929
Sharpe Ratio Rank
The Sortino Ratio Rank of CMF is 2323
Sortino Ratio Rank
The Omega Ratio Rank of CMF is 2525
Omega Ratio Rank
The Calmar Ratio Rank of CMF is 3131
Calmar Ratio Rank
The Martin Ratio Rank of CMF is 3030
Martin Ratio Rank

PCY
The Risk-Adjusted Performance Rank of PCY is 5151
Overall Rank
The Sharpe Ratio Rank of PCY is 5454
Sharpe Ratio Rank
The Sortino Ratio Rank of PCY is 5252
Sortino Ratio Rank
The Omega Ratio Rank of PCY is 4949
Omega Ratio Rank
The Calmar Ratio Rank of PCY is 4646
Calmar Ratio Rank
The Martin Ratio Rank of PCY is 5454
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

CMF vs. PCY - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Invesco Emerging Markets Sovereign Debt ETF (PCY). 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.


The chart of Sharpe ratio for CMF, currently valued at 0.23, compared to the broader market-1.000.001.002.003.004.00
CMF: 0.23
PCY: 0.58
The chart of Sortino ratio for CMF, currently valued at 0.32, compared to the broader market-2.000.002.004.006.008.00
CMF: 0.32
PCY: 0.89
The chart of Omega ratio for CMF, currently valued at 1.05, compared to the broader market0.501.001.502.002.50
CMF: 1.05
PCY: 1.12
The chart of Calmar ratio for CMF, currently valued at 0.20, compared to the broader market0.002.004.006.008.0010.0012.00
CMF: 0.20
PCY: 0.40
The chart of Martin ratio for CMF, currently valued at 0.76, compared to the broader market0.0020.0040.0060.00
CMF: 0.76
PCY: 2.04

The current CMF Sharpe Ratio is 0.23, which is lower than the PCY Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of CMF and PCY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.000.501.001.502.00December2025FebruaryMarchAprilMay
0.23
0.58
CMF
PCY

Dividends

CMF vs. PCY - Dividend Comparison

CMF's dividend yield for the trailing twelve months is around 2.94%, less than PCY's 6.71% yield.


TTM20242023202220212020201920182017201620152014
CMF
iShares California Muni Bond ETF
2.94%2.78%2.29%1.91%1.58%1.80%2.03%2.17%2.09%2.21%2.55%2.80%
PCY
Invesco Emerging Markets Sovereign Debt ETF
6.71%6.65%6.48%6.81%4.80%4.45%4.78%4.93%4.80%5.19%5.46%4.58%

Drawdowns

CMF vs. PCY - Drawdown Comparison

The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum PCY drawdown of -49.14%. Use the drawdown chart below to compare losses from any high point for CMF and PCY. For additional features, visit the drawdowns tool.


-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-3.55%
-11.56%
CMF
PCY

Volatility

CMF vs. PCY - Volatility Comparison

The current volatility for iShares California Muni Bond ETF (CMF) is 3.53%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 7.61%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%2.00%4.00%6.00%8.00%December2025FebruaryMarchAprilMay
3.53%
7.61%
CMF
PCY