CMF vs. PCY
CMF (iShares California Muni Bond ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while PCY is a Emerging Markets Bonds fund tracking the DB Emerging Market USD Liquid Balanced Index. Both are passively managed. Over the past 10 years, CMF returned 1.65%/yr vs 2.74%/yr for PCY. At a 0.23 correlation, their price movements are largely independent. CMF charges 0.25%/yr vs 0.50%/yr for PCY.
Performance
CMF vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.21% return, which is significantly lower than PCY's 2.69% return. Over the past 10 years, CMF has underperformed PCY with an annualized return of 1.65%, while PCY has yielded a comparatively higher 2.74% annualized return.
CMF
- 1D
- -0.07%
- 1M
- 1.32%
- YTD
- 1.21%
- 6M
- 1.33%
- 1Y
- 6.50%
- 3Y*
- 3.12%
- 5Y*
- 0.72%
- 10Y*
- 1.65%
PCY
- 1D
- -0.18%
- 1M
- 2.37%
- YTD
- 2.69%
- 6M
- 2.60%
- 1Y
- 14.05%
- 3Y*
- 10.76%
- 5Y*
- 1.42%
- 10Y*
- 2.74%
CMF vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.21% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -6.16% | 9.71% |
Correlation
The correlation between CMF and PCY is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.23 |
Over the past year, CMF and PCY have become more correlated (0.62) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
CMF vs. PCY — Risk / Return Rank
CMF
PCY
CMF vs. PCY - Risk-Adjusted Trends 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.
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 | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.34 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.39 | -0.15 |
| Martin ratioReturn relative to average drawdown | 7.36 | 9.67 | -2.30 |
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Drawdowns
CMF vs. PCY - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for CMF and PCY.
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Drawdown Indicators
| CMF | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -49.13% | +32.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -5.91% | +3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -11.52% | +6.30% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -37.17% | +24.72% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -37.78% | +23.21% |
Current DrawdownCurrent decline from peak | -0.68% | -0.67% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -6.95% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.46% | -0.58% |
Volatility
CMF vs. PCY - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.72%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 2.20%. 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.
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Volatility by Period
| CMF | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 2.20% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 5.98% | -3.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 7.52% | -4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 13.18% | -8.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 12.95% | -7.87% |
CMF vs. PCY - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than PCY's 0.50% expense ratio.
Dividends
CMF vs. PCY - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.95%, less than PCY's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.84% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
Frequently Asked Questions
CMF and PCY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCY has higher volatility (2.20%) compared to CMF (0.72%). In terms of maximum drawdown, CMF dropped -16.45% vs PCY's -49.13%.
On 10-year performance, PCY leads with 2.74% vs 1.65% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PCY has performed better with a 2.74% return vs 1.65%. 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 0.50% for PCY.
PCY has the higher dividend yield at 5.84%, compared with 2.95% for CMF.
CMF is categorized as Municipal Bonds, while PCY is Emerging Markets Bonds. CMF tracks S&P California AMT-Free Municipal Bond Index, while PCY tracks DB Emerging Market USD Liquid Balanced Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CMF and 0.50% for PCY.
CMF currently has the higher Sharpe Ratio (2.36 vs 1.88), 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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