CMF vs. PWZ
CMF (iShares California Muni Bond ETF) and PWZ (Invesco California AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - CMF tracks the S&P California AMT-Free Municipal Bond Index while PWZ tracks the ICE BofA California Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, CMF returned 1.66%/yr vs 1.81%/yr for PWZ. At a 0.46 correlation, their price movements are largely independent. CMF charges 0.25%/yr vs 0.28%/yr for PWZ.
Performance
CMF vs. PWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CMF achieves a 1.28% return, which is significantly lower than PWZ's 2.80% return. Over the past 10 years, CMF has underperformed PWZ with an annualized return of 1.66%, while PWZ has yielded a comparatively higher 1.81% 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%
PWZ
- 1D
- 0.10%
- 1M
- 2.19%
- YTD
- 2.80%
- 6M
- 2.89%
- 1Y
- 8.71%
- 3Y*
- 2.96%
- 5Y*
- 0.19%
- 10Y*
- 1.81%
CMF vs. PWZ - 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% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 2.80% | 1.26% | 2.16% | 6.55% | -11.35% | 1.94% | 4.90% | 8.72% | 0.32% | 6.82% |
Correlation
The correlation between CMF and PWZ is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007 | 0.46 |
Over the past year, CMF and PWZ have become more correlated (0.80) than their long-term average of 0.46, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CMF vs. PWZ — Risk / Return Rank
CMF
PWZ
CMF vs. PWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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 | PWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.42 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.52 | -0.24 |
| Martin ratioReturn relative to average drawdown | 7.50 | 9.11 | -1.61 |
Loading charts...
Drawdowns
CMF vs. PWZ - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for CMF and PWZ.
Loading charts...
Drawdown Indicators
| CMF | PWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -21.49% | +5.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -3.47% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -9.09% | +3.87% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -17.56% | +5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -17.56% | +2.99% |
Current DrawdownCurrent decline from peak | -0.61% | -0.22% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -3.53% | -1.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.96% | -0.08% |
Volatility
CMF vs. PWZ - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 1.06%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CMF | PWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.06% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 3.05% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 4.29% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 6.25% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 5.89% | -0.81% |
CMF vs. PWZ - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than PWZ's 0.28% expense ratio.
Dividends
CMF vs. PWZ - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, less than PWZ's 3.88% 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% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.88% | 3.41% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.48% | 2.86% | 3.16% |
Frequently Asked Questions
CMF and PWZ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWZ has higher volatility (1.06%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs PWZ's -21.49%.
On 10-year performance, PWZ leads with 1.81% vs 1.66% for CMF. On fees, CMF is cheaper at 0.25% per year. On volatility, CMF has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWZ has performed better with a 1.81% return vs 1.66%. 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 0.28% for PWZ.
PWZ has the higher dividend yield at 3.88%, compared with 2.94% for CMF.
CMF tracks S&P California AMT-Free Municipal Bond Index, while PWZ tracks ICE BofA California Long-Term Core Plus Muni. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CMF and 0.28% for PWZ.
CMF currently has the higher Sharpe Ratio (2.40 vs 2.04), 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.
Find the right allocation for CMF and PWZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer