CMF vs. PWZ
Compare and contrast key facts about iShares California Muni Bond ETF (CMF) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
CMF and PWZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007. Both CMF and PWZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CMF or PWZ.
Performance
CMF vs. PWZ - Performance Comparison
Returns By Period
In the year-to-date period, CMF achieves a 1.48% return, which is significantly lower than PWZ's 1.76% return. Over the past 10 years, CMF has underperformed PWZ with an annualized return of 1.99%, while PWZ has yielded a comparatively higher 2.38% annualized return.
CMF
1.48%
-0.27%
2.17%
5.45%
0.81%
1.99%
PWZ
1.76%
-1.12%
1.53%
7.23%
0.72%
2.38%
Key characteristics
| CMF | PWZ | |
|---|---|---|
| Sharpe Ratio | 1.55 | 1.29 |
| Sortino Ratio | 2.22 | 1.89 |
| Omega Ratio | 1.30 | 1.24 |
| Calmar Ratio | 0.83 | 0.70 |
| Martin Ratio | 6.68 | 6.77 |
| Ulcer Index | 0.89% | 1.13% |
| Daily Std Dev | 3.82% | 5.94% |
| Max Drawdown | -16.45% | -21.49% |
| Current Drawdown | -2.05% | -4.53% |
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CMF vs. PWZ - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than PWZ's 0.28% expense ratio.
Correlation
The correlation between CMF and PWZ is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
CMF vs. PWZ - Risk-Adjusted Performance 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.
Dividends
CMF vs. PWZ - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.74%, less than PWZ's 3.29% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.29% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
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. For additional features, visit the drawdowns tool.
Volatility
CMF vs. PWZ - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 2.02%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 2.71%. 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.