CMF vs. SCMB
CMF (iShares California Muni Bond ETF) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds - CMF tracks the S&P California AMT-Free Municipal Bond Index while SCMB tracks the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, CMF returned 3.14%/yr vs 3.19%/yr for SCMB. Their correlation of 0.85 suggests significant overlap in exposure. CMF charges 0.25%/yr vs 0.03%/yr for SCMB.
Performance
CMF vs. SCMB - 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 SCMB's 1.54% 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%
SCMB
- 1D
- 0.08%
- 1M
- 1.63%
- YTD
- 1.54%
- 6M
- 1.78%
- 1Y
- 6.59%
- 3Y*
- 3.19%
- 5Y*
- —
- 10Y*
- —
CMF vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 1.28% | 3.36% | 1.65% | 5.71% | 2.53% |
SCMB Schwab Municipal Bond ETF | 1.54% | 3.78% | 0.91% | 5.86% | 2.88% |
Correlation
The correlation between CMF and SCMB is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022 | 0.85 |
The correlation between CMF and SCMB has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.
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Return for Risk
CMF vs. SCMB — Risk / Return Rank
CMF
SCMB
CMF vs. SCMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Schwab Municipal Bond ETF (SCMB). 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 | SCMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.48 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.27 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.50 | 7.44 | +0.06 |
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Drawdowns
CMF vs. SCMB - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for CMF and SCMB.
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Drawdown Indicators
| CMF | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -6.13% | -10.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.92% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -5.57% | +0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | — | — |
Current DrawdownCurrent decline from peak | -0.61% | -0.40% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -1.31% | -3.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.89% | -0.01% |
Volatility
CMF vs. SCMB - Volatility Comparison
iShares California Muni Bond ETF (CMF) and Schwab Municipal Bond ETF (SCMB) have volatilities of 0.71% and 0.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.72% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.16% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 2.89% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 4.14% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 4.14% | +0.94% |
CMF vs. SCMB - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than SCMB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMF vs. SCMB - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, less than SCMB's 3.52% 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% |
SCMB Schwab Municipal Bond ETF | 3.52% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMF and SCMB have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCMB has higher volatility (0.72%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs SCMB's -6.13%.
On 3-year performance, SCMB leads with 3.19% vs 3.14% for CMF. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SCMB has performed better with a 3.19% return vs 3.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCMB is cheaper with a 0.03% expense ratio, compared with 0.25% for CMF.
SCMB has the higher dividend yield at 3.52%, compared with 2.94% for CMF.
CMF tracks S&P California AMT-Free Municipal Bond Index, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.25% for CMF and 0.03% for SCMB.
CMF currently has the higher Sharpe Ratio (2.40 vs 2.29), 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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