CMF vs. SOXX
CMF (iShares California Muni Bond ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, CMF returned 1.66%/yr vs 37.20%/yr for SOXX. At a correlation of -0.04, they often move in opposite directions. CMF charges 0.25%/yr vs 0.34%/yr for SOXX.
Performance
CMF vs. SOXX - 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 SOXX's 117.74% return. Over the past 10 years, CMF has underperformed SOXX with an annualized return of 1.66%, while SOXX has yielded a comparatively higher 37.20% 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%
SOXX
- 1D
- 2.43%
- 1M
- 21.96%
- YTD
- 117.74%
- 6M
- 115.81%
- 1Y
- 192.33%
- 3Y*
- 60.51%
- 5Y*
- 36.36%
- 10Y*
- 37.20%
CMF vs. SOXX - 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% |
SOXX iShares Semiconductor ETF | 117.74% | 40.74% | 12.92% | 67.12% | -35.09% | 44.09% | 52.72% | 62.42% | -6.49% | 39.79% |
Correlation
The correlation between CMF and SOXX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | -0.04 |
The correlation between CMF and SOXX shifts across timeframes, from -0.04 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. SOXX — Risk / Return Rank
CMF
SOXX
CMF vs. SOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and iShares Semiconductor ETF (SOXX). 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 | SOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.68 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 12.28 | -10.00 |
| Martin ratioReturn relative to average drawdown | 7.50 | 44.42 | -36.92 |
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Drawdowns
CMF vs. SOXX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, smaller than the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for CMF and SOXX.
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Drawdown Indicators
| CMF | SOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -70.21% | +53.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -15.77% | +12.86% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -41.36% | +36.14% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -45.75% | +33.30% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -45.75% | +31.18% |
Current DrawdownCurrent decline from peak | -0.61% | 0.00% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -19.94% | +15.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 4.35% | -3.47% |
Volatility
CMF vs. SOXX - Volatility Comparison
The current volatility for iShares California Muni Bond ETF (CMF) is 0.71%, while iShares Semiconductor ETF (SOXX) has a volatility of 20.75%. This indicates that CMF experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | SOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 20.75% | -20.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 32.29% | -30.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 38.61% | -35.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 37.03% | -32.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 33.95% | -28.87% |
CMF vs. SOXX - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than SOXX's 0.34% expense ratio.
Dividends
CMF vs. SOXX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, more than SOXX's 0.22% 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% |
SOXX iShares Semiconductor ETF | 0.22% | 0.57% | 0.67% | 0.78% | 1.26% | 0.64% | 0.81% | 1.23% | 1.37% | 0.90% | 1.08% | 1.29% |
Frequently Asked Questions
CMF and SOXX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXX has higher volatility (20.75%) compared to CMF (0.71%). In terms of maximum drawdown, CMF dropped -16.45% vs SOXX's -70.21%.
On 10-year performance, SOXX leads with 37.20% 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, SOXX has performed better with a 37.20% 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 0.34% for SOXX.
CMF has the higher dividend yield at 2.94%, compared with 0.22% for SOXX.
CMF is categorized as Municipal Bonds, while SOXX is Semiconductors. CMF tracks S&P California AMT-Free Municipal Bond Index, while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.25% for CMF and 0.34% for SOXX.
SOXX currently has the higher Sharpe Ratio (5.02 vs 2.40), 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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