CMF vs. SWCAX
CMF (iShares California Muni Bond ETF) and SWCAX (Schwab California Tax-Free Bond Fund™) are both Municipal Bonds funds. Over the past 10 years, CMF returned 1.66%/yr vs 1.48%/yr for SWCAX. A 0.50 correlation means they provide meaningful diversification when combined. CMF charges 0.25%/yr vs 0.48%/yr for SWCAX.
Performance
CMF vs. SWCAX - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.28% return, which is significantly higher than SWCAX's 1.03% return. Over the past 10 years, CMF has outperformed SWCAX with an annualized return of 1.66%, while SWCAX has yielded a comparatively lower 1.48% 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%
SWCAX
- 1D
- 0.09%
- 1M
- 1.36%
- YTD
- 1.03%
- 6M
- 1.40%
- 1Y
- 5.93%
- 3Y*
- 3.19%
- 5Y*
- 0.54%
- 10Y*
- 1.48%
CMF vs. SWCAX - 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% |
SWCAX Schwab California Tax-Free Bond Fund™ | 1.03% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
Correlation
The correlation between CMF and SWCAX is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.50 |
The correlation between CMF and SWCAX shifts across timeframes, from 0.50 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. SWCAX — Risk / Return Rank
CMF
SWCAX
CMF vs. SWCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Schwab California Tax-Free Bond Fund™ (SWCAX). 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 | SWCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.67 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.14 | +0.14 |
| Martin ratioReturn relative to average drawdown | 7.50 | 6.36 | +1.14 |
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Drawdowns
CMF vs. SWCAX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than SWCAX's maximum drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for CMF and SWCAX.
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Drawdown Indicators
| CMF | SWCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -13.51% | -2.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.75% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -4.36% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -12.30% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -12.30% | -2.27% |
Current DrawdownCurrent decline from peak | -0.61% | -0.92% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -1.87% | -2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.92% | -0.04% |
Volatility
CMF vs. SWCAX - Volatility Comparison
iShares California Muni Bond ETF (CMF) has a higher volatility of 0.71% compared to Schwab California Tax-Free Bond Fund™ (SWCAX) at 0.62%. This indicates that CMF's price experiences larger fluctuations and is considered to be riskier than SWCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | SWCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.62% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 1.79% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 2.29% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 3.11% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 3.37% | +1.71% |
CMF vs. SWCAX - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is lower than SWCAX's 0.48% expense ratio.
Dividends
CMF vs. SWCAX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.94%, less than SWCAX's 3.18% 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% |
SWCAX Schwab California Tax-Free Bond Fund™ | 3.18% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
Frequently Asked Questions
CMF and SWCAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.71%) compared to SWCAX (0.62%). In terms of maximum drawdown, CMF dropped -16.45% vs SWCAX's -13.51%.
SWCAX currently has the higher Sharpe Ratio (2.57 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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