CMF vs. TAXS
CMF (iShares California Muni Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - CMF tracks the S&P California AMT-Free Municipal Bond Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. CMF charges 0.25%/yr vs 0.05%/yr for TAXS.
Performance
CMF vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, CMF achieves a 1.08% return, which is significantly higher than TAXS's 0.99% return.
CMF
- 1D
- 0.12%
- 1M
- 0.70%
- YTD
- 1.08%
- 6M
- 1.44%
- 1Y
- 6.74%
- 3Y*
- 3.24%
- 5Y*
- 0.69%
- 10Y*
- 1.76%
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMF vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CMF iShares California Muni Bond ETF | 1.08% | 4.43% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between CMF and TAXS is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.64 |
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Return for Risk
CMF vs. TAXS — Risk / Return Rank
CMF
TAXS
CMF vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.
| CMF | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.54 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | — | — |
| Martin ratioReturn relative to average drawdown | 7.80 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMF | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.41 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 2.85 | -2.45 |
Drawdowns
CMF vs. TAXS - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for CMF and TAXS.
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Drawdown Indicators
| CMF | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -0.84% | -15.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | — | — |
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 | -0.80% | -0.03% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -0.24% | -4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | — | — |
Volatility
CMF vs. TAXS - Volatility Comparison
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Volatility by Period
| CMF | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 1.00% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.19% | 1.00% | +3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 1.00% | +4.08% |
CMF vs. TAXS - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than TAXS's 0.05% 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. TAXS - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.95%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.95% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMF and TAXS have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.25% for CMF.
CMF has the higher dividend yield at 2.95%, compared with 1.82% for TAXS.
CMF tracks S&P California AMT-Free Municipal Bond Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.25% for CMF and 0.05% for TAXS.
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