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. Their 0.67 correlation means they have sometimes moved together and sometimes differently. CMF charges 0.08%/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 -0.17% return, which is significantly lower than TAXS's 0.84% return.
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
TAXS
- 1D
- 0.00%
- 1M
- -0.36%
- 6M
- 0.30%
- YTD
- 0.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $619.80K | $883.25K | $948.95K |
CMF vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CMF iShares California Muni Bond ETF | -0.17% | 4.45% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.84% | 1.22% |
Correlation
The correlation between CMF and TAXS is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.67 |
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Return for Risk
CMF vs. TAXS — Risk / Return Rank
CMF
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | — | — |
| Martin ratioReturn relative to average drawdown | 5.29 | — | — |
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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 | -12.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | — | — |
Current DrawdownCurrent decline from peak | -2.03% | -0.39% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -0.22% | -4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | — | — |
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 | 2.28% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 1.03% | +1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 1.03% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 1.03% | +4.05% |
CMF vs. TAXS - Expense Ratio Comparison
CMF has a 0.08% 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 2.99%, more than TAXS's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 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 | 2.04% | 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 0.67, 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 0.08% for CMF.
CMF has the higher dividend yield at 2.74%, compared with 2.04% 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: 0.08% for CMF and 0.05% for TAXS.
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