CMF vs. VCADX
CMF (iShares California Muni Bond ETF) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. CMF is passively managed, while VCADX is actively managed. Over the past 10 years, CMF returned 1.55%/yr vs 2.10%/yr for VCADX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. CMF charges 0.08%/yr vs 0.09%/yr for VCADX.
Performance
CMF vs. VCADX - 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 VCADX's -0.15% return. Over the past 10 years, CMF has underperformed VCADX with an annualized return of 1.55%, while VCADX has yielded a comparatively higher 2.10% annualized 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%
VCADX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.09%
- YTD
- -0.15%
- 1Y
- 3.96%
- 3Y*
- 3.79%
- 5Y*
- 1.27%
- 10Y*
- 2.10%
- ALL TIME*
- 3.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $0.00 | $0.00 | $0.00 |
CMF vs. VCADX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.15% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
Correlation
The correlation between CMF and VCADX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.51 |
Over the past year, CMF and VCADX have become more correlated (0.72) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
CMF vs. VCADX — Risk / Return Rank
CMF
VCADX
CMF vs. VCADX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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 | VCADX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.48 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.58 | +0.15 |
| Martin ratioReturn relative to average drawdown | 5.29 | 4.55 | +0.74 |
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Drawdowns
CMF vs. VCADX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, which is greater than VCADX's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for CMF and VCADX.
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Drawdown Indicators
| CMF | VCADX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -11.13% | -5.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.98% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -3.87% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -12.45% | -11.13% | -1.32% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -11.13% | -3.44% |
Current DrawdownCurrent decline from peak | -2.03% | -2.27% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -1.50% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.03% | -0.08% |
Volatility
CMF vs. VCADX - Volatility Comparison
iShares California Muni Bond ETF (CMF) has a higher volatility of 0.86% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) at 0.81%. This indicates that CMF's price experiences larger fluctuations and is considered to be riskier than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | VCADX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.81% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 1.96% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 2.37% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 3.27% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 3.42% | +1.66% |
CMF vs. VCADX - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is lower than VCADX's 0.09% expense ratio. Despite the difference, 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. VCADX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.99%, more than VCADX's 2.95% 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% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.95% | 3.82% | 3.35% | 2.57% | 2.36% | 1.77% | 2.28% | 2.72% | 2.71% | 2.66% | 2.76% | 2.86% |
Frequently Asked Questions
CMF and VCADX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.86%) compared to VCADX (0.81%). In terms of maximum drawdown, CMF dropped -16.45% vs VCADX's -11.13%.
VCADX currently has the higher Sharpe Ratio (1.99 vs 1.77), 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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