CMF vs. VTEB
CMF (iShares California Muni Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - CMF tracks the S&P California AMT-Free Municipal Bond Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, CMF returned 1.55%/yr vs 1.88%/yr for VTEB. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CMF charges 0.08%/yr vs 0.03%/yr for VTEB.
Performance
CMF vs. VTEB - 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 VTEB's 0.31% return. Over the past 10 years, CMF has underperformed VTEB with an annualized return of 1.55%, while VTEB has yielded a comparatively higher 1.88% 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%
VTEB
- 1D
- -0.10%
- 1M
- -1.84%
- 6M
- -0.23%
- YTD
- 0.31%
- 1Y
- 4.77%
- 3Y*
- 2.92%
- 5Y*
- 0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 2.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $377.87M | $352.76M | $360.69M |
CMF vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.31% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between CMF and VTEB is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.77 |
The correlation between CMF and VTEB shifts across timeframes, from 0.77 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CMF vs. VTEB — Risk / Return Rank
CMF
VTEB
CMF vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.41 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 2.00 | -0.27 |
| Martin ratioReturn relative to average drawdown | 5.29 | 6.62 | -1.33 |
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Drawdowns
CMF vs. VTEB - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, roughly equal to the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for CMF and VTEB.
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Drawdown Indicators
| CMF | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -17.00% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.71% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.22% | -4.76% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -12.56% | +0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -14.57% | -17.00% | +2.43% |
Current DrawdownCurrent decline from peak | -2.03% | -1.86% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -2.30% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.82% | +0.13% |
Volatility
CMF vs. VTEB - Volatility Comparison
iShares California Muni Bond ETF (CMF) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.86% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMF | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.88% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 2.22% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 2.79% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 3.92% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 5.25% | -0.17% |
CMF vs. VTEB - Expense Ratio Comparison
CMF has a 0.08% expense ratio, which is higher than VTEB's 0.03% 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. VTEB - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.99%, less than VTEB's 3.42% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.14% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
CMF and VTEB have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.88%) compared to CMF (0.86%). In terms of maximum drawdown, CMF dropped -16.45% vs VTEB's -17.00%.
On 10-year performance, VTEB leads with 1.88% vs 1.55% for CMF. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTEB has performed better with a 1.88% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.08% for CMF.
VTEB has the higher dividend yield at 3.14%, compared with 2.74% for CMF.
CMF tracks S&P California AMT-Free Municipal Bond Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.08% for CMF and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (1.95 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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