FTMS vs. CALI

Last updated Jun 6, 2026

FTMS (Franklin Short-Term Municipal Income ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. FTMS is actively managed, while CALI is passively managed. At a 0.32 correlation, their price movements are largely independent. FTMS charges 0.21%/yr vs 0.08%/yr for CALI.

Performance

FTMS vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Short-Term Municipal Income ETF (FTMS) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMS achieves a 1.41% return, which is significantly higher than CALI's 0.97% return.

FTMS

• 1D: 0.05%
• 1M: 0.54%
• YTD: 1.41%
• 6M: 1.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.00%
• 1M: 0.27%
• YTD: 0.97%
• 6M: 1.18%
• 1Y: 3.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTMS vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025
FTMS Franklin Short-Term Municipal Income ETF	1.41%	0.37%
CALI iShares Short-Term California Muni Active ETF	0.97%	0.39%

Correlation

The correlation between FTMS and CALI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 28, 2025	0.32

Return for Risk

FTMS vs. CALI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CALI

CALI Risk / Return Rank: 94
CALI Sharpe Ratio Rank: 96
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 85
CALI Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FTMS vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Short-Term Municipal Income ETF (FTMS) and iShares Short-Term California Muni Active ETF (CALI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FTMS	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	2.85	-1.16

Drawdowns

FTMS vs. CALI - Drawdown Comparison

The maximum FTMS drawdown since its inception was -1.24%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FTMS and CALI.

Drawdown Indicators

	FTMS	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-1.24%	-0.78%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.08%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	FTMS	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.77%	0.76%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.77%	1.10%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.77%	1.10%	+0.67%

FTMS vs. CALI - Expense Ratio Comparison

FTMS has a 0.21% expense ratio, which is higher than CALI's 0.08% 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

FTMS vs. CALI - Dividend Comparison

FTMS's dividend yield for the trailing twelve months is around 1.97%, less than CALI's 2.52% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
FTMS Franklin Short-Term Municipal Income ETF	1.97%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTMS and CALI in my portfolio?

FTMS and CALI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMS or CALI?

On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMS or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.21% for FTMS.

Which ETF pays a higher dividend yield, FTMS or CALI?

CALI has the higher dividend yield at 2.52%, compared with 1.97% for FTMS.

What is the main difference between FTMS and CALI?

They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.21% for FTMS and 0.08% for CALI.