FTOH vs. CALI

Last updated Jul 11, 2026

FTOH (Franklin Ohio Municipal Income ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - FTOH tracks the Actively Managed while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. FTOH charges 0.35%/yr vs 0.08%/yr for CALI.

Performance

FTOH vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ohio Municipal Income ETF (FTOH) 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, FTOH achieves a 2.55% return, which is significantly higher than CALI's 1.15% return.

FTOH

• 1D: 0.06%
• 1M: 0.42%
• 6M: 2.07%
• YTD: 2.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.02%
• 1M: 0.19%
• 6M: 1.01%
• YTD: 1.15%
• 1Y: 2.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTOH vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025
FTOH Franklin Ohio Municipal Income ETF	2.55%	0.08%
CALI iShares Short-Term California Muni Active ETF	1.15%	0.36%

Correlation

The correlation between FTOH and CALI is 0.55, 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 Nov 10, 2025	0.55

Return for Risk

FTOH vs. CALI — Risk / Return Rank

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

FTOH

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

CALI

CALI Risk / Return Rank: 95
CALI Sharpe Ratio Rank: 97
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 98
CALI Calmar Ratio Rank: 88
CALI Martin Ratio Rank: 94

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.

FTOH vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ohio Municipal Income ETF (FTOH) 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.

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.

	FTOH	CALI	Difference
Sharpe ratio: Return per unit of total volatility	—	3.86	—
Sortino ratio: Return per unit of downside risk	—	5.87	—
Omega ratio: Gain probability vs. loss probability	—	1.92	—
Calmar ratio: Return relative to maximum drawdown	—	4.09	—
Martin ratio: Return relative to average drawdown	—	21.00	—

Drawdowns

FTOH vs. CALI - Drawdown Comparison

The maximum FTOH drawdown since its inception was -2.59%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FTOH and CALI.

Drawdown Indicators

	FTOH	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-0.78%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.78%	—
Current Drawdown Current decline from peak	-0.47%	-0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.08%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	FTOH	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	0.72%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	1.09%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	1.09%	+2.40%

FTOH vs. CALI - Expense Ratio Comparison

FTOH has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.

Dividends

FTOH vs. CALI - Dividend Comparison

FTOH's dividend yield for the trailing twelve months is around 2.54%, which matches CALI's 2.53% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.53%	2.62%	3.14%	1.37%
FTOH Franklin Ohio Municipal Income ETF	2.54%	0.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTOH and CALI in my portfolio?

FTOH and CALI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTOH 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, FTOH or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.35% for FTOH.

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

FTOH and CALI have nearly identical dividend yields, around 2.54%.

What is the main difference between FTOH and CALI?

FTOH tracks Actively Managed, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.35% for FTOH and 0.08% for CALI.