GVI vs. CMF
Compare and contrast key facts about iShares Intermediate Government/Credit Bond ETF (GVI) and iShares California Muni Bond ETF (CMF).
GVI and CMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GVI is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Intermediate Government/Credit Bond Index. It was launched on Jan 11, 2007. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both GVI and CMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: GVI or CMF.
Key characteristics
| GVI | CMF | |
|---|---|---|
| YTD Return | -1.55% | -1.40% |
| 1Y Return | 1.06% | 2.03% |
| 3Y Return (Ann) | -1.85% | -1.29% |
| 5Y Return (Ann) | 0.65% | 0.92% |
| 10Y Return (Ann) | 1.21% | 2.02% |
| Sharpe Ratio | 0.12 | 0.40 |
| Daily Std Dev | 4.19% | 4.16% |
| Max Drawdown | -12.93% | -16.45% |
| Current Drawdown | -7.35% | -4.83% |
Correlation
The correlation between GVI and CMF is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
GVI vs. CMF - Performance Comparison
In the year-to-date period, GVI achieves a -1.55% return, which is significantly lower than CMF's -1.40% return. Over the past 10 years, GVI has underperformed CMF with an annualized return of 1.21%, while CMF has yielded a comparatively higher 2.02% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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GVI vs. CMF - Expense Ratio Comparison
GVI has a 0.20% expense ratio, which is lower than CMF's 0.25% 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%.
Risk-Adjusted Performance
GVI vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) and iShares California Muni Bond ETF (CMF). 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.
Dividends
GVI vs. CMF - Dividend Comparison
GVI's dividend yield for the trailing twelve months is around 2.81%, more than CMF's 2.27% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVI iShares Intermediate Government/Credit Bond ETF | 2.81% | 2.75% | 1.86% | 1.46% | 1.84% | 2.29% | 2.16% | 1.91% | 1.77% | 1.75% | 1.72% | 1.77% |
CMF iShares California Muni Bond ETF | 2.27% | 2.29% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.12% |
Drawdowns
GVI vs. CMF - Drawdown Comparison
The maximum GVI drawdown since its inception was -12.93%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for GVI and CMF. For additional features, visit the drawdowns tool.
Volatility
GVI vs. CMF - Volatility Comparison
iShares Intermediate Government/Credit Bond ETF (GVI) has a higher volatility of 1.13% compared to iShares California Muni Bond ETF (CMF) at 1.07%. This indicates that GVI's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.