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GVI vs. CMF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GVI vs. CMF

Last updated Jun 4, 2026

GVI (iShares Intermediate Government/Credit Bond ETF) and CMF (iShares California Muni Bond ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, GVI returned 1.80%/yr vs 1.75%/yr for CMF. At a 0.42 correlation, their price movements are largely independent. GVI charges 0.20%/yr vs 0.25%/yr for CMF.

Performance

GVI vs. CMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Intermediate Government/Credit Bond ETF (GVI) and iShares California Muni Bond ETF (CMF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

Both investments have delivered pretty close results over the past 10 years, with GVI having a 1.80% annualized return and CMF not far behind at 1.75%.

GVI

1D
-0.13%
1M
-0.00%
YTD
-0.00%
6M
0.05%
1Y
3.89%
3Y*
4.18%
5Y*
0.98%
10Y*
1.80%

CMF

1D
-0.03%
1M
0.59%
YTD
0.96%
6M
1.33%
1Y
6.72%
3Y*
3.31%
5Y*
0.66%
10Y*
1.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GVI vs. CMF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GVI
iShares Intermediate Government/Credit Bond ETF		-0.00%6.66%2.92%5.15%-8.28%-1.90%6.38%6.54%0.77%1.83%
CMF
iShares California Muni Bond ETF		0.96%3.36%1.65%5.71%-8.27%0.78%4.50%6.94%0.99%4.63%

Correlation

The correlation between GVI and CMF is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (10Y)
Calculated over the trailing 10-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2007

0.42

Over the past year, GVI and CMF have become more correlated (0.67) than their long-term average of 0.42, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Intermediate Government/Credit Bond ETF

iShares California Muni Bond ETF

Often compared with GVI:
GVI vs. GBFGVI vs. SCHJGVI vs. AGZGVI vs. VCITGVI vs. SLQDGVI vs. AGGGVI vs. GOVT
Often compared with CMF:
CMF vs. VCADXCMF vs. PWZCMF vs. VCAIXCMF vs. MUBCMF vs. VCITXCMF vs. FCTFXCMF vs. BCHYX

Return for Risk

GVI vs. CMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GVI
GVI Risk / Return Rank: 4444
Overall Rank
GVI Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GVI Sortino Ratio Rank: 4949
Sortino Ratio Rank
GVI Omega Ratio Rank: 4444
Omega Ratio Rank
GVI Calmar Ratio Rank: 4444
Calmar Ratio Rank
GVI Martin Ratio Rank: 4141
Martin Ratio Rank
CMF
CMF Risk / Return Rank: 6565
Overall Rank
CMF Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CMF Sortino Ratio Rank: 7676
Sortino Ratio Rank
CMF Omega Ratio Rank: 8686
Omega Ratio Rank
CMF Calmar Ratio Rank: 4646
Calmar Ratio Rank
CMF Martin Ratio Rank: 4747
Martin Ratio Rank
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.

GVI vs. CMF - Risk-Adjusted Trends 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.

GVICMFDifference

Sharpe ratio

Return per unit of total volatility

1.56

2.41

-0.85

Sortino ratio

Return per unit of downside risk

2.39

3.46

-1.07

Omega ratio

Gain probability vs. loss probability

1.28

1.54

-0.26

Calmar ratio

Return relative to maximum drawdown

2.17

2.32

-0.14

Martin ratio

Return relative to average drawdown

6.60

7.79

-1.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVI vs. CMF - Sharpe Ratio Comparison

The current GVI Sharpe Ratio is 1.56, which is lower than the CMF Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of GVI and CMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GVICMFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

2.41

-0.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.16

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.35

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.39

+0.37

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.

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Drawdown Indicators

GVICMFDifference

Max Drawdown

Largest peak-to-trough decline

-12.93%

-16.45%

+3.52%

Max Drawdown (1Y)

Largest decline over 1 year

-1.79%

-2.91%

+1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-2.65%

-5.22%

+2.57%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-12.45%

-0.48%

Max Drawdown (10Y)

Largest decline over 10 years

-12.93%

-14.57%

+1.64%

Current Drawdown

Current decline from peak

-1.17%

-0.92%

-0.25%

Average Drawdown

Average peak-to-trough decline

-1.86%

-4.77%

+2.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

0.86%

-0.27%

Volatility

GVI vs. CMF - Volatility Comparison

The current volatility for iShares Intermediate Government/Credit Bond ETF (GVI) is 0.77%, while iShares California Muni Bond ETF (CMF) has a volatility of 0.85%. This indicates that GVI experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GVICMFDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

0.85%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

1.78%

2.11%

-0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

2.50%

2.80%

-0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.97%

4.19%

-0.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.53%

5.08%

-1.55%

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%.

Dividends

GVI vs. CMF - Dividend Comparison

GVI's dividend yield for the trailing twelve months is around 3.62%, more than CMF's 2.95% yield.

PositionTTM20252024202320222021202020192018201720162015
CMF
iShares California Muni Bond ETF		2.95%2.94%2.78%2.29%1.91%1.58%1.80%2.03%2.17%2.09%2.21%2.55%
GVI
iShares Intermediate Government/Credit Bond ETF		3.62%3.48%3.40%2.75%1.86%1.46%1.84%2.29%2.16%1.91%1.77%1.75%

Frequently Asked Questions

GVI and CMF have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CMF has higher volatility (0.85%) compared to GVI (0.77%). In terms of maximum drawdown, GVI dropped -12.93% vs CMF's -16.45%.

On 10-year performance, GVI leads with 1.80% vs 1.75% for CMF. On fees, GVI is cheaper at 0.20% 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, GVI has performed better with a 1.80% return vs 1.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GVI is cheaper with a 0.20% expense ratio, compared with 0.25% for CMF.

GVI has the higher dividend yield at 3.62%, compared with 2.95% for CMF.

GVI is categorized as Short-Term Bond, while CMF is Municipal Bonds. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while CMF tracks S&P California AMT-Free Municipal Bond Index. Their fees differ too: 0.20% for GVI and 0.25% for CMF.

CMF currently has the higher Sharpe Ratio (2.41 vs 1.56), 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.

Portfolio Optimizer

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