IBMM vs. CALI

Last updated Jun 5, 2026

IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds from iShares - IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. IBMM charges 0.18%/yr vs 0.08%/yr for CALI.

Performance

IBMM vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.06%
• 1M: 0.31%
• YTD: 0.97%
• 6M: 1.18%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMM vs. CALI - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
CALI iShares Short-Term California Muni Active ETF	0.45%

Return for Risk

IBMM 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: 93
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 84
CALI Martin Ratio Rank: 92

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.

IBMM vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) 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

	IBMM	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.85	—

Drawdowns

IBMM vs. CALI - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum CALI drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for IBMM and CALI.

Drawdown Indicators

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

Volatility

Volatility by Period

	IBMM	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	0.00%	0.76%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	1.11%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	1.11%	-1.11%

IBMM vs. CALI - Expense Ratio Comparison

IBMM has a 0.18% 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

IBMM vs. CALI - Dividend Comparison

IBMM has not paid dividends to shareholders, while CALI's dividend yield for the trailing twelve months is around 2.52%.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, IBMM 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, IBMM or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for IBMM.

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

CALI has the higher dividend yield at 2.52%, compared with 0.00% for IBMM.

What is the main difference between IBMM and CALI?

IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index, while CALI tracks ICE AMT-Free California Municipal Index. Their fees differ too: 0.18% for IBMM and 0.08% for CALI.