IBMO vs. CALI
IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds from iShares - IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, IBMO returned 2.78% vs 2.99% for CALI. At a 0.27 correlation, their price movements are largely independent. IBMO charges 0.18%/yr vs 0.08%/yr for CALI.
Performance
IBMO vs. CALI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IBMO having a 0.95% return and CALI slightly higher at 0.97%.
IBMO
- 1D
- 0.01%
- 1M
- 0.17%
- YTD
- 0.95%
- 6M
- 1.30%
- 1Y
- 2.78%
- 3Y*
- 2.93%
- 5Y*
- 0.67%
- 10Y*
- —
CALI
- 1D
- 0.06%
- 1M
- 0.31%
- YTD
- 0.97%
- 6M
- 1.18%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMO vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.95% | 3.11% | 1.97% | 2.00% |
CALI iShares Short-Term California Muni Active ETF | 0.97% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between IBMO and CALI is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023 | 0.27 |
Over the past year, the correlation between IBMO and CALI has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
IBMO vs. CALI — Risk / Return Rank
IBMO
CALI
IBMO vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) 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.
| IBMO | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.94 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 7.38 | 4.49 | +2.89 |
| Martin ratioReturn relative to average drawdown | 21.93 | 22.91 | -0.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBMO | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 3.97 | -1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 2.85 | -2.44 |
Drawdowns
IBMO vs. CALI - Drawdown Comparison
The maximum IBMO drawdown since its inception was -14.77%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for IBMO and CALI.
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Drawdown Indicators
| IBMO | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.77% | -0.78% | -13.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.38% | -0.67% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -8.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -0.08% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.13% | 0.00% |
Volatility
IBMO vs. CALI - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) is 0.19%, while iShares Short-Term California Muni Active ETF (CALI) has a volatility of 0.23%. This indicates that IBMO experiences smaller price fluctuations and is considered to be less risky than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMO | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.23% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 0.51% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.10% | 0.76% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.15% | 1.11% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 1.11% | +3.41% |
IBMO vs. CALI - Expense Ratio Comparison
IBMO 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
IBMO vs. CALI - Dividend Comparison
IBMO's dividend yield for the trailing twelve months is around 2.39%, less than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% |
Frequently Asked Questions
IBMO and CALI have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CALI has higher volatility (0.23%) compared to IBMO (0.19%). In terms of maximum drawdown, IBMO dropped -14.77% vs CALI's -0.78%.
On 1-year performance, CALI leads with 2.99% vs 2.78% for IBMO. On fees, CALI is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CALI has performed better with a 2.99% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for IBMO.
CALI has the higher dividend yield at 2.52%, compared with 2.39% for IBMO.
IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index, while CALI tracks ICE AMT-Free California Municipal Index. Their fees differ too: 0.18% for IBMO and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.97 vs 2.54), 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.
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