IBMS vs. CALI

Last updated Jun 4, 2026

IBMS (iShares iBonds Dec 2030 Term Muni Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds from iShares - IBMS tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2030 Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, IBMS returned 4.50% vs 2.99% for CALI. At a 0.37 correlation, their price movements are largely independent. IBMS charges 0.18%/yr vs 0.08%/yr for CALI.

Performance

IBMS vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2030 Term Muni Bond ETF (IBMS) 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, IBMS achieves a 0.35% return, which is significantly lower than CALI's 0.91% return.

IBMS

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.35%
• 6M: 0.87%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.03%
• 1M: 0.25%
• YTD: 0.91%
• 6M: 1.11%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMS vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBMS iShares iBonds Dec 2030 Term Muni Bond ETF	0.35%	5.36%	3.03%
CALI iShares Short-Term California Muni Active ETF	0.91%	3.28%	2.21%

Correlation

The correlation between IBMS and CALI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 28, 2024	0.37

Return for Risk

IBMS vs. CALI — Risk / Return Rank

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

IBMS

IBMS Risk / Return Rank: 60
IBMS Sharpe Ratio Rank: 69
IBMS Sortino Ratio Rank: 74
IBMS Omega Ratio Rank: 82
IBMS Calmar Ratio Rank: 41
IBMS Martin Ratio Rank: 36

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: 83
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.

IBMS vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2030 Term Muni Bond ETF (IBMS) 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.

	IBMS	CALI	Difference
Sharpe ratio: Return per unit of total volatility	2.23	3.97	-1.75
Sortino ratio: Return per unit of downside risk	3.30	6.02	-2.72
Omega ratio: Gain probability vs. loss probability	1.48	1.94	-0.46
Calmar ratio: Return relative to maximum drawdown	2.00	4.49	-2.48
Martin ratio: Return relative to average drawdown	5.41	22.91	-17.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBMS vs. CALI - Sharpe Ratio Comparison

The current IBMS Sharpe Ratio is 2.23, which is lower than the CALI Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of IBMS and CALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBMS	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	3.97	-1.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	2.84	-1.42

Drawdowns

IBMS vs. CALI - Drawdown Comparison

The maximum IBMS drawdown since its inception was -3.01%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for IBMS and CALI.

Drawdown Indicators

	IBMS	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-3.01%	-0.78%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-0.67%	-1.58%
Current Drawdown Current decline from peak	-1.17%	0.00%	-1.17%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.08%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.13%	+0.70%

Volatility

IBMS vs. CALI - Volatility Comparison

iShares iBonds Dec 2030 Term Muni Bond ETF (IBMS) has a higher volatility of 0.59% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.22%. This indicates that IBMS's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBMS	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.22%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	0.51%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	0.76%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.07%	1.11%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.07%	1.11%	+1.96%

IBMS vs. CALI - Expense Ratio Comparison

IBMS 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

IBMS vs. CALI - Dividend Comparison

IBMS's dividend yield for the trailing twelve months is around 2.52%, which matches CALI's 2.52% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%
IBMS iShares iBonds Dec 2030 Term Muni Bond ETF	2.52%	2.49%	1.38%	0.00%

Frequently Asked Questions

Can I hold both IBMS and CALI in my portfolio?

IBMS and CALI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBMS or CALI?

IBMS has higher volatility (0.59%) compared to CALI (0.22%). In terms of maximum drawdown, IBMS dropped -3.01% vs CALI's -0.78%.

Which ETF is better, IBMS or CALI?

On 1-year performance, IBMS leads with 4.50% vs 2.99% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBMS or CALI?

Over the 1-year period, IBMS has performed better with a 4.50% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBMS or CALI?

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

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

IBMS and CALI have nearly identical dividend yields, around 2.52%.

What is the main difference between IBMS and CALI?

IBMS tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2030 Index, while CALI tracks ICE AMT-Free California Municipal Index. Their fees differ too: 0.18% for IBMS and 0.08% for CALI.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.97 vs 2.23), 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.