INMU vs. CA

Last updated Jun 4, 2026

INMU (BlackRock Intermediate Muni Income Bond ETF) and CA (Xtrackers California Municipal Bond ETF) are both Municipal Bonds funds. INMU is actively managed, while CA is passively managed. Over the past year, INMU returned 7.17% vs 6.67% for CA. A 0.56 correlation means they provide meaningful diversification when combined. INMU charges 0.30%/yr vs 0.07%/yr for CA.

Performance

INMU vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Intermediate Muni Income Bond ETF (INMU) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INMU achieves a 1.73% return, which is significantly higher than CA's 1.20% return.

INMU

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.73%
• 6M: 1.98%
• 1Y: 7.17%
• 3Y*: 4.89%
• 5Y*: 1.78%
• 10Y*: —

CA

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.20%
• 6M: 1.44%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INMU vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INMU BlackRock Intermediate Muni Income Bond ETF	1.73%	5.52%	2.77%	0.47%
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%

Correlation

The correlation between INMU and CA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.56

The correlation between INMU and CA has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

INMU vs. CA — Risk / Return Rank

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

INMU

INMU Risk / Return Rank: 76
INMU Sharpe Ratio Rank: 86
INMU Sortino Ratio Rank: 90
INMU Omega Ratio Rank: 93
INMU Calmar Ratio Rank: 57
INMU Martin Ratio Rank: 55

CA

CA Risk / Return Rank: 73
CA Sharpe Ratio Rank: 78
CA Sortino Ratio Rank: 85
CA Omega Ratio Rank: 90
CA Calmar Ratio Rank: 53
CA Martin Ratio Rank: 56

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.

INMU vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) and Xtrackers California Municipal Bond ETF (CA). 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.

	INMU	CA	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.54	+0.33
Sortino ratio: Return per unit of downside risk	4.22	3.84	+0.38
Omega ratio: Gain probability vs. loss probability	1.65	1.58	+0.06
Calmar ratio: Return relative to maximum drawdown	2.79	2.61	+0.18
Martin ratio: Return relative to average drawdown	9.53	9.84	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INMU vs. CA - Sharpe Ratio Comparison

The current INMU Sharpe Ratio is 2.87, which is comparable to the CA Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of INMU and CA, 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

	INMU	CA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	2.54	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.67	-0.08

Drawdowns

INMU vs. CA - Drawdown Comparison

The maximum INMU drawdown since its inception was -10.67%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for INMU and CA.

Drawdown Indicators

	INMU	CA	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-5.24%	-5.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.57%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.67%	—	—
Current Drawdown Current decline from peak	-0.66%	-0.75%	+0.09%
Average Drawdown Average peak-to-trough decline	-2.81%	-1.27%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.68%	+0.07%

Volatility

INMU vs. CA - Volatility Comparison

BlackRock Intermediate Muni Income Bond ETF (INMU) has a higher volatility of 0.81% compared to Xtrackers California Municipal Bond ETF (CA) at 0.31%. This indicates that INMU's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INMU	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.31%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	1.83%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	2.64%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	3.99%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.54%	3.99%	-0.45%

INMU vs. CA - Expense Ratio Comparison

INMU has a 0.30% expense ratio, which is higher than CA's 0.07% expense ratio.

Dividends

INMU vs. CA - Dividend Comparison

INMU's dividend yield for the trailing twelve months is around 3.36%, more than CA's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%	0.00%	0.00%	0.00%
INMU BlackRock Intermediate Muni Income Bond ETF	3.36%	3.48%	3.47%	3.44%	1.92%	1.14%

Frequently Asked Questions

Can I hold both INMU and CA in my portfolio?

INMU and CA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INMU or CA?

INMU has higher volatility (0.81%) compared to CA (0.31%). In terms of maximum drawdown, INMU dropped -10.67% vs CA's -5.24%.

Which ETF is better, INMU or CA?

On 1-year performance, INMU leads with 7.17% vs 6.67% for CA. On fees, CA is cheaper at 0.07% per year. On volatility, CA has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INMU or CA?

Over the 1-year period, INMU has performed better with a 7.17% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INMU or CA?

CA is cheaper with a 0.07% expense ratio, compared with 0.30% for INMU.

Which ETF pays a higher dividend yield, INMU or CA?

INMU has the higher dividend yield at 3.36%, compared with 2.96% for CA.

What is the main difference between INMU and CA?

They also come from different issuers: BlackRock and Xtrackers. Their fees differ too: 0.30% for INMU and 0.07% for CA.

Which has better risk-adjusted returns?

INMU currently has the higher Sharpe Ratio (2.87 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.