ITM vs. CALI
ITM (VanEck Intermediate Muni ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, ITM returned 6.78% vs 2.78% for CALI. At a 0.45 correlation, their price movements are largely independent. ITM charges 0.24%/yr vs 0.08%/yr for CALI.
Performance
ITM vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.86% return, which is significantly lower than CALI's 1.07% return.
ITM
- 1D
- 0.06%
- 1M
- 1.33%
- YTD
- 0.86%
- 6M
- 0.73%
- 1Y
- 6.78%
- 3Y*
- 3.44%
- 5Y*
- 0.53%
- 10Y*
- 1.81%
CALI
- 1D
- 0.07%
- 1M
- 0.45%
- YTD
- 1.07%
- 6M
- 1.14%
- 1Y
- 2.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ITM vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.86% | 5.34% | 0.73% | 3.72% |
CALI iShares Short-Term California Muni Active ETF | 1.07% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between ITM and CALI is 0.52, 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 | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.45 |
The correlation between ITM and CALI has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.
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Return for Risk
ITM vs. CALI — Risk / Return Rank
ITM
CALI
ITM vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ITM | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.87 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 4.18 | -2.19 |
| Martin ratioReturn relative to average drawdown | 6.10 | 21.33 | -15.23 |
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Drawdowns
ITM vs. CALI - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ITM and CALI.
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Drawdown Indicators
| ITM | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -0.78% | -23.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -0.67% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | — | — |
Current DrawdownCurrent decline from peak | -1.07% | 0.00% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -0.08% | -2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.13% | +0.98% |
Volatility
ITM vs. CALI - Volatility Comparison
VanEck Intermediate Muni ETF (ITM) has a higher volatility of 0.76% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.18%. This indicates that ITM'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.
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Volatility by Period
| ITM | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.18% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 0.52% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.83% | 0.75% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.30% | 1.10% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 1.10% | +5.99% |
ITM vs. CALI - Expense Ratio Comparison
ITM has a 0.24% 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
ITM vs. CALI - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.92%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ITM VanEck Intermediate Muni ETF | 2.92% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
Frequently Asked Questions
ITM and CALI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITM has higher volatility (0.76%) compared to CALI (0.18%). In terms of maximum drawdown, ITM dropped -24.75% vs CALI's -0.78%.
On 1-year performance, ITM leads with 6.78% vs 2.78% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ITM has performed better with a 6.78% 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 0.24% for ITM.
ITM has the higher dividend yield at 2.92%, compared with 2.52% for CALI.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.24% for ITM and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.73 vs 2.41), 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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