MACMX vs. EFA
MACMX (BlackRock California Municipal Opportunities Fund) and EFA (iShares MSCI EAFE ETF) are both funds - MACMX is a Municipal Bonds fund managed by BlackRock, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Over the past 10 years, MACMX returned 2.32%/yr vs 9.47%/yr for EFA. Their -0.05 correlation means they have often moved in opposite directions in the past. MACMX charges 0.44%/yr vs 0.32%/yr for EFA.
Performance
MACMX vs. EFA - Performance Comparison
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Returns By Period
In the year-to-date period, MACMX achieves a 1.00% return, which is significantly lower than EFA's 11.69% return. Over the past 10 years, MACMX has underperformed EFA with an annualized return of 2.32%, while EFA has yielded a comparatively higher 9.47% annualized return.
MACMX
- 1D
- -0.25%
- 1M
- -1.91%
- 6M
- 0.43%
- YTD
- 1.00%
- 1Y
- 5.33%
- 3Y*
- 4.16%
- 5Y*
- 1.04%
- 10Y*
- 2.32%
- ALL TIME*
- 4.68%
EFA
- 1D
- -0.62%
- 1M
- 1.16%
- 6M
- 6.46%
- YTD
- 11.69%
- 1Y
- 25.09%
- 3Y*
- 16.41%
- 5Y*
- 9.23%
- 10Y*
- 9.47%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24B | $1.12B | $1.39B | |
| $0.00 | $0.00 | $0.00 |
MACMX vs. EFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MACMX BlackRock California Municipal Opportunities Fund | 1.00% | 4.41% | 3.91% | 4.96% | -8.76% | 4.70% | 1.45% | 6.81% | 1.26% | 7.25% |
EFA iShares MSCI EAFE ETF | 11.69% | 31.55% | 3.49% | 18.36% | -14.39% | 11.45% | 7.60% | 22.04% | -13.82% | 25.07% |
Correlation
The correlation between MACMX and EFA is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2001 | -0.05 |
The correlation between MACMX and EFA shifts across timeframes, from -0.05 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MACMX vs. EFA — Risk / Return Rank
MACMX
EFA
MACMX vs. EFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock California Municipal Opportunities Fund (MACMX) and iShares MSCI EAFE ETF (EFA). 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.
| MACMX | EFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.28 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.18 | +0.33 |
| Martin ratioReturn relative to average drawdown | 8.53 | 8.23 | +0.31 |
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Drawdowns
MACMX vs. EFA - Drawdown Comparison
The maximum MACMX drawdown since its inception was -13.65%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for MACMX and EFA.
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Drawdown Indicators
| MACMX | EFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.65% | -61.04% | +47.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -11.42% | +8.92% |
Max Drawdown (3Y)Largest decline over 3 years | -5.24% | -14.05% | +8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -13.65% | -29.53% | +15.88% |
Max Drawdown (10Y)Largest decline over 10 years | -13.65% | -34.19% | +20.54% |
Current DrawdownCurrent decline from peak | -1.99% | -0.62% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -11.86% | +9.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 3.02% | -2.29% |
Volatility
MACMX vs. EFA - Volatility Comparison
The current volatility for BlackRock California Municipal Opportunities Fund (MACMX) is 0.86%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.69%. This indicates that MACMX experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MACMX | EFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 4.69% | -3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 13.71% | -11.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 15.79% | -12.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.21% | 16.62% | -12.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.08% | 17.00% | -12.92% |
MACMX vs. EFA - Expense Ratio Comparison
MACMX has a 0.44% expense ratio, which is higher than EFA's 0.32% expense ratio.
Dividends
MACMX vs. EFA - Dividend Comparison
MACMX's dividend yield for the trailing twelve months is around 3.42%, more than EFA's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFA iShares MSCI EAFE ETF | 3.19% | 3.38% | 3.24% | 2.98% | 2.69% | 3.33% | 2.13% | 3.10% | 3.39% | 2.57% | 3.07% | 2.76% |
MACMX BlackRock California Municipal Opportunities Fund | 3.42% | 4.77% | 3.93% | 2.68% | 1.90% | 1.80% | 2.02% | 2.74% | 4.60% | 3.19% | 2.82% | 3.43% |
Frequently Asked Questions
MACMX and EFA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFA has higher volatility (4.69%) compared to MACMX (0.86%). In terms of maximum drawdown, MACMX dropped -13.65% vs EFA's -61.04%.
MACMX currently has the higher Sharpe Ratio (2.19 vs 1.58), 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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