MMIT vs. CALI
MMIT (IQ MacKay Municipal Intermediate ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. MMIT is actively managed, while CALI is passively managed. Over the past year, MMIT returned 6.18% vs 2.86% for CALI. At a 0.44 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 0.08%/yr for CALI.
Performance
MMIT vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, MMIT achieves a 1.61% return, which is significantly higher than CALI's 1.03% return.
MMIT
- 1D
- -0.04%
- 1M
- 1.21%
- YTD
- 1.61%
- 6M
- 1.67%
- 1Y
- 6.18%
- 3Y*
- 3.68%
- 5Y*
- 1.19%
- 10Y*
- —
CALI
- 1D
- -0.00%
- 1M
- 0.41%
- YTD
- 1.03%
- 6M
- 1.15%
- 1Y
- 2.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMIT vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.61% | 5.03% | 1.46% | 3.01% |
CALI iShares Short-Term California Muni Active ETF | 1.03% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between MMIT 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 | 0.44 |
The correlation between MMIT and CALI has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.
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Return for Risk
MMIT vs. CALI — Risk / Return Rank
MMIT
CALI
MMIT vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) 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.
| MMIT | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.90 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 4.29 | -1.89 |
| Martin ratioReturn relative to average drawdown | 8.00 | 21.89 | -13.88 |
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Drawdowns
MMIT vs. CALI - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MMIT and CALI.
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Drawdown Indicators
| MMIT | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -0.78% | -11.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -0.67% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.01% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -0.08% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.13% | +0.64% |
Volatility
MMIT vs. CALI - Volatility Comparison
IQ MacKay Municipal Intermediate ETF (MMIT) has a higher volatility of 0.68% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that MMIT'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
| MMIT | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.19% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 1.69% | 0.52% | +1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 0.75% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 1.10% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 1.10% | +3.19% |
MMIT vs. CALI - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
MMIT vs. CALI - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.56%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.56% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% |
Frequently Asked Questions
MMIT 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.
MMIT has higher volatility (0.68%) compared to CALI (0.19%). In terms of maximum drawdown, MMIT dropped -12.28% vs CALI's -0.78%.
On 1-year performance, MMIT leads with 6.18% vs 2.86% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MMIT has performed better with a 6.18% return vs 2.86%. 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 0.31% for MMIT.
MMIT has the higher dividend yield at 3.56%, compared with 2.52% for CALI.
They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIT and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.83 vs 2.46), 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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