MUNI vs. CALI
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. MUNI is actively managed, while CALI is passively managed. Over the past year, MUNI returned 5.90% vs 2.79% for CALI. At a 0.44 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.08%/yr for CALI.
Performance
MUNI vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.48% return, which is significantly higher than CALI's 0.99% return.
MUNI
- 1D
- -0.08%
- 1M
- 1.12%
- YTD
- 1.48%
- 6M
- 1.63%
- 1Y
- 5.90%
- 3Y*
- 3.78%
- 5Y*
- 1.33%
- 10Y*
- 2.09%
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUNI vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.48% | 4.72% | 1.43% | 3.88% |
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between MUNI 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 MUNI 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
MUNI vs. CALI — Risk / Return Rank
MUNI
CALI
MUNI vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.87 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 4.19 | -1.60 |
| Martin ratioReturn relative to average drawdown | 8.29 | 21.38 | -13.09 |
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Drawdowns
MUNI vs. CALI - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MUNI and CALI.
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Drawdown Indicators
| MUNI | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -0.78% | -10.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -0.67% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.04% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -0.08% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.13% | +0.58% |
Volatility
MUNI vs. CALI - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 0.59% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that MUNI'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
| MUNI | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.19% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 0.52% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 0.75% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 1.10% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 1.10% | +2.75% |
MUNI vs. CALI - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
MUNI vs. CALI - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, 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% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
MUNI 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.
MUNI has higher volatility (0.59%) compared to CALI (0.19%). In terms of maximum drawdown, MUNI dropped -11.15% vs CALI's -0.78%.
On 1-year performance, MUNI leads with 5.90% vs 2.79% 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, MUNI has performed better with a 5.90% return vs 2.79%. 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 0.35% for MUNI.
MUNI has the higher dividend yield at 3.28%, compared with 2.52% for CALI.
They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.35% for MUNI and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.74 vs 2.66), 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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