NCATX vs. CALI

Last updated Apr 2, 2026

Compare and contrast key facts about Northern California Tax Exempt Fund (NCATX) and iShares Short-Term California Muni Active ETF (CALI).

NCATX is managed by Northern Funds. It was launched on Apr 7, 1997. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007.

Performance

NCATX vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Tax Exempt Fund (NCATX) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

NCATX vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NCATX Northern California Tax Exempt Fund	-0.08%	3.65%	1.89%	3.32%
CALI iShares Short-Term California Muni Active ETF	0.37%	3.28%	2.84%	1.97%

Returns By Period

In the year-to-date period, NCATX achieves a -0.08% return, which is significantly lower than CALI's 0.37% return.

NCATX

• 1D: 0.29%
• 1M: -1.90%
• YTD: -0.08%
• 6M: 1.34%
• 1Y: 4.46%
• 3Y*: 2.79%
• 5Y*: 0.09%
• 10Y*: 1.56%

CALI

• 1D: 0.07%
• 1M: -0.32%
• YTD: 0.37%
• 6M: 0.85%
• 1Y: 2.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCATX vs. CALI - Expense Ratio Comparison

NCATX has a 0.45% expense ratio, which is higher than CALI's 0.08% expense ratio.

NCATX

Northern California Tax Exempt Fund

CALI

iShares Short-Term California Muni Active ETF

Return for Risk

NCATX vs. CALI — Risk / Return Rank

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

NCATX

NCATX Risk / Return Rank: 40
NCATX Sharpe Ratio Rank: 35
NCATX Sortino Ratio Rank: 28
NCATX Omega Ratio Rank: 68
NCATX Calmar Ratio Rank: 33
NCATX Martin Ratio Rank: 34

CALI

CALI Risk / Return Rank: 95
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 93
CALI Martin Ratio Rank: 94

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.

NCATX vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Tax Exempt Fund (NCATX) 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.

	NCATX	CALI	Difference
Sharpe ratio Return per unit of total volatility	0.89	2.52	-1.63
Sortino ratio Return per unit of downside risk	1.20	3.29	-2.09
Omega ratio Gain probability vs. loss probability	1.29	1.63	-0.34
Calmar ratio Return relative to maximum drawdown	1.15	3.63	-2.48
Martin ratio Return relative to average drawdown	4.50	15.71	-11.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCATX vs. CALI - Sharpe Ratio Comparison

The current NCATX Sharpe Ratio is 0.89, which is lower than the CALI Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of NCATX and CALI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCATX	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	2.52	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	2.78	-1.73

Correlation

The correlation between NCATX and CALI is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NCATX vs. CALI - Dividend Comparison

NCATX's dividend yield for the trailing twelve months is around 3.75%, more than CALI's 2.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCATX Northern California Tax Exempt Fund	3.75%	2.85%	3.39%	2.46%	1.47%	2.18%	2.85%	3.82%	3.51%	3.19%	4.08%	3.21%
CALI iShares Short-Term California Muni Active ETF	2.55%	2.62%	3.14%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

NCATX vs. CALI - Drawdown Comparison

The maximum NCATX drawdown since its inception was -16.55%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for NCATX and CALI.

Drawdown Indicators

	NCATX	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-16.55%	-0.78%	-15.77%
Max Drawdown (1Y) Largest decline over 1 year	-4.58%	-0.78%	-3.80%
Max Drawdown (5Y) Largest decline over 5 years	-16.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.55%	—	—
Current Drawdown Current decline from peak	-2.18%	-0.38%	-1.80%
Average Drawdown Average peak-to-trough decline	-2.42%	-0.08%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.18%	+0.99%

Volatility

NCATX vs. CALI - Volatility Comparison

Northern California Tax Exempt Fund (NCATX) has a higher volatility of 0.96% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that NCATX'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.

Volatility by Period

	NCATX	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.34%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	0.52%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.42%	1.09%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.10%	1.13%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	1.13%	+3.11%