NRES vs. CA

Last updated Jun 5, 2026

NRES (Xtrackers RREEF Global Natural Resources ETF) and CA (Xtrackers California Municipal Bond ETF) are both exchange-traded funds - NRES is a Commodity Producers Equities fund actively managed by Xtrackers, while CA is a Municipal Bonds fund tracking the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. NRES is actively managed, while CA is passively managed. Over the past year, NRES returned 39.69% vs 6.26% for CA. At a 0.07 correlation, their price movements are largely independent. NRES charges 0.45%/yr vs 0.07%/yr for CA.

Performance

NRES vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers RREEF Global Natural Resources ETF (NRES) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRES achieves a 17.26% return, which is significantly higher than CA's 1.20% return.

NRES

• 1D: 0.08%
• 1M: -1.74%
• YTD: 17.26%
• 6M: 19.19%
• 1Y: 39.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CA

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.20%
• 6M: 1.48%
• 1Y: 6.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRES vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NRES Xtrackers RREEF Global Natural Resources ETF	17.26%	27.08%	-2.78%
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.95%

Correlation

The correlation between NRES and CA is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.07

Return for Risk

NRES vs. CA — Risk / Return Rank

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

NRES

NRES Risk / Return Rank: 77
NRES Sharpe Ratio Rank: 75
NRES Sortino Ratio Rank: 69
NRES Omega Ratio Rank: 70
NRES Calmar Ratio Rank: 86
NRES Martin Ratio Rank: 85

CA

CA Risk / Return Rank: 70
CA Sharpe Ratio Rank: 76
CA Sortino Ratio Rank: 82
CA Omega Ratio Rank: 89
CA Calmar Ratio Rank: 51
CA Martin Ratio Rank: 54

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.

NRES vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers RREEF Global Natural Resources ETF (NRES) and Xtrackers California Municipal Bond ETF (CA). 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.

	NRES	CA	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.41	-0.02
Sortino ratio: Return per unit of downside risk	3.11	3.60	-0.50
Omega ratio: Gain probability vs. loss probability	1.41	1.55	-0.14
Calmar ratio: Return relative to maximum drawdown	4.71	2.45	+2.26
Martin ratio: Return relative to average drawdown	16.95	9.22	+7.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRES vs. CA - Sharpe Ratio Comparison

The current NRES Sharpe Ratio is 2.39, which is comparable to the CA Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of NRES and CA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NRES	CA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.41	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.67	+0.32

Drawdowns

NRES vs. CA - Drawdown Comparison

The maximum NRES drawdown since its inception was -22.22%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for NRES and CA.

Drawdown Indicators

	NRES	CA	Difference
Max Drawdown Largest peak-to-trough decline	-22.22%	-5.24%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-2.57%	-5.90%
Current Drawdown Current decline from peak	-3.65%	-0.75%	-2.90%
Average Drawdown Average peak-to-trough decline	-5.21%	-1.27%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.68%	+1.67%

Volatility

NRES vs. CA - Volatility Comparison

Xtrackers RREEF Global Natural Resources ETF (NRES) has a higher volatility of 4.57% compared to Xtrackers California Municipal Bond ETF (CA) at 0.30%. This indicates that NRES's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRES	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	0.30%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	1.82%	+11.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	2.64%	+14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	3.98%	+14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	3.98%	+14.01%

NRES vs. CA - Expense Ratio Comparison

NRES has a 0.45% expense ratio, which is higher than CA's 0.07% expense ratio.

Dividends

NRES vs. CA - Dividend Comparison

NRES's dividend yield for the trailing twelve months is around 2.27%, less than CA's 2.96% yield.

Position	TTM	2025	2024
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%
NRES Xtrackers RREEF Global Natural Resources ETF	2.27%	2.65%	3.23%

Frequently Asked Questions

Can I hold both NRES and CA in my portfolio?

NRES and CA have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRES or CA?

NRES has higher volatility (4.57%) compared to CA (0.30%). In terms of maximum drawdown, NRES dropped -22.22% vs CA's -5.24%.

Which ETF is better, NRES or CA?

On 1-year performance, NRES leads with 39.69% vs 6.26% for CA. On fees, CA is cheaper at 0.07% per year. On volatility, CA has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRES or CA?

Over the 1-year period, NRES has performed better with a 39.69% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRES or CA?

CA is cheaper with a 0.07% expense ratio, compared with 0.45% for NRES.

Which ETF pays a higher dividend yield, NRES or CA?

CA has the higher dividend yield at 2.96%, compared with 2.27% for NRES.

What is the main difference between NRES and CA?

NRES is categorized as Commodity Producers Equities, while CA is Municipal Bonds. Their fees differ too: 0.45% for NRES and 0.07% for CA.

Which has better risk-adjusted returns?

CA currently has the higher Sharpe Ratio (2.41 vs 2.39), 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.