NYF vs. CMF
NYF (iShares New York Muni Bond ETF) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds from iShares - NYF tracks the ICE AMT-Free New York Plus Municipal Index while CMF tracks the S&P California AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, NYF returned 1.64%/yr vs 1.57%/yr for CMF. Their 0.44 correlation means their historical movements had little consistent relationship. NYF charges 0.09%/yr vs 0.08%/yr for CMF.
Performance
NYF vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 0.64% return, which is significantly higher than CMF's 0.19% return. Both investments have delivered pretty close results over the past 10 years, with NYF having a 1.64% annualized return and CMF not far behind at 1.57%.
NYF
- 1D
- 0.25%
- 1M
- -1.56%
- 6M
- -0.13%
- YTD
- 0.64%
- 1Y
- 4.71%
- 3Y*
- 3.02%
- 5Y*
- 0.53%
- 10Y*
- 1.64%
- ALL TIME*
- 3.06%
CMF
- 1D
- 0.39%
- 1M
- -1.47%
- 6M
- -0.62%
- YTD
- 0.19%
- 1Y
- 4.77%
- 3Y*
- 2.97%
- 5Y*
- 0.36%
- 10Y*
- 1.57%
- ALL TIME*
- 3.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.00M | $26.96M | $27.09M | |
| $9.91M | $8.04M | $7.81M |
NYF vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 0.64% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
CMF iShares California Muni Bond ETF | 0.19% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between NYF and CMF is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.44 |
Over the past year, NYF and CMF have become more correlated (0.87) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
NYF vs. CMF — Risk / Return Rank
NYF
CMF
NYF vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and iShares California Muni Bond ETF (CMF). 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.
| NYF | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.65 | +0.07 |
| Martin ratioReturn relative to average drawdown | 5.58 | 4.94 | +0.64 |
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Drawdowns
NYF vs. CMF - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for NYF and CMF.
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Drawdown Indicators
| NYF | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -16.45% | +3.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.91% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | -5.22% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | -12.29% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -14.57% | +1.45% |
Current DrawdownCurrent decline from peak | -1.56% | -1.68% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -4.73% | +2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.97% | -0.13% |
Volatility
NYF vs. CMF - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.87%, while iShares California Muni Bond ETF (CMF) has a volatility of 0.96%. This indicates that NYF experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.96% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 2.31% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 2.81% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 4.21% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 5.08% | -0.60% |
NYF vs. CMF - Expense Ratio Comparison
NYF has a 0.09% expense ratio, which is higher than CMF's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NYF vs. CMF - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.16%, more than CMF's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.99% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
NYF iShares New York Muni Bond ETF | 3.16% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
NYF and CMF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.96%) compared to NYF (0.87%). In terms of maximum drawdown, NYF dropped -13.12% vs CMF's -16.45%.
On 10-year performance, NYF leads with 1.64% vs 1.57% for CMF. On fees, CMF is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NYF has performed better with a 1.64% return vs 1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMF is cheaper with a 0.08% expense ratio, compared with 0.09% for NYF.
NYF has the higher dividend yield at 3.16%, compared with 2.99% for CMF.
NYF tracks ICE AMT-Free New York Plus Municipal Index, while CMF tracks S&P California AMT-Free Municipal Bond Index. Their fees differ too: 0.09% for NYF and 0.08% for CMF.
NYF currently has the higher Sharpe Ratio (1.72 vs 1.71), 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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