PHB vs. CMF
Compare and contrast key facts about Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and iShares California Muni Bond ETF (CMF).
PHB and CMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHB is a passively managed fund by Invesco that tracks the performance of the RAFI Bonds US High Yield 1-10 Index. It was launched on Nov 15, 2007. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both PHB and CMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PHB or CMF.
Key characteristics
| PHB | CMF | |
|---|---|---|
| YTD Return | 5.60% | 1.76% |
| 1Y Return | 12.32% | 6.55% |
| 3Y Return (Ann) | 2.32% | -0.32% |
| 5Y Return (Ann) | 3.52% | 0.75% |
| 10Y Return (Ann) | 3.90% | 2.09% |
| Sharpe Ratio | 2.62 | 1.51 |
| Daily Std Dev | 4.89% | 4.13% |
| Max Drawdown | -44.79% | -16.45% |
| Current Drawdown | -0.05% | -1.78% |
Correlation
The correlation between PHB and CMF is 0.09, 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.
Performance
PHB vs. CMF - Performance Comparison
In the year-to-date period, PHB achieves a 5.60% return, which is significantly higher than CMF's 1.76% return. Over the past 10 years, PHB has outperformed CMF with an annualized return of 3.90%, while CMF has yielded a comparatively lower 2.09% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PHB vs. CMF - Expense Ratio Comparison
PHB has a 0.50% expense ratio, which is higher than CMF's 0.25% expense ratio.
Risk-Adjusted Performance
PHB vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Fundamental High Yield® Corporate Bond ETF (PHB) 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.
Dividends
PHB vs. CMF - Dividend Comparison
PHB's dividend yield for the trailing twelve months is around 5.46%, more than CMF's 2.62% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHB Invesco Fundamental High Yield® Corporate Bond ETF | 5.46% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% | 4.48% | 4.63% |
CMF iShares California Muni Bond ETF | 2.62% | 2.29% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.12% |
Drawdowns
PHB vs. CMF - Drawdown Comparison
The maximum PHB drawdown since its inception was -44.79%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for PHB and CMF. For additional features, visit the drawdowns tool.
Volatility
PHB vs. CMF - Volatility Comparison
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and iShares California Muni Bond ETF (CMF) have volatilities of 0.90% and 0.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.