Correlation
The correlation between PHB and CMF is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
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.
Performance
PHB vs. CMF - Performance Comparison
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Key characteristics
PHB:
1.43
CMF:
0.32
PHB:
2.04
CMF:
0.36
PHB:
1.30
CMF:
1.06
PHB:
1.97
CMF:
0.24
PHB:
9.01
CMF:
0.78
PHB:
0.86%
CMF:
1.74%
PHB:
5.46%
CMF:
5.12%
PHB:
-44.79%
CMF:
-16.45%
PHB:
0.00%
CMF:
-3.54%
Returns By Period
In the year-to-date period, PHB achieves a 3.04% return, which is significantly higher than CMF's -1.84% return. Over the past 10 years, PHB has outperformed CMF with an annualized return of 4.03%, while CMF has yielded a comparatively lower 1.77% annualized return.
PHB
3.04%
1.28%
1.86%
7.72%
5.63%
4.63%
4.03%
CMF
-1.84%
-0.23%
-2.62%
1.61%
1.45%
-0.13%
1.77%
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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 Rank
PHB
CMF
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.
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Dividends
PHB vs. CMF - Dividend Comparison
PHB's dividend yield for the trailing twelve months is around 5.83%, more than CMF's 2.94% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHB Invesco Fundamental High Yield® Corporate Bond ETF | 5.83% | 5.69% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% | 4.48% |
CMF iShares California Muni Bond ETF | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% |
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.
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Volatility
PHB vs. CMF - Volatility Comparison
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) has a higher volatility of 1.47% compared to iShares California Muni Bond ETF (CMF) at 1.20%. This indicates that PHB's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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