PHB vs. CMF

Last updated Apr 1, 2026

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.

Performance

PHB vs. CMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Fundamental High Yield Corporate Bond ETF (PHB) and iShares California Muni Bond ETF (CMF). The values are adjusted to include any dividend payments, if applicable.

PHB vs. CMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHB Invesco Fundamental High Yield Corporate Bond ETF	-2.18%	8.75%	5.54%	11.19%	-8.77%	3.32%	5.20%	13.59%	-2.69%	5.12%
CMF iShares California Muni Bond ETF	-0.57%	3.36%	1.65%	5.71%	-8.27%	0.78%	4.50%	6.94%	0.99%	4.63%

Returns By Period

In the year-to-date period, PHB achieves a -2.18% return, which is significantly lower than CMF's -0.57% return. Over the past 10 years, PHB has outperformed CMF with an annualized return of 4.63%, while CMF has yielded a comparatively lower 1.72% annualized return.

PHB

• 1D: 0.84%
• 1M: -2.81%
• YTD: -2.18%
• 6M: -0.67%
• 1Y: 4.99%
• 3Y*: 6.52%
• 5Y*: 3.19%
• 10Y*: 4.63%

CMF

• 1D: 0.25%
• 1M: -2.42%
• YTD: -0.57%
• 6M: 1.16%
• 1Y: 4.10%
• 3Y*: 2.44%
• 5Y*: 0.58%
• 10Y*: 1.72%

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

PHB vs. CMF - Expense Ratio Comparison

PHB has a 0.23% expense ratio, which is lower than CMF's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

CMF

iShares California Muni Bond ETF

PHB

Invesco Fundamental High Yield Corporate Bond ETF

Return for Risk

PHB vs. CMF — Risk / Return Rank

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

PHB

PHB Risk / Return Rank: 49
PHB Sharpe Ratio Rank: 50
PHB Sortino Ratio Rank: 47
PHB Omega Ratio Rank: 52
PHB Calmar Ratio Rank: 45
PHB Martin Ratio Rank: 49

CMF

CMF Risk / Return Rank: 50
CMF Sharpe Ratio Rank: 54
CMF Sortino Ratio Rank: 44
CMF Omega Ratio Rank: 64
CMF Calmar Ratio Rank: 48
CMF Martin Ratio Rank: 40

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.

PHB vs. CMF - Risk-Adjusted Trends 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.

	PHB	CMF	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.92	+0.02
Sortino ratio Return per unit of downside risk	1.34	1.15	+0.19
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.02
Calmar ratio Return relative to maximum drawdown	1.22	1.13	+0.09
Martin ratio Return relative to average drawdown	4.83	3.54	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHB vs. CMF - Sharpe Ratio Comparison

The current PHB Sharpe Ratio is 0.94, which is comparable to the CMF Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of PHB and CMF, 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

	PHB	CMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.92	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.14	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.34	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.39	-0.11

Correlation

The correlation between PHB and CMF is 0.12, 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

PHB vs. CMF - Dividend Comparison

PHB's dividend yield for the trailing twelve months is around 5.68%, more than CMF's 2.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHB Invesco Fundamental High Yield Corporate Bond ETF	5.68%	5.48%	5.69%	4.68%	3.52%	3.37%	3.90%	4.03%	4.44%	4.14%	4.58%	4.69%
CMF iShares California Muni Bond ETF	2.98%	2.94%	2.78%	2.29%	1.91%	1.58%	1.80%	2.03%	2.17%	2.09%	2.21%	2.55%

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.

Drawdown Indicators

	PHB	CMF	Difference
Max Drawdown Largest peak-to-trough decline	-44.79%	-16.45%	-28.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-3.84%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-12.45%	-1.31%
Max Drawdown (10Y) Largest decline over 10 years	-21.52%	-14.57%	-6.95%
Current Drawdown Current decline from peak	-3.22%	-2.42%	-0.80%
Average Drawdown Average peak-to-trough decline	-4.36%	-4.80%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	1.23%	-0.20%

Volatility

PHB vs. CMF - Volatility Comparison

Invesco Fundamental High Yield Corporate Bond ETF (PHB) has a higher volatility of 2.27% compared to iShares California Muni Bond ETF (CMF) at 1.56%. 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.

Volatility by Period

	PHB	CMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	1.56%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.00%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.36%	4.48%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	4.17%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	5.07%	+1.82%