RJMI vs. CALI
RJMI (RJ Eagle Municipal Income ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. RJMI is actively managed, while CALI is passively managed. A 0.52 correlation means they provide meaningful diversification when combined. RJMI charges 0.41%/yr vs 0.08%/yr for CALI.
Performance
RJMI vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, RJMI achieves a 1.85% return, which is significantly higher than CALI's 1.15% return.
RJMI
- 1D
- -0.04%
- 1M
- 0.09%
- 6M
- 1.34%
- YTD
- 1.85%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.01%
- YTD
- 1.15%
- 1Y
- 2.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RJMI vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 1.85% | 2.68% |
CALI iShares Short-Term California Muni Active ETF | 1.15% | 0.48% |
Correlation
The correlation between RJMI and CALI is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.52 |
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Return for Risk
RJMI vs. CALI — Risk / Return Rank
RJMI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CALI
RJMI vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) and iShares Short-Term California Muni Active ETF (CALI). 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.
| RJMI | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.92 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.09 | — |
| Martin ratioReturn relative to average drawdown | — | 21.00 | — |
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Drawdowns
RJMI vs. CALI - Drawdown Comparison
The maximum RJMI drawdown since its inception was -3.04%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for RJMI and CALI.
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Drawdown Indicators
| RJMI | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.04% | -0.78% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.67% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.78% | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.00% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -0.63% | -0.08% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.13% | — |
Volatility
RJMI vs. CALI - Volatility Comparison
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Volatility by Period
| RJMI | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.15% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.52% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 0.72% | +2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 1.09% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.01% | 1.09% | +1.92% |
RJMI vs. CALI - Expense Ratio Comparison
RJMI has a 0.41% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
RJMI vs. CALI - Dividend Comparison
RJMI's dividend yield for the trailing twelve months is around 2.24%, less than CALI's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.53% | 2.62% | 3.14% | 1.37% |
RJMI RJ Eagle Municipal Income ETF | 2.24% | 0.61% | 0.00% | 0.00% |
Frequently Asked Questions
RJMI and CALI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CALI is cheaper with a 0.08% expense ratio, compared with 0.41% for RJMI.
CALI has the higher dividend yield at 2.53%, compared with 2.24% for RJMI.
They also come from different issuers: Carillon Tower Advisers and iShares. Their fees differ too: 0.41% for RJMI and 0.08% for CALI.
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