SHM vs. CALI
Compare and contrast key facts about SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and iShares Short-Term California Muni Active ETF (CALI).
SHM and CALI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHM is a passively managed fund by State Street that tracks the performance of the Bloomberg Municipal Managed Money Short. It was launched on Oct 10, 2007. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007. Both SHM and CALI 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
SHM vs. CALI - Performance Comparison
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SHM vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.11% | 3.95% | 1.22% | 2.18% |
CALI iShares Short-Term California Muni Active ETF | 0.30% | 3.28% | 2.84% | 1.97% |
Returns By Period
In the year-to-date period, SHM achieves a 0.11% return, which is significantly lower than CALI's 0.30% return.
SHM
- 1D
- 0.10%
- 1M
- -1.01%
- YTD
- 0.11%
- 6M
- 0.53%
- 1Y
- 3.17%
- 3Y*
- 2.26%
- 5Y*
- 0.83%
- 10Y*
- 1.16%
CALI
- 1D
- 0.07%
- 1M
- -0.46%
- YTD
- 0.30%
- 6M
- 0.80%
- 1Y
- 2.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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SHM vs. CALI - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is higher than CALI'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%.
Return for Risk
SHM vs. CALI — Risk / Return Rank
SHM
CALI
SHM vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) 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.
| SHM | CALI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.74 | 2.53 | -0.78 |
Sortino ratioReturn per unit of downside risk | 2.20 | 3.29 | -1.09 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.63 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.97 | 3.51 | -1.54 |
Martin ratioReturn relative to average drawdown | 6.17 | 15.32 | -9.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHM | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 2.53 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 2.76 | -2.29 |
Correlation
The correlation between SHM and CALI is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SHM vs. CALI - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.64%, more than CALI's 2.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.64% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
CALI iShares Short-Term California Muni Active ETF | 2.57% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SHM vs. CALI - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SHM and CALI.
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Drawdown Indicators
| SHM | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -0.78% | -10.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.67% | -0.78% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | — | — |
Current DrawdownCurrent decline from peak | -1.03% | -0.46% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.08% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.18% | +0.35% |
Volatility
SHM vs. CALI - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a higher volatility of 0.53% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that SHM's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.34% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 0.89% | 0.52% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 1.09% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 1.13% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 1.13% | +2.18% |