SHM vs. CALI
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - SHM tracks the Bloomberg Municipal Managed Money Short while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, SHM returned 3.17% vs 2.79% for CALI. At a 0.42 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.08%/yr for CALI.
Performance
SHM vs. CALI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SHM having a 1.03% return and CALI slightly lower at 0.99%.
SHM
- 1D
- 0.06%
- 1M
- 0.70%
- YTD
- 1.03%
- 6M
- 1.15%
- 1Y
- 3.17%
- 3Y*
- 2.86%
- 5Y*
- 0.99%
- 10Y*
- 1.17%
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHM vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 1.03% | 3.95% | 1.22% | 2.44% |
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between SHM and CALI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.42 |
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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.
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.
| SHM | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.87 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 4.19 | -1.38 |
| Martin ratioReturn relative to average drawdown | 7.12 | 21.38 | -14.26 |
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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 | -1.13% | -0.67% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | — | — |
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 | -0.12% | -0.04% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.08% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.13% | +0.32% |
Volatility
SHM vs. CALI - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a higher volatility of 0.29% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. 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 | 0.29% | 0.19% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 0.52% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 0.75% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 1.10% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 1.10% | +2.21% |
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%.
Dividends
SHM vs. CALI - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.66%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.66% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Frequently Asked Questions
SHM and CALI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHM has higher volatility (0.29%) compared to CALI (0.19%). In terms of maximum drawdown, SHM dropped -11.61% vs CALI's -0.78%.
On 1-year performance, SHM leads with 3.17% vs 2.79% for CALI. On fees, CALI is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHM has performed better with a 3.17% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI is cheaper with a 0.08% expense ratio, compared with 0.20% for SHM.
SHM has the higher dividend yield at 2.66%, compared with 2.52% for CALI.
SHM tracks Bloomberg Municipal Managed Money Short, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SHM and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.74 vs 2.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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