SHYD vs. CALI

Last updated Jun 25, 2026

SHYD (VanEck Short High Yield Muni ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - SHYD tracks the Bloomberg Municipal High Yield Short Duration while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, SHYD returned 5.08% vs 2.78% for CALI. At a 0.28 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.08%/yr for CALI.

Performance

SHYD vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Short High Yield Muni ETF (SHYD) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYD achieves a 1.32% return, which is significantly higher than CALI's 1.07% return.

SHYD

• 1D: 0.00%
• 1M: 1.59%
• YTD: 1.32%
• 6M: 1.16%
• 1Y: 5.08%
• 3Y*: 4.61%
• 5Y*: 0.96%
• 10Y*: 2.01%

CALI

• 1D: 0.07%
• 1M: 0.45%
• YTD: 1.07%
• 6M: 1.14%
• 1Y: 2.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHYD vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHYD VanEck Short High Yield Muni ETF	1.32%	5.58%	4.85%	1.28%
CALI iShares Short-Term California Muni Active ETF	1.07%	3.28%	2.84%	1.97%

Correlation

The correlation between SHYD and CALI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.28

The correlation between SHYD and CALI shifts across timeframes, from 0.28 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHYD vs. CALI — Risk / Return Rank

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

SHYD

SHYD Risk / Return Rank: 58
SHYD Sharpe Ratio Rank: 58
SHYD Sortino Ratio Rank: 62
SHYD Omega Ratio Rank: 66
SHYD Calmar Ratio Rank: 54
SHYD Martin Ratio Rank: 51

CALI

CALI Risk / Return Rank: 94
CALI Sharpe Ratio Rank: 96
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 84
CALI Martin Ratio Rank: 93

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.

SHYD vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.

	SHYD	CALI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	3.73	-2.01
Sortino ratio: Return per unit of downside risk	2.56	5.64	-3.08
Omega ratio: Gain probability vs. loss probability	1.35	1.87	-0.52
Calmar ratio: Return relative to maximum drawdown	2.35	4.18	-1.83
Martin ratio: Return relative to average drawdown	7.72	21.33	-13.61

SHYD vs. CALI - Sharpe Ratio Comparison

The current SHYD Sharpe Ratio is 1.72, which is lower than the CALI Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of SHYD and CALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SHYD vs. CALI - Drawdown Comparison

The maximum SHYD drawdown since its inception was -31.22%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SHYD and CALI.

Drawdown Indicators

	SHYD	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-31.22%	-0.78%	-30.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-0.67%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.22%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.02%	-0.08%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.13%	+0.53%

Volatility

SHYD vs. CALI - Volatility Comparison

VanEck Short High Yield Muni ETF (SHYD) has a higher volatility of 0.75% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.18%. This indicates that SHYD'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.

Volatility by Period

	SHYD	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.18%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	0.52%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	0.75%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	1.10%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	1.10%	+8.59%

SHYD vs. CALI - Expense Ratio Comparison

SHYD has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.

Dividends

SHYD vs. CALI - Dividend Comparison

SHYD's dividend yield for the trailing twelve months is around 3.49%, 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%
SHYD VanEck Short High Yield Muni ETF	3.49%	3.50%	3.16%	2.99%	2.66%	2.56%	3.05%	3.19%	3.17%	3.11%	2.97%	3.26%

Frequently Asked Questions

Can I hold both SHYD and CALI in my portfolio?

SHYD and CALI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYD or CALI?

SHYD has higher volatility (0.75%) compared to CALI (0.18%). In terms of maximum drawdown, SHYD dropped -31.22% vs CALI's -0.78%.

Which ETF is better, SHYD or CALI?

On 1-year performance, SHYD leads with 5.08% vs 2.78% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYD or CALI?

Over the 1-year period, SHYD has performed better with a 5.08% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYD or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.35% for SHYD.

Which ETF pays a higher dividend yield, SHYD or CALI?

SHYD has the higher dividend yield at 3.49%, compared with 2.52% for CALI.

What is the main difference between SHYD and CALI?

SHYD tracks Bloomberg Municipal High Yield Short Duration, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SHYD and 0.08% for CALI.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.73 vs 1.72), 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.