STAX vs. CA

Last updated Jun 4, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and CA (Xtrackers California Municipal Bond ETF) are both Municipal Bonds funds. STAX is actively managed, while CA is passively managed. Over the past year, STAX returned 3.87% vs 6.67% for CA. A 0.59 correlation means they provide meaningful diversification when combined. STAX charges 0.29%/yr vs 0.07%/yr for CA.

Performance

STAX vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STAX achieves a 0.93% return, which is significantly lower than CA's 1.20% return.

STAX

• 1D: -0.08%
• 1M: 0.13%
• YTD: 0.93%
• 6M: 1.25%
• 1Y: 3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CA

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.20%
• 6M: 1.44%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STAX vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
STAX Macquarie Tax-Free USA Short Term ETF	0.93%	4.12%	2.55%	0.30%
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%

Correlation

The correlation between STAX and CA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.59

The correlation between STAX and CA shifts across timeframes, from 0.41 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

STAX vs. CA — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 86
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 98
STAX Calmar Ratio Rank: 74
STAX Martin Ratio Rank: 65

CA

CA Risk / Return Rank: 73
CA Sharpe Ratio Rank: 78
CA Sortino Ratio Rank: 85
CA Omega Ratio Rank: 90
CA Calmar Ratio Rank: 53
CA Martin Ratio Rank: 56

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.

STAX vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and Xtrackers California Municipal Bond ETF (CA). 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.

	STAX	CA	Difference
Sharpe ratio: Return per unit of total volatility	3.86	2.54	+1.31
Sortino ratio: Return per unit of downside risk	6.16	3.84	+2.32
Omega ratio: Gain probability vs. loss probability	1.99	1.58	+0.41
Calmar ratio: Return relative to maximum drawdown	3.70	2.61	+1.09
Martin ratio: Return relative to average drawdown	11.77	9.84	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STAX vs. CA - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 3.86, which is higher than the CA Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of STAX and CA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	STAX	CA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.86	2.54	+1.31
Sharpe Ratio (All Time) Calculated using the full available price history	2.64	0.67	+1.97

Drawdowns

STAX vs. CA - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum CA drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for STAX and CA.

Drawdown Indicators

	STAX	CA	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-5.24%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	-2.57%	+1.52%
Current Drawdown Current decline from peak	-0.43%	-0.75%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.23%	-1.27%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.68%	-0.35%

Volatility

STAX vs. CA - Volatility Comparison

Macquarie Tax-Free USA Short Term ETF (STAX) has a higher volatility of 0.35% compared to Xtrackers California Municipal Bond ETF (CA) at 0.31%. This indicates that STAX's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STAX	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.31%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	1.83%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	2.64%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.38%	3.99%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.38%	3.99%	-2.61%

STAX vs. CA - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is higher than CA's 0.07% expense ratio.

Dividends

STAX vs. CA - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.22%, more than CA's 2.96% yield.

Position	TTM	2025	2024
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%
STAX Macquarie Tax-Free USA Short Term ETF	3.22%	3.16%	3.43%

Frequently Asked Questions

Can I hold both STAX and CA in my portfolio?

STAX and CA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STAX or CA?

STAX has higher volatility (0.35%) compared to CA (0.31%). In terms of maximum drawdown, STAX dropped -1.42% vs CA's -5.24%.

Which ETF is better, STAX or CA?

On 1-year performance, CA leads with 6.67% vs 3.87% for STAX. On fees, CA is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STAX or CA?

Over the 1-year period, CA has performed better with a 6.67% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STAX or CA?

CA is cheaper with a 0.07% expense ratio, compared with 0.29% for STAX.

Which ETF pays a higher dividend yield, STAX or CA?

STAX has the higher dividend yield at 3.22%, compared with 2.96% for CA.

What is the main difference between STAX and CA?

They also come from different issuers: Macquarie and Xtrackers. Their fees differ too: 0.29% for STAX and 0.07% for CA.

Which has better risk-adjusted returns?

STAX currently has the higher Sharpe Ratio (3.86 vs 2.54), 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.