TAFI vs. CALI
TAFI (AB Tax-Aware Short Duration ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. TAFI is actively managed, while CALI is passively managed. Over the past year, TAFI returned 3.60% vs 2.79% for CALI. At a 0.39 correlation, their price movements are largely independent. TAFI charges 0.27%/yr vs 0.08%/yr for CALI.
Performance
TAFI vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, TAFI achieves a 1.19% return, which is significantly higher than CALI's 0.99% return.
TAFI
- 1D
- 0.00%
- 1M
- 0.61%
- YTD
- 1.19%
- 6M
- 1.26%
- 1Y
- 3.60%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAFI vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TAFI AB Tax-Aware Short Duration ETF | 1.19% | 4.35% | 2.48% | 2.67% |
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between TAFI and CALI 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 Jul 13, 2023 | 0.39 |
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Return for Risk
TAFI vs. CALI — Risk / Return Rank
TAFI
CALI
TAFI vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Tax-Aware Short Duration ETF (TAFI) 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.
| TAFI | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.87 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 4.19 | -1.20 |
| Martin ratioReturn relative to average drawdown | 10.71 | 21.38 | -10.67 |
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Drawdowns
TAFI vs. CALI - Drawdown Comparison
The maximum TAFI drawdown since its inception was -2.00%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TAFI and CALI.
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Drawdown Indicators
| TAFI | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.00% | -0.78% | -1.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -0.67% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -1.87% | — | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.04% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -0.08% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 0.13% | +0.21% |
Volatility
TAFI vs. CALI - Volatility Comparison
AB Tax-Aware Short Duration ETF (TAFI) has a higher volatility of 0.32% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that TAFI'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
| TAFI | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 0.19% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 0.52% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 0.75% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 1.10% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.97% | 1.10% | +0.87% |
TAFI vs. CALI - Expense Ratio Comparison
TAFI has a 0.27% 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
TAFI vs. CALI - Dividend Comparison
TAFI's dividend yield for the trailing twelve months is around 3.14%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% |
TAFI AB Tax-Aware Short Duration ETF | 3.14% | 3.21% | 3.34% | 3.27% | 0.79% |
Frequently Asked Questions
TAFI and CALI 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.
TAFI has higher volatility (0.32%) compared to CALI (0.19%). In terms of maximum drawdown, TAFI dropped -2.00% vs CALI's -0.78%.
On 1-year performance, TAFI leads with 3.60% vs 2.79% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TAFI has performed better with a 3.60% 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 0.27% for TAFI.
TAFI has the higher dividend yield at 3.14%, compared with 2.52% for CALI.
They also come from different issuers: AllianceBernstein and iShares. Their fees differ too: 0.27% for TAFI 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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