TAFTX vs. CMF
Compare and contrast key facts about American Funds Tax-Exempt Fund of California (TAFTX) and iShares California Muni Bond ETF (CMF).
TAFTX is managed by American Funds. It was launched on Oct 27, 1986. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Performance
TAFTX vs. CMF - Performance Comparison
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TAFTX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAFTX American Funds Tax-Exempt Fund of California | -0.58% | 4.73% | 2.31% | 5.76% | -9.78% | 1.88% | 4.43% | 7.33% | 0.71% | 5.96% |
CMF iShares California Muni Bond ETF | -0.28% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Returns By Period
In the year-to-date period, TAFTX achieves a -0.58% return, which is significantly lower than CMF's -0.28% return. Over the past 10 years, TAFTX has outperformed CMF with an annualized return of 1.97%, while CMF has yielded a comparatively lower 1.75% annualized return.
TAFTX
- 1D
- 0.24%
- 1M
- -2.29%
- YTD
- -0.58%
- 6M
- 0.84%
- 1Y
- 3.36%
- 3Y*
- 3.22%
- 5Y*
- 0.71%
- 10Y*
- 1.97%
CMF
- 1D
- 0.28%
- 1M
- -1.85%
- YTD
- -0.28%
- 6M
- 1.33%
- 1Y
- 4.15%
- 3Y*
- 2.54%
- 5Y*
- 0.64%
- 10Y*
- 1.75%
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TAFTX vs. CMF - Expense Ratio Comparison
TAFTX has a 0.57% expense ratio, which is higher than CMF's 0.25% expense ratio.
Return for Risk
TAFTX vs. CMF — Risk / Return Rank
TAFTX
CMF
TAFTX vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Exempt Fund of California (TAFTX) and iShares California Muni Bond ETF (CMF). 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.
| TAFTX | CMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 0.93 | -0.20 |
Sortino ratioReturn per unit of downside risk | 0.99 | 1.16 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.23 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.14 | -0.28 |
Martin ratioReturn relative to average drawdown | 2.76 | 3.54 | -0.79 |
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
| TAFTX | CMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.93 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.15 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.35 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.27 | 0.39 | +0.88 |
Correlation
The correlation between TAFTX and CMF is 0.52, 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
TAFTX vs. CMF - Dividend Comparison
TAFTX's dividend yield for the trailing twelve months is around 3.04%, more than CMF's 2.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAFTX American Funds Tax-Exempt Fund of California | 3.04% | 3.96% | 2.64% | 2.19% | 1.82% | 2.19% | 2.65% | 3.15% | 2.93% | 2.95% | 3.13% | 3.32% |
CMF iShares California Muni Bond ETF | 2.97% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Drawdowns
TAFTX vs. CMF - Drawdown Comparison
The maximum TAFTX drawdown since its inception was -18.83%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for TAFTX and CMF.
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Drawdown Indicators
| TAFTX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -16.45% | -2.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -3.84% | -1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -14.82% | -12.45% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -14.82% | -14.57% | -0.25% |
Current DrawdownCurrent decline from peak | -2.58% | -2.14% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -4.80% | +2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 1.24% | +0.40% |
Volatility
TAFTX vs. CMF - Volatility Comparison
The current volatility for American Funds Tax-Exempt Fund of California (TAFTX) is 1.18%, while iShares California Muni Bond ETF (CMF) has a volatility of 1.53%. This indicates that TAFTX experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAFTX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.53% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 2.01% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 4.48% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 4.17% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.90% | 5.07% | -1.17% |