TAXM vs. CALI
TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. TAXM is actively managed, while CALI is passively managed. Over the past year, TAXM returned 6.62% vs 2.99% for CALI. At a 0.44 correlation, their price movements are largely independent. TAXM charges 0.35%/yr vs 0.08%/yr for CALI.
Performance
TAXM vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, TAXM achieves a 1.18% return, which is significantly higher than CALI's 0.91% return.
TAXM
- 1D
- -0.06%
- 1M
- 0.51%
- YTD
- 1.18%
- 6M
- 1.54%
- 1Y
- 6.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- 0.03%
- 1M
- 0.25%
- YTD
- 0.91%
- 6M
- 1.11%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXM vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 1.18% | 3.71% |
CALI iShares Short-Term California Muni Active ETF | 0.91% | 2.62% |
Correlation
The correlation between TAXM 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 Mar 14, 2025 | 0.44 |
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Return for Risk
TAXM vs. CALI — Risk / Return Rank
TAXM
CALI
TAXM vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.
| TAXM | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.94 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 4.49 | -2.03 |
| Martin ratioReturn relative to average drawdown | 8.62 | 22.91 | -14.29 |
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
| TAXM | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 3.97 | -1.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 2.84 | -1.70 |
Drawdowns
TAXM vs. CALI - Drawdown Comparison
The maximum TAXM drawdown since its inception was -3.10%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TAXM and CALI.
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Drawdown Indicators
| TAXM | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.10% | -0.78% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -0.67% | -2.03% |
Current DrawdownCurrent decline from peak | -0.80% | 0.00% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -0.08% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.13% | +0.64% |
Volatility
TAXM vs. CALI - Volatility Comparison
BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) has a higher volatility of 0.94% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.22%. This indicates that TAXM'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
| TAXM | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.22% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 0.51% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 0.76% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.56% | 1.11% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.56% | 1.11% | +2.45% |
TAXM vs. CALI - Expense Ratio Comparison
TAXM has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
TAXM vs. CALI - Dividend Comparison
TAXM's dividend yield for the trailing twelve months is around 3.29%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% |
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 3.29% | 2.75% | 0.00% | 0.00% |
Frequently Asked Questions
TAXM 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.
TAXM has higher volatility (0.94%) compared to CALI (0.22%). In terms of maximum drawdown, TAXM dropped -3.10% vs CALI's -0.78%.
On 1-year performance, TAXM leads with 6.62% vs 2.99% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TAXM has performed better with a 6.62% return vs 2.99%. 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 0.35% for TAXM.
TAXM has the higher dividend yield at 3.29%, compared with 2.52% for CALI.
They also come from different issuers: BondBloxx and iShares. Their fees differ too: 0.35% for TAXM and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.97 vs 2.49), 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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