TMNL vs. CALI

Last updated Jun 5, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. TMNL is actively managed, while CALI is passively managed. At a 0.47 correlation, their price movements are largely independent. TMNL charges 0.26%/yr vs 0.08%/yr for CALI.

Performance

TMNL vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) 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, TMNL achieves a 2.54% return, which is significantly higher than CALI's 0.97% return.

TMNL

• 1D: 0.25%
• 1M: 0.96%
• YTD: 2.54%
• 6M: 2.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.06%
• 1M: 0.31%
• YTD: 0.97%
• 6M: 1.18%
• 1Y: 2.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMNL vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.54%	0.34%
CALI iShares Short-Term California Muni Active ETF	0.97%	0.29%

Correlation

The correlation between TMNL and CALI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.47

Return for Risk

TMNL vs. CALI — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 84
CALI Martin Ratio Rank: 92

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.

TMNL vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMNL	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	2.85	-1.63

Drawdowns

TMNL vs. CALI - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TMNL and CALI.

Drawdown Indicators

	TMNL	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-0.78%	-2.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.08%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	TMNL	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	0.76%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	1.11%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	1.11%	+3.44%

TMNL vs. CALI - Expense Ratio Comparison

TMNL has a 0.26% 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

TMNL vs. CALI - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.12%, less 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%
TMNL T. Rowe Price Long Municipal Income ETF	2.12%	0.39%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNL and CALI in my portfolio?

TMNL and CALI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNL or CALI?

On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNL or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.26% for TMNL.

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

CALI has the higher dividend yield at 2.52%, compared with 2.12% for TMNL.

What is the main difference between TMNL and CALI?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.26% for TMNL and 0.08% for CALI.