TSCM vs. CMF

Last updated Jun 4, 2026

TSCM (TimesSquare Quality Mid Cap Growth ETF) and CMF (iShares California Muni Bond ETF) are both exchange-traded funds - TSCM is a Mid Cap Growth Equities fund actively managed by TimesSquare Capital Management, while CMF is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index. TSCM is actively managed, while CMF is passively managed. At a 0.41 correlation, their price movements are largely independent. TSCM charges 0.55%/yr vs 0.25%/yr for CMF.

Performance

TSCM vs. CMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TimesSquare Quality Mid Cap Growth ETF (TSCM) and iShares California Muni Bond ETF (CMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSCM achieves a 3.31% return, which is significantly higher than CMF's 0.96% return.

TSCM

• 1D: -0.92%
• 1M: 5.27%
• YTD: 3.31%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CMF

• 1D: -0.03%
• 1M: 0.59%
• YTD: 0.96%
• 6M: 1.33%
• 1Y: 6.72%
• 3Y*: 3.31%
• 5Y*: 0.66%
• 10Y*: 1.75%

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

TSCM vs. CMF - Yearly Performance Comparison

	2026 (YTD)	2025
TSCM TimesSquare Quality Mid Cap Growth ETF	3.31%	-0.86%
CMF iShares California Muni Bond ETF	0.96%	0.05%

Correlation

The correlation between TSCM and CMF is 0.41, 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 Dec 31, 2025	0.41

Return for Risk

TSCM vs. CMF — Risk / Return Rank

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

CMF

CMF Risk / Return Rank: 65
CMF Sharpe Ratio Rank: 73
CMF Sortino Ratio Rank: 76
CMF Omega Ratio Rank: 86
CMF Calmar Ratio Rank: 46
CMF Martin Ratio Rank: 47

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.

TSCM vs. CMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TimesSquare Quality Mid Cap Growth ETF (TSCM) 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.

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

Sharpe Ratios by Period

	TSCM	CMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.41	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.39	-0.11

Drawdowns

TSCM vs. CMF - Drawdown Comparison

The maximum TSCM drawdown since its inception was -14.87%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for TSCM and CMF.

Drawdown Indicators

	TSCM	CMF	Difference
Max Drawdown Largest peak-to-trough decline	-14.87%	-16.45%	+1.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.91%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.57%	—
Current Drawdown Current decline from peak	-0.92%	-0.92%	0.00%
Average Drawdown Average peak-to-trough decline	-6.33%	-4.77%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.86%	—

Volatility

Volatility by Period

	TSCM	CMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.03%	2.80%	+18.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	4.19%	+16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	5.08%	+15.95%

TSCM vs. CMF - Expense Ratio Comparison

TSCM has a 0.55% expense ratio, which is higher than CMF's 0.25% expense ratio.

Dividends

TSCM vs. CMF - Dividend Comparison

TSCM has not paid dividends to shareholders, while CMF's dividend yield for the trailing twelve months is around 2.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMF iShares California Muni Bond ETF	2.95%	2.94%	2.78%	2.29%	1.91%	1.58%	1.80%	2.03%	2.17%	2.09%	2.21%	2.55%
TSCM TimesSquare Quality Mid Cap Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSCM and CMF in my portfolio?

TSCM and CMF 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 ETF is better, TSCM or CMF?

On fees, CMF is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSCM or CMF?

CMF is cheaper with a 0.25% expense ratio, compared with 0.55% for TSCM.

Which ETF pays a higher dividend yield, TSCM or CMF?

CMF has the higher dividend yield at 2.95%, compared with 0.00% for TSCM.

What is the main difference between TSCM and CMF?

TSCM is categorized as Mid Cap Growth Equities, while CMF is Municipal Bonds. They also come from different issuers: TimesSquare Capital Management and iShares. Their fees differ too: 0.55% for TSCM and 0.25% for CMF.