TXXI vs. CALI
TXXI (BondBloxx IR+M Tax-Aware Intermediate Duration ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. TXXI is actively managed, while CALI is passively managed. Over the past year, TXXI returned 6.65% vs 2.99% for CALI. At a 0.38 correlation, their price movements are largely independent. TXXI charges 0.35%/yr vs 0.08%/yr for CALI.
Performance
TXXI vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, TXXI achieves a 1.45% return, which is significantly higher than CALI's 0.97% return.
TXXI
- 1D
- 0.13%
- 1M
- 0.59%
- YTD
- 1.45%
- 6M
- 2.04%
- 1Y
- 6.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- 0.06%
- 1M
- 0.31%
- YTD
- 0.97%
- 6M
- 1.18%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TXXI vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF | 1.45% | 4.34% |
CALI iShares Short-Term California Muni Active ETF | 0.97% | 2.62% |
Correlation
The correlation between TXXI and CALI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025 | 0.38 |
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Return for Risk
TXXI vs. CALI — Risk / Return Rank
TXXI
CALI
TXXI vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) 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.
| TXXI | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.94 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 4.49 | -2.32 |
| Martin ratioReturn relative to average drawdown | 7.12 | 22.91 | -15.79 |
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
| TXXI | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 3.97 | -1.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.38 | 2.85 | -1.47 |
Drawdowns
TXXI vs. CALI - Drawdown Comparison
The maximum TXXI drawdown since its inception was -3.08%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TXXI and CALI.
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Drawdown Indicators
| TXXI | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.08% | -0.78% | -2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -0.67% | -2.41% |
Current DrawdownCurrent decline from peak | -0.87% | 0.00% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -0.08% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.13% | +0.81% |
Volatility
TXXI vs. CALI - Volatility Comparison
BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) has a higher volatility of 0.84% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.23%. This indicates that TXXI'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
| TXXI | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.23% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 0.51% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 0.76% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.46% | 1.11% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 1.11% | +2.35% |
TXXI vs. CALI - Expense Ratio Comparison
TXXI has a 0.35% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
TXXI vs. CALI - Dividend Comparison
TXXI's dividend yield for the trailing twelve months is around 3.46%, 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% |
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF | 3.46% | 2.85% | 0.00% | 0.00% |
Frequently Asked Questions
TXXI and CALI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TXXI has higher volatility (0.84%) compared to CALI (0.23%). In terms of maximum drawdown, TXXI dropped -3.08% vs CALI's -0.78%.
On 1-year performance, TXXI leads with 6.65% 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 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TXXI has performed better with a 6.65% 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 TXXI.
TXXI has the higher dividend yield at 3.46%, compared with 2.52% for CALI.
They also come from different issuers: BondBloxx and iShares. Their fees differ too: 0.35% for TXXI and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.97 vs 2.36), 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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