CMF vs. VCLAX
Compare and contrast key facts about iShares California Muni Bond ETF (CMF) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX).
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. VCLAX is managed by Vanguard. It was launched on Nov 12, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CMF or VCLAX.
Performance
CMF vs. VCLAX - Performance Comparison
Returns By Period
In the year-to-date period, CMF achieves a 1.62% return, which is significantly lower than VCLAX's 2.41% return. Over the past 10 years, CMF has underperformed VCLAX with an annualized return of 1.99%, while VCLAX has yielded a comparatively higher 2.73% annualized return.
CMF
1.62%
0.30%
2.79%
5.07%
0.83%
1.99%
VCLAX
2.41%
0.02%
3.34%
7.62%
1.23%
2.73%
Key characteristics
| CMF | VCLAX | |
|---|---|---|
| Sharpe Ratio | 1.40 | 2.03 |
| Sortino Ratio | 1.99 | 3.04 |
| Omega Ratio | 1.27 | 1.46 |
| Calmar Ratio | 0.80 | 0.92 |
| Martin Ratio | 5.95 | 8.16 |
| Ulcer Index | 0.89% | 0.97% |
| Daily Std Dev | 3.79% | 3.89% |
| Max Drawdown | -16.45% | -16.25% |
| Current Drawdown | -1.91% | -1.61% |
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CMF vs. VCLAX - Expense Ratio Comparison
CMF has a 0.25% expense ratio, which is higher than VCLAX's 0.09% 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%.
Correlation
The correlation between CMF and VCLAX is 0.51, 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.
Risk-Adjusted Performance
CMF vs. VCLAX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares California Muni Bond ETF (CMF) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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.
Dividends
CMF vs. VCLAX - Dividend Comparison
CMF's dividend yield for the trailing twelve months is around 2.73%, less than VCLAX's 3.34% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.73% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.34% | 3.07% | 2.74% | 2.40% | 2.64% | 3.01% | 3.39% | 3.34% | 3.56% | 3.58% | 3.71% | 4.07% |
Drawdowns
CMF vs. VCLAX - Drawdown Comparison
The maximum CMF drawdown since its inception was -16.45%, roughly equal to the maximum VCLAX drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for CMF and VCLAX. For additional features, visit the drawdowns tool.
Volatility
CMF vs. VCLAX - Volatility Comparison
iShares California Muni Bond ETF (CMF) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) have volatilities of 1.97% and 1.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.