CMF vs SPY
Comparison between ISHARES CALIFORNIA MUNI BOND ETF (CMF, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed CMF, delivering a return of +13.2% compared to +0.7%
CMF vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
CMF
$4.40B
Winner
SPY
$784B
Expense Ratio
Winner
CMF
0.08%
SPY
0.09%
Max Drawdown
Winner
CMF
22.81%
SPY
56.47%
Sharpe Ratio
CMF
0.95
Winner
SPY
1.54
5Y Beta
Winner
CMF
0.04
SPY
1.00
P/E Ratio
CMF
N/A
SPY
27.62
Forward P/E
CMF
N/A
SPY
21.11
5Y Dividends CAGR
Winner
CMF
9.81%
SPY
6.00%
5Y EPS CAGR
CMF
N/A
SPY
25.30%
Debt to Equity
CMF
N/A
SPY
31.11%
P/S Ratio
CMF
N/A
SPY
3.49
P/B Ratio
CMF
N/A
SPY
5.30
CMF vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
CMF
+1.32%
SPY
-1.37%
3M
CMF
+1.51%
Winner
SPY
+12.22%
6M
CMF
+1.33%
Winner
SPY
+7.20%
1Y
CMF
+6.50%
Winner
SPY
+23.58%
5Y(CAGR)
CMF
+0.74%
Winner
SPY
+13.19%
10Y(CAGR)
CMF
+2.00%
Winner
SPY
+15.12%
Max(CAGR)
CMF
+5.03%
Winner
SPY
+8.44%
CMF vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | CMF | SPY |
|---|---|---|
| 2026 | +1.14% | +7.95% |
| 2025 | +3.22% | +18.00% |
| 2024 | +1.78% | +25.59% |
| 2023 | +5.24% | +26.72% |
| 2022 | -8.18% | -18.64% |
| 2021 | +0.77% | +30.52% |
| 2020 | +4.50% | +17.28% |
| 2019 | +7.01% | +31.09% |
| 2018 | +0.92% | -5.24% |
| 2017 | +6.37% | +20.78% |
| 2016 | +1.78% | +13.59% |
| 2015 | +5.68% | +1.31% |
| 2014 | +13.86% | +14.56% |
| 2013 | -0.24% | +29.00% |
| 2012 | +10.71% | +14.17% |
| 2011 | +20.28% | +0.85% |
| 2010 | +1.29% | +13.14% |
| 2009 | +12.33% | +22.67% |
| 2008 | +4.20% | -36.25% |
| 2007 | +2.20% | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
CMF vs SPY Drawdown Comparison
The maximum drawdown for CMF was -15.91%, occurring on Dec 29, 2014. Recovery took 1070 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current CMF drawdown is -0.68%. The current SPY drawdown is -3.18%.
| Rank | CMF | SPY |
|---|---|---|
| #1 | -15.91% Dec 26, 2014 - Mar 29, 2019 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -14.57% Mar 9, 2020 - Jul 16, 2020 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -12.78% Sep 11, 2008 - Nov 5, 2008 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -12.46% Aug 3, 2021 - Sep 18, 2025 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -10.76% Oct 8, 2010 - May 16, 2011 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -9.53% May 20, 2013 - Jan 17, 2014 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -7.09% Nov 6, 2008 - Jan 5, 2009 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -4.86% Jan 22, 2008 - Apr 11, 2008 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -4.03% May 6, 2009 - Aug 11, 2009 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -3.88% Dec 5, 2012 - Mar 1, 2013 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -3.80% Apr 18, 2012 - Aug 1, 2012 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -3.78% Oct 7, 2009 - Mar 2, 2010 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -3.68% May 21, 2008 - Sep 3, 2008 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -3.05% Jan 14, 2009 - Feb 9, 2009 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -2.91% Feb 27, 2026 - Mar 24, 2026 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between CMF and SPY is 0.82 which considered as a strong positive correlation - the stocks tend to move together.
0.82
-101
Dividend Comparison (1999 - 2026)
CMF vs SPY dividend yield comparison.
| Year | CMF | SPY |
|---|---|---|
| 2026 | 1.22% | 0.50% |
| 2025 | 2.94% | 1.07% |
| 2024 | 2.78% | 1.21% |
| 2023 | 2.29% | 1.40% |
| 2022 | 1.91% | 1.65% |
| 2021 | 1.58% | 1.20% |
| 2020 | 1.80% | 1.52% |
| 2019 | 2.03% | 1.75% |
| 2018 | 2.17% | 2.04% |
| 2017 | 3.67% | 1.80% |
| 2016 | 4.42% | 2.03% |
| 2015 | 5.11% | 2.06% |
| 2014 | 5.61% | 1.87% |
| 2013 | 6.23% | 1.81% |
| 2012 | 6.16% | 2.18% |
| 2011 | 7.33% | 2.05% |
| 2010 | 8.39% | 1.80% |
| 2009 | 7.54% | 1.95% |
| 2008 | 7.03% | 3.02% |
| 2007 | 1.63% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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