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 +13.3% compared to +0.6%

CMF vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CMF(ETF)	SPY(ETF)
Net Assets	$4.10B	$652B
Expense Ratio	0.08%	0.09%
Max Drawdown	22.81%	56.47%
Sharpe Ratio	0.72	2.07
5Y Beta	0.03	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	11.08%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

CMF

$4.10B

Winner

SPY

$652B

Expense Ratio

Winner

CMF

0.08%

SPY

0.09%

Max Drawdown

Winner

CMF

22.81%

SPY

56.47%

Sharpe Ratio

CMF

0.72

Winner

SPY

2.07

5Y Beta

Winner

CMF

0.03

SPY

1.00

P/E Ratio

CMF

N/A

SPY

28.24

Forward P/E

CMF

N/A

SPY

21.85

5Y Dividends CAGR

Winner

CMF

11.08%

SPY

5.43%

5Y EPS CAGR

CMF

N/A

SPY

25.79%

Debt to Equity

CMF

N/A

SPY

22.35%

P/S Ratio

CMF

N/A

SPY

3.55

P/B Ratio

CMF

N/A

SPY

5.29

CMF vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	CMF	SPY
1 month	+0.35%	+9.11%
3 months	-0.46%	+6.59%
6 months	+1.19%	+10.56%
1 year	+6.02%	+32.04%
5 years(CAGR)	+0.64%	+13.35%
10 years(CAGR)	+1.73%	+15.49%
Max(CAGR)	+3.29%	+8.50%

CMF

+0.35%

Winner

SPY

+9.11%

CMF

-0.46%

Winner

SPY

+6.59%

CMF

+1.19%

Winner

SPY

+10.56%

CMF

+6.02%

Winner

SPY

+32.04%

5Y(CAGR)

CMF

+0.64%

Winner

SPY

+13.35%

10Y(CAGR)

CMF

+1.73%

Winner

SPY

+15.49%

Max(CAGR)

CMF

+3.29%

Winner

SPY

+8.50%

CMF vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	CMF	SPY
2026	+0.58%	+8.27%
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	+4.69%	+20.78%
2016	-0.37%	+13.59%
2015	+3.00%	+1.31%
2014	+10.66%	+14.56%
2013	-3.23%	+29.00%
2012	+7.34%	+14.17%
2011	+15.75%	+0.85%
2010	-2.55%	+13.14%
2009	+8.14%	+22.67%
2008	+0.64%	-36.25%
2007	+1.37%	+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 -16.45%, occurring on Jun 10, 2015. Recovery took 1295 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 -1.23%.

Rank	CMF	SPY
#1	-16.45% Dec 26, 2014 - Feb 20, 2020	-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	-13.25% May 21, 2008 - Jan 7, 2009	-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	-11.65% Sep 1, 2010 - Aug 2, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-10.57% Nov 30, 2012 - Apr 10, 2014	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-5.15% Jan 22, 2008 - May 21, 2008	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-4.75% Apr 27, 2009 - Aug 17, 2009	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-4.19% Sep 24, 2009 - Apr 27, 2010	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-3.80% Apr 18, 2012 - Sep 28, 2012	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-3.05% Jan 14, 2009 - Feb 9, 2009	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-2.91% Feb 27, 2026 - Mar 24, 2026	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-2.89% Sep 22, 2011 - Dec 8, 2011	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-2.72% Feb 11, 2009 - Mar 24, 2009	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-2.18% Feb 12, 2021 - Jun 11, 2021	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between CMF and SPY is 0.84 which considered as a strong positive correlation - the stocks tend to move together.

0.84

-101

Dividend Comparison (1999 - 2026)

CMF vs SPY dividend yield comparison.

Year	CMF	SPY
2026	0.98%	0.24%
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	2.09%	1.80%
2016	2.21%	2.03%
2015	2.55%	2.06%
2014	2.80%	1.87%
2013	3.12%	1.81%
2012	3.08%	2.18%
2011	3.66%	2.05%
2010	4.19%	1.80%
2009	3.77%	1.95%
2008	3.52%	3.02%
2007	0.82%	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%