iShares California Muni Bond ETF (CMF) Performance
CMF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.4% since Dec 31, 2025
- 1 year
- −1.0% total return
- 5 years
- +0.3% a year
- 10 years
- +1.5% a year
- Since first price
- +3.1% a year since 2007
CMF trailing returns vs AGG, TLT, SPY
| Period | CMF total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.3% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.2% | −1.9% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.2% | −3.7% | −1.5% | −3.8% | +7.8% |
| YTD | −1.4% | −3.6% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.0% | −3.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +11.5%+3.7%/yr | +2.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +1.6%+0.3%/yr | −10.4% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +16.2%+1.5%/yr | −7.2% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +48.1%+2.7%/yr | +2.6% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 5, 2007 | +78.8%+3.1%/yr | +6.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CMF vs AGG
From Oct 5, 2007: CMF grew to $17,876, AGG to $17,156.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CMF returns by calendar year
14 of 18 full years positive. Best 2011 (+16.5%), worst 2022 (−8.3%). 2026 is year to date.
CMF annual returns table
| Year | CMF | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.4% | −6.5% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.4% | −4.6% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.6% | −2.2% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.7% | −5.8% | +5.7% | +2.8% | +26.2% |
| 2022 | −8.3% | −12.1% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.8% | −2.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +4.5% | −14.6% | +7.5% | +18.2% | +18.3% |
| 2019 | +6.9% | −1.7% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.0% | −2.4% | +0.1% | −1.6% | −4.6% |
| 2017 | +4.6% | −1.5% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.1% | −6.6% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.0% | −3.1% | +0.5% | −1.8% | +1.2% |
| 2014 | +11.4% | −15.9% | +6.0% | +27.3% | +13.5% |
| 2013 | −2.7% | −10.0% | −2.0% | −13.4% | +32.3% |
| 2012 | +7.3% | −4.0% | +3.8% | +2.6% | +16.0% |
| 2011 | +16.5% | −4.2% | +7.7% | +34.0% | +1.9% |
| 2010 | −2.6% | −9.3% | +6.4% | +9.0% | +15.1% |
| 2009 | +8.1% | −4.8% | +3.0% | −21.8% | +26.4% |
| 2008 | +0.6% | −13.2% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CMF largest drawdowns
Now 3.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 26, 2014 | −16.5% | Jun 10, 2015 | Feb 20, 2020 | 5 months | 5.2 years |
| Mar 9, 2020 | −14.6% | Mar 23, 2020 | Jul 16, 2020 | 14 days | 4 months |
| May 21, 2008 | −13.2% | Oct 17, 2008 | Jan 7, 2009 | 5 months | 8 months |
| Aug 3, 2021 | −12.5% | Oct 25, 2022 | Sep 18, 2025 | 1.2 years | 4.1 years |
| Sep 1, 2010 | −11.6% | Jan 18, 2011 | Aug 2, 2011 | 5 months | 11 months |
| Nov 30, 2012 | −10.6% | Jun 24, 2013 | Apr 10, 2014 | 7 months | 1.4 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
CMF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.4% | −0.2% | +1.2% | +3.0% |
| Volatility (annualized) | 5.3% | 6.3% | 5.4% | 5.7% |
| Sharpe ratio | -0.34 | -0.59 | -0.18 | 0.31 |
| Sortino ratio | -0.48 | -0.76 | -0.25 | 0.46 |
| Best month | +5.4% | +5.4% | +5.4% | +6.1% |
| Worst month | −3.4% | −3.7% | −4.3% | −5.4% |
| Best 12 months | +8.8% | +8.8% | +9.4% | +21.2% |
| Worst 12 months | −2.3% | −11.3% | −11.3% | −11.3% |
| Positive months | 56% | 50% | 57% | 61% |
| Beta vs S&P 500 | 0.26 | 0.27 | 0.16 | — |
| Correlation with S&P 500 | 0.61 | 0.66 | 0.45 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CMF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −11.3% | +3.1% | +21.2% | 80% |
| 3-year (a year) | 193 | −2.6% | +3.4% | +8.3% | 84% |
| 5-year (a year) | 169 | −0.4% | +3.2% | +7.4% | 97% |
| 10-year (a year) | 109 | +1.2% | +2.8% | +5.3% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
CMF performance overview
iShares California Muni Bond ETF (CMF) returned −1.0% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +3.1% a year, turning $10,000 into about $17,876. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −16.5%, from Dec 26, 2014 to Jun 10, 2015, and it took 4.7 years to get back to the old high. CMF finished 14 of its 18 full calendar years with a gain; the best year was 2011 (+16.5%) and the worst 2022 (−8.3%). Volatility has been 5.7% a year.
Related: CMF chart, CMF dividends, CMF bond profile. See the CMF overview for the latest quote and fund facts.
CMF performance FAQ
What is the CMF return over the past year?
CMF returned −1.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.9%.
What is the average annual return of CMF?
CMF has returned +0.3% a year over 5 years, +1.5% a year over 10 years, +3.1% a year since October 5, 2007 (total return, distributions reinvested).
How much would $10,000 invested in CMF be worth?
$10,000 invested in CMF at its first recorded close on October 5, 2007 would be worth about $17,876 on October 23, 2026 with distributions reinvested.
What was the worst year for CMF?
The worst calendar year was 2022, with a total return of −8.3%. The best was 2011 at +16.5%.
What is the biggest drawdown of CMF?
The largest peak-to-trough decline was −16.5% between December 26, 2014 and June 10, 2015. It recovered to the old high on February 20, 2020, 4.7 years after the bottom.
How volatile is CMF?
Over the past 3 years CMF had an annualized volatility of 5.3% and a Sharpe ratio of -0.34 (excess return over 1–3 month T-bills per unit of risk).