CMFvsHYDETF Comparison
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iShares California Muni Bond ETF (CMF) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. CMF's top 2 sector exposures are Municipal and Non-Corporate. In contrast, HYD's top sector exposures are Municipal. CMF is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.32% for HYD. CMF is down -0.97% year-to-date (YTD) with +$1.69B in YTD flows. HYD performs better with -0.27% YTD performance, and +$605M in YTD flows. Run a side-by-side ETF comparison of CMF and HYD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CMF vs HYD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF HYD | +3.74%+3.40% | -1.10%-2.01% | -0.97%-0.27% | -0.54%+0.00% | +12.09%+16.75% | +1.97%-2.48% |
| Flows | CMF HYD | +$548M+$484M | +$877M+$132M | +$1.69B+$605M | +$2.02B+$1.05B | +$3.13B+$1.97B | +$3.71B+$1.73B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF HYD | +4.99%+5.95% | +3.20%+3.75% | +3.57%+4.49% | +3.60%+4.68% |
| Max drawdown | CMF HYD | -5.53%-6.09% | -6.52%-6.77% | -6.52%-6.77% | -12.25%-19.44% |
| Max drawdown duration | CMF HYD | 74d74d | 239d112d | 239d112d | 1346d1757d |
Trading data
CMF | HYD | |
Last sale 10/27/2026 at 1:30 PM | $55.63 | $49.45 |
| Previous close 10/26/2026 | $55.57 | $49.48 |
| Consolidated volume 10/26/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 28, 2026
1-year trailing difference
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CMF | HYD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/27/2026 at 1:30 PM
Live
Closed
CMF | HYD | |
|---|---|---|
| Last price | $55.63 | $49.45 |
| 1D performance | +0.11% | -0.06% |
| AuM | $5.35 B | $4.48 B |
| E/R | 0.08% | 0.32% |
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Exposure
Countries
CMF
USA
59.23%
Other
40.77%
HYD
USA
60.08%
Other
39.92%
Sectors
CMF
Municipal
59.23%
Other
40.77%
HYD
Municipal
60.08%
Other
39.92%
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Diversification
CMF
Total weight of top 15 holdings out of 15
6.39%
HYD
Total weight of top 15 holdings out of 15
8.65%
Top 15 holdings
Data as of August 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.60%
US79766DLC10
0.52%
US032556NJ70
0.49%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
California Educational Facilities Authority, 5% 1may2045, USD
0.44%
US4636324Q95
0.44%
US79905CAB90
0.42%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.40%
University of California, 5% 15may2036, USD (2025)
0.39%
California, 5% 1mar2055, USD
0.37%
California, 5.25% 1aug2032, USD
0.34%
US91412GSH91
0.32%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
Frequently asked questions about CMF and HYD
How have the CMF and HYD ETFs performed in 2026?
As of October 26, 2026, CMF is down -0.97% year-to-date (YTD), while HYD has lost -0.27%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or HYD?
Year-to-date, the CMF ETF saw +$1.69B in flows, compared to +$605M for HYD.
Which ETF is more volatile: CMF or HYD?
Over the past year, CMF had a volatility of 3.2%, while HYD experienced 3.75%.
Which ETF is bigger: CMF or HYD?
As of October 26, 2026, CMF holds $5.35 B in assets under management (AUM), while HYD manages $4.48 B.
What sectors do the CMF and HYD ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the CMF ETF and HYD ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70. HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B).
Which ETF is more diversified: CMF or HYD?
CMF holds 1670 securities with 6.39% of its assets in the top 15. HYD has 1443 securities and a top 15 weight of 8.65%.
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CMF
HYD
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