CMFvsMUBETF Comparison
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iShares California Muni Bond ETF (CMF) and iShares National Muni Bond ETF (MUB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 2 sector exposures: Municipal and Non-Corporate. CMF is more expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.05% for MUB. CMF is down -1.77% year-to-date (YTD) with +$920M in YTD flows. MUB performs better with -1.53% YTD performance, and +$4.64B in YTD flows. Run a side-by-side ETF comparison of CMF and MUB 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 MUB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF MUB | -2.42%-2.44% | -2.77%-2.82% | -1.77%-1.53% | -0.13%+0.09% | +7.71%+4.35% | +0.15%-2.19% |
| Flows | CMF MUB | +$51M-$70M | +$254M+$1.00B | +$920M+$4.64B | +$1.31B+$6.24B | +$2.42B+$12.29B | +$2.97B+$24.54B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF MUB | +2.99%+3.08% | +2.40%+2.44% | +3.49%+3.58% | +3.47%+3.45% |
| Max drawdown | CMF MUB | -3.60%-3.66% | -3.77%-3.66% | -5.18%-5.81% | -12.25%-11.55% |
| Max drawdown duration | CMF MUB | 67d67d | 194d67d | 275d349d | 1346d1488d |
Trading data
CMF | MUB | |
Last sale 9/11/2026 at 1:30 PM | $55.34 | $103.17 |
| Previous close 09/10/2026 | $55.09 | $102.72 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 13, 2026
1-year trailing difference
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CMF | MUB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
CMF | MUB | |
|---|---|---|
| Last price | $55.34 | $103.17 |
| 1D performance | +0.45% | +0.44% |
| AuM | $4.54 B | $44.50 B |
| E/R | 0.08% | 0.05% |
Characteristics
CMF | MUB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | iShares |
| Benchmark | ICE AMT-Free California Municipal Index | ICE AMT-Free US National Municipal Index |
| N° of holdings | 930 | 3867 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 4, 2007 | September 7, 2007 |
| ESG | No | No |
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Exposure
Countries
CMF
USA
61.5%
Other
38.5%
MUB
USA
58.61%
Other
41.39%
Sectors
CMF
Municipal
61.5%
Other
38.5%
MUB
Municipal
58.23%
Other
41.77%
Diversification
CMF
Total weight of top 15 holdings out of 15
5.91%
MUB
Total weight of top 15 holdings out of 15
2.21%
Top 15 holdings
Data as of July 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.50%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
US79905CAB90
0.43%
California Educational Facilities Authority, 5% 1may2045, USD
0.43%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.41%
University of California, 5% 15may2036, USD (2025)
0.39%
US032556NJ70
0.39%
California, 5% 1mar2055, USD
0.38%
US4636324Q95
0.36%
California, 5.25% 1aug2032, USD
0.35%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
East Bay Municipal Utility District, 5% 1jun2039, USD (2026B)
0.31%
US842475M859
0.31%
MUB
BlackRock Liquidity MuniCash
0.38%
University of Texas, 5% 15aug2036, USD (2025B)
0.19%
US650028ZA41
0.15%
US79642GTU66
0.14%
US89602RPH20
0.13%
Northwest Independent School District, 5.25% 15feb2055, USD (2025)
0.13%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.13%
Houston Higher Education Finance Corp., 5% 15may2034, USD (2024)
0.13%
Ohio State University, 5% 1jun2035, USD (2026)
0.12%
New Jersey, 5% 1jun2028, USD
0.12%
California, 5% 1sep2031, USD
0.12%
US93974EVY93
0.12%
Chicago Transit Authority, 5% 1dec2049, USD (2024A)
0.11%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.11%
US812643ZK32
0.11%
Frequently asked questions about CMF and MUB
How have the CMF and MUB ETFs performed in 2026?
As of September 11, 2026, CMF is down -1.77% year-to-date (YTD), while MUB has lost -1.53%. That puts MUB better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or MUB?
Year-to-date, the CMF ETF saw +$920M in flows, compared to +$4.64B for MUB.
Which ETF is more volatile: CMF or MUB?
Over the past year, CMF had a volatility of 2.4%, while MUB experienced 2.44%.
Which ETF is bigger: CMF or MUB?
As of September 11, 2026, CMF holds $4.54 B in assets under management (AUM), while MUB manages $44.50 B.
What sectors do the CMF and MUB ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, MUB focuses on Municipal.
What are the top holdings of the CMF ETF and MUB ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), Los Angeles Unified School District, 5% 1jul2031, USD (2024) and University of California, 5.5% 15may2040, USD. MUB holds in its top three: BlackRock Liquidity MuniCash, University of Texas, 5% 15aug2036, USD (2025B) and US650028ZA41.
Which ETF is more diversified: CMF or MUB?
CMF holds 1640 securities with 5.91% of its assets in the top 15. MUB has 6762 securities and a top 15 weight of 2.21%.
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