CMFvsSHYDETF Comparison
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iShares California Muni Bond ETF (CMF) and VanEck Short High Yield Muni ETF (SHYD) belong to the same industry segment: Municipal Bonds. CMF's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SHYD's top sector exposures are Municipal. CMF is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.32% for SHYD. CMF is down -0.97% year-to-date (YTD) with +$1.69B in YTD flows. SHYD performs better with 0.9% YTD performance, and +$117M in YTD flows. Run a side-by-side ETF comparison of CMF and SHYD 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 SHYD 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 SHYD | +3.74%+2.95% | -1.10%-0.04% | -0.97%+0.90% | -0.54%+1.40% | +12.09%+15.17% | +1.97%+4.64% |
| Flows | CMF SHYD | +$548M+$32M | +$877M+$55M | +$1.69B+$117M | +$2.02B+$137M | +$3.13B+$134M | +$3.71B+$127M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF SHYD | +4.99%+3.57% | +3.20%+2.25% | +3.57%+2.40% | +3.60%+2.50% |
| Max drawdown | CMF SHYD | -5.53%-3.65% | -6.52%-3.75% | -6.52%-3.75% | -12.25%-12.01% |
| Max drawdown duration | CMF SHYD | 74d74d | 239d112d | 239d112d | 1346d1310d |
Trading data
CMF | SHYD | |
Last sale 10/27/2026 at 1:30 PM | $55.63 | $22.57 |
| Previous close 10/26/2026 | $55.57 | $22.55 |
| 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 | SHYD | |
|---|---|---|
| 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 | SHYD | |
|---|---|---|
| Last price | $55.63 | $22.57 |
| 1D performance | +0.11% | +0.09% |
| AuM | $5.35 B | $501.17 M |
| E/R | 0.08% | 0.32% |
Characteristics
CMF | SHYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | VanEck |
| Benchmark | ICE AMT-Free California Municipal Index | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
| N° of holdings | 903 | 266 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 4, 2007 | January 13, 2014 |
| ESG | No | No |
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Exposure
Countries
CMF
USA
59.23%
Other
40.77%
SHYD
USA
57.59%
Other
42.41%
Sectors
CMF
Municipal
59.23%
Other
40.77%
SHYD
Municipal
57.59%
Other
42.41%
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Diversification
CMF
Total weight of top 15 holdings out of 15
6.39%
SHYD
Total weight of top 15 holdings out of 15
14.21%
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%
SHYD
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
1.70%
Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1)
1.19%
Puerto Rico, 5.75% 1jul2031, USD
1.01%
Puerto Rico, 4% 1jul2033, USD
0.94%
Denver, 5% 1oct2032, USD (2017)
0.94%
Chicago Board of Education, 5% 1dec2036, USD (2017H)
0.93%
Greater Orlando Aviation Authority, 5.5% 1nov2037, USD (2025)
0.90%
US13034A7E44
0.89%
US09182TGC53
0.88%
US05786PAA12
0.87%
Houston Airport System, 5% 15jul2028, USD (2018)
0.86%
Mission Economic Development Corp., 4.625% 1oct2031, USD (2018)
0.84%
New York Transportation Development Corp., 4% 1jul2035, USD (2016A)
0.83%
Baldwin Industrial Development Authority, 4.3% 1mar2056, USD (2026A)
0.74%
Puerto Rico, 5.625% 1jul2029, USD
0.69%
Frequently asked questions about CMF and SHYD
How have the CMF and SHYD ETFs performed in 2026?
As of October 26, 2026, CMF is down -0.97% year-to-date (YTD), while SHYD has returned 0.9%. That puts SHYD better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or SHYD?
Year-to-date, the CMF ETF saw +$1.69B in flows, compared to +$117M for SHYD.
Which ETF is more volatile: CMF or SHYD?
Over the past year, CMF had a volatility of 3.2%, while SHYD experienced 2.25%.
Which ETF is bigger: CMF or SHYD?
As of October 26, 2026, CMF holds $5.35 B in assets under management (AUM), while SHYD manages $501.17 M.
What sectors do the CMF and SHYD ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, SHYD focuses on Municipal.
What are the top holdings of the CMF ETF and SHYD ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70. SHYD holds in its top three: California Municipal Finance Authority, 4% 15jul2029, USD (2019), Patriots Energy Group Financing Agency, 5.25% 1oct2054, USD (2023A-1) and Puerto Rico, 5.75% 1jul2031, USD.
Which ETF is more diversified: CMF or SHYD?
CMF holds 1670 securities with 6.39% of its assets in the top 15. SHYD has 520 securities and a top 15 weight of 14.21%.
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Latest news about CMF & SHYD
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