JCALvsIROCETF Comparison
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JPMorgan California Tax Free Bond ETF (JCAL) belongs to the Municipal Bonds segment. Invesco Rochester High Yield Municipal ETF (IROC) is part of the US Aggregate Bonds segment. Both ETFs have the same top 1 sector exposures: Municipal. JCAL is more expensive with a Total Expense Ratio (TER) of 0.44%, versus 0.4% for IROC. Run a side-by-side ETF comparison of JCAL and IROC 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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JCAL vs IROC performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/03/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JCAL IROC | +3.06%+3.05% | -0.31%-1.59% | n/a-1.32% | n/a-0.80% | n/a+13.42% | n/an/a |
| Flows | JCAL IROC | -$3M+$26M | +$14M+$72M | -+$101M | -+$135M | -+$176M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JCAL IROC | +4.65%+5.74% | n/a+3.63% | n/a+3.47% | n/an/a |
| Max drawdown | JCAL IROC | -5.04%-6.05% | n/a-7.11% | n/a-7.11% | n/an/a |
| Max drawdown duration | JCAL IROC | 82d82d | n/a120d | n/a120d | n/an/a |
Trading data
JCAL | IROC | |
Last sale 11/4/2026 at 2:30 PM | $48.77 | $49.33 |
| Previous close 11/03/2026 | $48.55 | $49.14 |
| Consolidated volume 11/03/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 11/4/2026 at 2:30 PM
Live
Closed
JCAL | IROC | |
|---|---|---|
| Last price | $48.77 | $49.33 |
| 1D performance | +0.45% | +0.39% |
| AuM | $510.08 M | $202.88 M |
| E/R | 0.44% | 0.4% |
Characteristics
JCAL | IROC | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | J.P. Morgan Asset Management | Invesco |
| Benchmark | - | - |
| N° of holdings | 112 | 71 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 12, 2026 | September 12, 2022 |
| ESG | No | No |
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Exposure
Countries
JCAL
USA
40.33%
Other
59.67%
IROC
USA
38.94%
Other
61.06%
Sectors
JCAL
Municipal
40.33%
Other
59.67%
IROC
Municipal
38.94%
Other
61.06%
Diversification
JCAL
Total weight of top 15 holdings out of 15
16.28%
IROC
Total weight of top 15 holdings out of 15
17.39%
Top 15 holdings
Data as of September 30, 2026
JCAL
US072024ZH86
2.13%
US072024C758
1.83%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.09%
US13063EGP51
1.07%
California, FRN 1may2033, USD (2003A-1)
1.07%
US568087BK56
1.06%
County of Santa Clara, 4% 1aug2038, USD
0.99%
US13032U7S16
0.98%
California Infrastructure and Economic Development Bank, 5% 1nov2029, USD (2024)
0.97%
North Orange Community College District, 4% 1aug2044, USD
0.94%
US13032UX453
0.92%
California Community Choice Financing Authority, 5% 1dec2035, USD (2025G)
0.83%
US13034A3Y44
0.82%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.80%
Sacramento Municipal Utility District, 5% 15aug2049, USD (2023)
0.78%
IROC
US44372DAD12
1.28%
US812643H643
1.21%
US686507NQ33
1.21%
Gulf Coast Industrial Development Authority, FRN 1nov2041, USD (2012)
1.21%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.21%
City of New York, FRN 1dec2047, USD
1.21%
US63608TBU34
1.21%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.21%
Mission Economic Development Corp., 4.625% 1oct2031, USD (2018)
1.18%
US13013JGF75
1.17%
US37353PWV74
1.15%
Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A)
1.13%
Texas, 5% 1aug2041, USD
1.02%
US01065CAB90
0.99%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
0.98%
Frequently asked questions about JCAL and IROC
Which ETF is bigger: JCAL or IROC?
As of November 3, 2026, JCAL holds $510.08 M in assets under management (AUM), while IROC manages $202.88 M.
What sectors do the JCAL and IROC ETFs invest in?
JCAL leans toward sectors like Municipal. Meanwhile, IROC focuses on Municipal.
What are the top holdings of the JCAL ETF and IROC ETF?
JCAL top holdings include US072024ZH86, US072024C758 and California Community Choice Financing Authority, 5% 1feb2055, USD (2024D). IROC holds in its top three: US44372DAD12, US812643H643 and US686507NQ33.
Which ETF is more diversified: JCAL or IROC?
JCAL holds 307 securities with 16.28% of its assets in the top 15. IROC has 183 securities and a top 15 weight of 17.39%.
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