NBTRvsCMFETF Comparison
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Neuberger Berman Total Return Bond ETF (NBTR) belongs to the US Aggregate Bonds segment. iShares California Muni Bond ETF (CMF) is part of the Municipal Bonds segment. NBTR's top 3 sector exposures are Sovereign, Industrials and Finance. In contrast, CMF's top sector exposures are Municipal and Non-Corporate. NBTR is more expensive with a Total Expense Ratio (TER) of 0.94%, versus 0.08% for CMF. NBTR is down -1.71% year-to-date (YTD) with +$6M in YTD flows. CMF performs worse with -2.36% YTD performance, and +$1.60B in YTD flows. Run a side-by-side ETF comparison of NBTR and CMF 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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NBTR vs CMF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NBTR CMF | -0.50%-0.25% | -2.08%-3.34% | -1.71%-2.36% | -1.62%-1.71% | n/a+9.17% | n/a+0.25% |
| Flows | NBTR CMF | +$2M+$660M | +$5M+$801M | +$6M+$1.60B | +$9M+$1.96B | -+$3.16B | -+$3.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NBTR CMF | +4.00%+4.84% | +3.48%+3.08% | n/a+3.57% | n/a+3.58% |
| Max drawdown | NBTR CMF | -3.27%-5.69% | -4.41%-6.52% | n/a-6.52% | n/a-12.25% |
| Max drawdown duration | NBTR CMF | 52d92d | 229d229d | n/a229d | n/a1346d |
Trading data
NBTR | CMF | |
Last sale 10/16/2026 at 1:30 PM | $48.03 | $54.82 |
| Previous close 10/15/2026 | $48.07 | $54.79 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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NBTR
is actively managed and doesn’t replicate an indexNBTR | CMF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
NBTR | CMF | |
|---|---|---|
| Last price | $48.03 | $54.82 |
| 1D performance | -0.09% | +0.05% |
| AuM | $57.55 M | $5.19 B |
| E/R | 0.94% | 0.08% |
Characteristics
NBTR | CMF | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Neuberger Berman | iShares |
| Benchmark | - | ICE AMT-Free California Municipal Index |
| N° of holdings | 278 | 903 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 17, 2024 | October 4, 2007 |
| ESG | No | No |
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Exposure
Countries
NBTR
USA
57.91%
Other
42.09%
CMF
USA
59.23%
Other
40.77%
Sectors
NBTR
Sovereign
23.09%
Industrials
12.22%
Finance
9.69%
Other
55.01%
CMF
Municipal
59.23%
Other
40.77%
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Diversification
NBTR
Total weight of top 15 holdings out of 15
20.04%
CMF
Total weight of top 15 holdings out of 15
6.39%
Top 15 holdings
Data as of August 31, 2026
NBTR
USA, Notes 3.5% 31jan2028, USD (U-2028)
2.73%
USA, Notes 4.375% 15may2036, USD (C-2036)
1.99%
USA, Notes 4.125% 31jul2028, USD (AB-2028)
1.91%
USA, Notes 4.25% 15may2035, USD (C-2035)
1.77%
USA, Notes 3.625% 31dec2030, USD (AH-2030)
1.68%
USA, Notes 3.875% 31mar2028, USD (AZ-2028)
1.50%
USA, Notes 4.25% 30jun2033, USD (M-2033)
1.16%
USA, Bonds 5% 15may2056, USD
1.12%
USA, Notes 4.625% 15feb2035, USD (B-2035)
1.02%
USA, Notes 2.875% 15may2028, USD (C-2028)
0.95%
US13877LAS51
0.91%
Aimco CLO 2017-AA, FRN 20jan2038, USD (ABS, AR2)
0.91%
USA, Bonds 4% 15nov2052, USD
0.83%
US3132DWJR51
0.81%
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.78%
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%
Frequently asked questions about NBTR and CMF
How have the NBTR and CMF ETFs performed in 2026?
As of October 16, 2026, NBTR is down -1.71% year-to-date (YTD), while CMF has lost -2.36%. That puts NBTR better performer ahead so far this year.
Which ETF is attracting more investor money: NBTR or CMF?
Year-to-date, the NBTR ETF saw +$6M in flows, compared to +$1.60B for CMF.
Which ETF is more volatile: NBTR or CMF?
Over the past year, NBTR had a volatility of 3.48%, while CMF experienced 3.08%.
Which ETF is bigger: NBTR or CMF?
As of October 16, 2026, NBTR holds $57.55 M in assets under management (AUM), while CMF manages $5.19 B.
What sectors do the NBTR and CMF ETFs invest in?
NBTR leans toward sectors like Sovereign, Industrials and Finance. Meanwhile, CMF focuses on Municipal.
What are the top holdings of the NBTR ETF and CMF ETF?
NBTR top holdings include USA, Notes 3.5% 31jan2028, USD (U-2028), USA, Notes 4.375% 15may2036, USD (C-2036) and USA, Notes 4.125% 31jul2028, USD (AB-2028). CMF holds in its top three: Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70.
Which ETF is more diversified: NBTR or CMF?
NBTR holds 444 securities with 20.04% of its assets in the top 15. CMF has 1670 securities and a top 15 weight of 6.39%.
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Latest news about NBTR & CMF
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