CALI vs IVV
iShares Short-Term California Muni Active ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CALI | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.03% | |
| AUM | $443M | $865.2B | |
| Dividend Yield | 2.52% | 1.09% | |
| Holdings | 194 | 508 | |
| YTD Return | +1.01% | +13.72% | |
| 1Y Return | +2.08% | +21.64% | |
| 3Y Return (annualized) | +3.72% | +21.55% | |
| 5Y Return (annualized) | - | +13.27% | |
| Volatility (annualized) | 1.1% | 15.1% | |
| Max Drawdown | -0.8% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | Jul 11, 2023 | May 15, 2000 |
CALI vs IVV Performance
iShares Short-Term California Muni Active ETF (CALI) is a ETF from BlackRock, Inc. (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CALI returned +2.08% while IVV returned +21.64%. Year to date, CALI is up 1.01% versus a gain of 13.72% for IVV.
Over three years, CALI compounded at +3.72% per year against +21.55% for IVV. Across the full 3-year window we track, IVV has the edge at +7.04% annualized vs +3.72%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 1.1% for CALI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.8% for CALI and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CALI charges 0.20% per year while IVV charges 0.03%. On a $10,000 position that is $20 vs $3 annually, a gap of $17 per year that compounds over a long holding period. On income, CALI currently yields 2.52% against 1.09% for IVV.
Holdings Overlap
CALI and IVV share 0 holdings out of 536 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CALI or IVV?
CALI has an expense ratio of 0.20% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
Which performed better, CALI or IVV?
Over the past year CALI returned +2.08% vs +21.64% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (3 years), CALI annualized +3.72% vs +7.04% for IVV. Past performance does not guarantee future results.
Which is riskier, CALI or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 1.1% for CALI. Worst drawdown: CALI -0.8% vs IVV -56.5%.
Should I hold both CALI and IVV?
CALI and IVV have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CALI and IVV?
CALI and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 536 unique securities.
Which pays a higher dividend, CALI or IVV?
CALI yields 2.52% while IVV yields 1.09%, so CALI currently pays the higher dividend yield.
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