CALI vs QQQ
iShares Short-Term California Muni Active ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 103 holdings.
Side-by-Side Comparison
| Metric | CALI | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.18% | |
| AUM | $443M | $455.8B | |
| Dividend Yield | 2.52% | 0.41% | |
| Holdings | 194 | 108 | |
| YTD Return | +1.06% | +19.68% | |
| 1Y Return | +2.10% | +26.75% | |
| 3Y Return (annualized) | +3.74% | +26.25% | |
| 5Y Return (annualized) | - | +15.39% | |
| Volatility (annualized) | 1.1% | 30.6% | |
| Max Drawdown | -0.8% | -83.0% | |
| Fund Family | BlackRock, Inc. (US) | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Jul 11, 2023 | Mar 10, 1999 |
CALI vs QQQ Performance
iShares Short-Term California Muni Active ETF (CALI) is a ETF from BlackRock, Inc. (US) and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CALI returned +2.10% while QQQ returned +26.75%. Year to date, CALI is up 1.06% versus a gain of 19.68% for QQQ.
Over three years, CALI compounded at +3.74% per year against +26.25% for QQQ. Across the full 3-year window we track, QQQ has the edge at +13.15% annualized vs +3.74%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% 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 -83.0% for QQQ. 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CALI charges 0.20% per year while QQQ charges 0.18%. On a $10,000 position that is $20 vs $18 annually, a gap of $2 per year that compounds over a long holding period. On income, CALI currently yields 2.52% against 0.41% for QQQ.
Holdings Overlap
CALI and QQQ share 0 holdings out of 134 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 QQQ?
CALI has an expense ratio of 0.20% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $2 per year of difference.
Which performed better, CALI or QQQ?
Over the past year CALI returned +2.10% vs +26.75% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (3 years), CALI annualized +3.74% vs +13.15% for QQQ. Past performance does not guarantee future results.
Which is riskier, CALI or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 1.1% for CALI. Worst drawdown: CALI -0.8% vs QQQ -83.0%.
Should I hold both CALI and QQQ?
CALI and QQQ have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CALI and QQQ?
CALI and QQQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 134 unique securities.
Which pays a higher dividend, CALI or QQQ?
CALI yields 2.52% while QQQ yields 0.41%, so CALI currently pays the higher dividend yield.
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