CMF vs IVV
iShares California Municipal Bond ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. CMF offers more diversification with 517 holdings.
Side-by-Side Comparison
| Metric | CMF | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.03% | |
| AUM | $4.6B | $865.2B | |
| Dividend Yield | 2.94% | 1.09% | |
| Holdings | 1,595 | 508 | |
| YTD Return | +0.33% | +13.72% | |
| 1Y Return | +4.84% | +21.64% | |
| 3Y Return (annualized) | +2.99% | +21.55% | |
| 5Y Return (annualized) | +0.47% | +13.27% | |
| Volatility (annualized) | 5.6% | 15.1% | |
| Max Drawdown | -22.8% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | iShares by BlackRock (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 4, 2007 | May 15, 2000 |
CMF vs IVV Performance
iShares California Municipal Bond ETF (CMF) is a ETF from iShares by BlackRock (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CMF returned +4.84% while IVV returned +21.64%. Year to date, CMF is up 0.33% versus a gain of 13.72% for IVV.
Over three years, CMF compounded at +2.99% per year against +21.55% for IVV; over five years the annualized figures are +0.47% and +13.27% respectively. Across the full 19-year window we track, IVV has the edge at +7.04% annualized vs +1.18%. 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 5.6% for CMF. 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 -22.8% for CMF 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 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CMF charges 0.08% per year while IVV charges 0.03%. On a $10,000 position that is $8 vs $3 annually, a gap of $5 per year that compounds over a long holding period. On income, CMF currently yields 2.94% against 1.09% for IVV.
Holdings Overlap
CMF and IVV share 0 holdings out of 1022 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, CMF or IVV?
CMF has an expense ratio of 0.08% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, CMF or IVV?
Over the past year CMF returned +4.84% vs +21.64% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (19 years), CMF annualized +1.18% vs +7.04% for IVV. Past performance does not guarantee future results.
Which is riskier, CMF or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 5.6% for CMF. Worst drawdown: CMF -22.8% vs IVV -56.5%.
Should I hold both CMF and IVV?
CMF and IVV have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CMF and IVV?
CMF and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1022 unique securities.
Which pays a higher dividend, CMF or IVV?
CMF yields 2.94% while IVV yields 1.09%, so CMF currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.