CMF vs VYM
iShares California Municipal Bond ETF vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 558 holdings.
Side-by-Side Comparison
| Metric | CMF | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.04% | |
| AUM | $4.6B | $79.0B | |
| Dividend Yield | 2.94% | 2.86% | |
| Holdings | 1,595 | 568 | |
| YTD Return | +0.29% | +15.80% | |
| 1Y Return | +4.94% | +26.12% | |
| 3Y Return (annualized) | +3.04% | +18.25% | |
| 5Y Return (annualized) | +0.43% | +12.51% | |
| Volatility (annualized) | 5.6% | 14.6% | |
| Max Drawdown | -22.8% | -58.8% | |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 4, 2007 | Nov 10, 2006 |
CMF vs VYM Performance
iShares California Municipal Bond ETF (CMF) is a ETF from iShares by BlackRock (US) and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CMF returned +4.94% while VYM returned +26.12%. Year to date, CMF is up 0.29% versus a gain of 15.80% for VYM.
Over three years, CMF compounded at +3.04% per year against +18.25% for VYM; over five years the annualized figures are +0.43% and +12.51% respectively. Across the full 19-year window we track, VYM has the edge at +7.07% annualized vs +1.18%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 14.6% 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 -58.8% for VYM. 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 0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CMF charges 0.08% per year while VYM charges 0.04%. On a $10,000 position that is $8 vs $4 annually, a gap of $4 per year that compounds over a long holding period. On income, CMF currently yields 2.94% against 2.86% for VYM.
Holdings Overlap
CMF and VYM share 0 holdings out of 1075 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 VYM?
CMF has an expense ratio of 0.08% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $4 per year of difference.
Which performed better, CMF or VYM?
Over the past year CMF returned +4.94% vs +26.12% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (19 years), CMF annualized +1.18% vs +7.07% for VYM. Past performance does not guarantee future results.
Which is riskier, CMF or VYM?
VYM has been the more volatile fund at 14.6% annualized versus 5.6% for CMF. Worst drawdown: CMF -22.8% vs VYM -58.8%.
Should I hold both CMF and VYM?
CMF and VYM have a monthly-return correlation of 0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CMF and VYM?
CMF and VYM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1075 unique securities.
Which pays a higher dividend, CMF or VYM?
CMF yields 2.94% while VYM yields 2.86%, so CMF currently pays the higher dividend yield.
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