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Data as of Oct 28, 2026.

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CMF vs PWZ: Differences, Returns & Fees

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CMF's duration was 6.7 years on Aug 31, 2026 and PWZ's 8.5 on May 31, 2026; CMF charges 0.08% to PWZ's 0.28%.

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Net assets on Oct 27, 2026: $5.4bn for iShares California Muni Bond ETF and $1.2bn for Invesco California AMT-Free Municipal Bond ETF.

CMF on its own →PWZ on its own →
At a glance
−0.6%
CMF total return, 1 year
−1.5%
PWZ total return, 1 year
0.08%
CMF expense ratio
0.28%
PWZ expense ratio

Pair scorecard

CMF costs 0.20 points a year less; their one-year returns differ by 0.9 points; CMF is 4.5 times larger.

CMF vs PWZ: Differences, Returns & Fees
MeasureCMFPWZ
Return
Total return, 1 year−0.6%−1.5%
Drawdown
Below its high5.0%, high on Jul 2, 2026
Benchmark
What it tracksICE AMT-Free California Municipal IndexICE BofA California Long-Term Core Plus Municipal Securities Index
Cost and size
Expense ratio0.08%0.28%
Net assets, as of Oct 27, 2026$5.4bn$1.2bn
Holdings
Holdings in common18%

Holdings in common uses holdings dated May 31, 2026 and Aug 31, 2026. Method

Risk and return

Oct 26, 2007 to Oct 23, 2026 · 991 weekly returns
CMF PWZ
Return
Total return edge CMF (slight) +78.2% +73.3%
Annualized edge CMF (slight) +3.1% +2.9%
Price return edge CMF +6.4% −9.2%
Risk
Volatility edge PWZ (slight) 8.8% 8.0%
Max drawdown edge CMF −16.4% −21.1%
Risk-adjusted
Sharpe edge Tie 0.22 0.22
Sortino edge CMF 0.33 0.30
Calmar edge CMF 0.19 0.14
Reading

CMF returned slightly more: +78.2% to +73.3%. PWZ swung slightly less: 8.0% to 8.8%. CMF fell less at its worst: −16.4% to −21.1%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: CMF vs PWZ: Differences, Returns & Fees
MeasureCMFPWZEdgeHow it is measured
Return
Total return+78.2%+73.3%CMF (slight)Price change plus distributions, reinvested.
Annualized+3.1%+2.9%CMF (slight)Total return as a yearly rate.
Price return+6.4%−9.2%CMFPrice change alone, distributions left out.
Risk
Volatility8.8%8.0%PWZ (slight)Spread of weekly returns, annualized. Lower is steadier.
Downside deviation5.9%5.9%TieLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−16.4%−21.1%CMFDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe0.220.22TieReturn above Treasury bills per unit of volatility.
Sortino0.330.30CMFReturn above Treasury bills per unit of downside deviation.
Calmar0.190.14CMFAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 991 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

18%

By the books each fund has filed, CMF and PWZ hold 18% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Aug 31, 2026.

0 half 100%

half

18% in common

Positions both hold · largest shared weight first CMF PWZ
California Educational Facilities Authority, Series U-6, due May 1, 2045 0.43% 0.42%
State of California, due Mar 1, 2055 0.36% 0.35%
California State University, Series 2024A, due Nov 1, 2055 0.40% 0.28%
State of California, due Sep 1, 2043 0.27% 0.30%
Foothill-Eastern Transportation Corridor Agency, Series 2021A, due Jan 15, 2046 0.26% 0.45%
San Diego Unified School District, Series 2023G-3, due Jul 1, 2053 0.24% 0.26%
Los Angeles Unified School District, Series 2023QRR, due Jul 1, 2048 0.23% 0.34%
California Educational Facilities Authority, Series V-1, due May 1, 2049 0.20% 0.54%
State of California, due Oct 1, 2056 0.20% 0.22%
Los Angeles Unified School District, Series 2025A1, due Jul 1, 2049 0.24% 0.18%
San Diego Community College District, Series A-1, due Aug 1, 2050 0.18% 0.25%
State of California, due Oct 1, 2042 0.22% 0.18%
Only in one fund ↓
Only in CMF
Orange County Water District, Series 2003A, due Aug 1, 2042 0.60%
Anaheim Housing & Public Improvements Authority, Series 2024-A, due Oct 1, 2054 0.49%
Los Angeles Unified School District, Series 2024A, due Jul 1, 2031 0.47%
University of California, Series 2023BN, due May 15, 2040 0.45%
Irvine Ranch Water District, Series 2011A-1, due Oct 1, 2037 0.43%
San Mateo County Transit District Sales Tax, Series 2020B, due Jun 1, 2049 0.42%
Los Angeles Unified School District, Series 2024A, due Jul 1, 2034 0.41%
University of California, Series 2025CD, due May 15, 2036 0.38%
Only in PWZ
State of California, Series 2005, GO Bonds, due Jun 5, 2026 0.75%
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, due Nov 1, 2044 0.74%
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, due Aug 15, 2048 0.67%
Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2047 0.63%
California (State of) Educational Facilities Authority, Series 2025 A, RB, due Oct 1, 2055 0.58%
Regents of the University of California Medical Center, Series 2022 P, RB, due May 15, 2053 0.53%
San Francisco (City of), CA, Series 2025, RB, due Nov 1, 2055 0.39%
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds, due Aug 1, 2052 0.37%
Check overlap with more funds →

Side by side

CMF iShares California Muni Bond ETF PWZ Invesco California AMT-Free Municipal Bond ETF
Where it sits Bond ETF Bond ETF
Issuer iShares Invesco
What it is Tracks an index Tracks an index
Total return, 1 year −0.6% −1.5%
Expense ratio 0.08% 0.28%
Holdings 1897 1298
Net assets, as of Oct 27, 2026 $5.4bn $1.2bn

CMF and PWZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-55AC73A6C3

CMF and PWZ are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. CMF follows ICE AMT-Free California Municipal Index and PWZ follows ICE BofA California Long-Term Core Plus Municipal Securities Index.
  2. Holdings in common. 18% of the weight is in the same securities (holdings dated Aug 31, 2026 and May 31, 2026).
  3. Cost. CMF charges 0.08% of assets a year and PWZ 0.28%, a gap of 0.20 points.

Data as of Oct 28, 2026.

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About each fund
CMF

CMF tracks an index. Over the year to Oct 28, 2026 it returned −0.6% with distributions reinvested. The prospectus expense ratio is 0.08% a year.

PWZ

PWZ tracks an index. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.28% a year. It sat 5.0% below its high of Jul 2, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, CMF or PWZ?
In the year to Oct 28, 2026, with distributions reinvested, CMF returned −0.6% and PWZ −1.5%.
Which is cheaper, CMF or PWZ?
CMF is cheaper, by 0.20 percentage points a year. That is about $20 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
CMF vs VTECPWZ vs VTEC
Where to next
CMF on its own →PWZ on its own →Hold both: look the portfolio through →Rankings →CMF dividend history →CMF holdings →PWZ dividend history →PWZ holdings →Standards and sources →
Sources and dates
CMF filings on SEC EDGAR ↗
CMF prospectus with the expense ratio (SEC) ↗
iShares page for CMF ↗
PWZ filings on SEC EDGAR ↗
PWZ prospectus with the expense ratio (SEC) ↗
Invesco page for PWZ ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, CMF against PWZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/cmf-vs-pwz

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.