Which returned more over the last year, CMF or VTEC?

In the year to Oct 28, 2026, with distributions reinvested, CMF returned −0.6% and VTEC −0.8%.

Which is cheaper, CMF or VTEC?

VTEC is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

CMF vs VTEC: Differences, Returns & Fees

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CMF's duration was 6.7 years on Aug 31, 2026 and VTEC's 6.5 on May 31, 2026; VTEC charges 0.06% to CMF's 0.08%.

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Net assets: $5.4bn on Oct 27, 2026 for iShares California Muni Bond ETF, and $3.6bn on Sep 30, 2026 for Vanguard California Tax-Exempt Bond ETF.

CMF on its own →VTEC on its own →

At a glance

−0.6%

CMF total return, 1 year

−0.8%

VTEC total return, 1 year

0.08%

CMF expense ratio

0.06%

VTEC expense ratio

Pair scorecard

VTEC costs 0.02 points a year less; their one-year returns differ by 0.2 points; CMF is 1.3 times larger.

CMF vs VTEC: Differences, Returns & Fees
Measure	CMF	VTEC
Return
Measure	CMF	VTEC
Total return, 1 year	−0.6%	−0.8%
Benchmark
Measure	CMF	VTEC
What it tracks	ICE AMT-Free California Municipal Index	S&P California AMT-Free Municipal Bond Index
Cost and size
Measure	CMF	VTEC
Expense ratio	0.08%	0.06%
Net assets, as of Sep 30, 2026	$4.8bn	$3.6bn
Holdings
Measure	CMF	VTEC
Holdings in common	30%

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

Risk and return

Feb 9, 2024 to Oct 23, 2026 · 141 weekly returns

CMF VTEC

Return

Total return edge CMF (slight) +4.0% +3.7%

Annualized edge CMF (slight) +1.4% +1.3%

Price return edge CMF −3.8% −4.3%

Risk

Volatility edge VTEC (slight) 4.4% 4.0%

Max drawdown edge VTEC (slight) −5.8% −5.6%

Risk-adjusted

Sharpe edge CMF −0.64 −0.73

Sortino edge CMF −0.76 −0.89

Calmar edge CMF (slight) 0.25 0.24

Reading

CMF returned slightly more: +4.0% to +3.7%. VTEC swung slightly less: 4.0% to 4.4%. VTEC fell slightly less at its worst: −5.6% to −5.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: CMF vs VTEC: Differences, Returns & Fees
Measure	CMF	VTEC	Edge	How it is measured
Return
Total return	+4.0%	+3.7%	CMF (slight)	Price change plus distributions, reinvested.
Annualized	+1.4%	+1.3%	CMF (slight)	Total return as a yearly rate.
Price return	−3.8%	−4.3%	CMF	Price change alone, distributions left out.
Risk
Volatility	4.4%	4.0%	VTEC (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.7%	3.3%	VTEC	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−5.8%	−5.6%	VTEC (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.64	−0.73	CMF	Return above Treasury bills per unit of volatility.
Sortino	−0.76	−0.89	CMF	Return above Treasury bills per unit of downside deviation.
Calmar	0.25	0.24	CMF (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 141 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

30%

By the books each fund has filed, CMF and VTEC hold 30% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Aug 31, 2026.

50%

0 half 100%

half

30% in common

Positions both hold · largest shared weight first CMF VTEC

University of California, Series 2025CD, due May 15, 2036 0.38% 0.49%

Los Angeles Unified School District, Series 2024A, due Jul 1, 2034 0.41% 0.28%

State of California, due Mar 1, 2036 0.29% 0.21%

Foothill-Eastern Transportation Corridor Agency, Series 2021A, due Jan 15, 2046 0.26% 0.21%

California Educational Facilities Authority, Series V-1, due May 1, 2049 0.20% 0.22%

East County Advanced Water Purification Joint Powers Authority, due Sep 1, 2026 0.31% 0.19%

University of California, Series 2025CD, due May 15, 2030 0.21% 0.19%

University of California, Series 2025CD, due May 15, 2040 0.27% 0.19%

State of California, due Nov 1, 2030 0.18% 0.20%

State of California, due Mar 1, 2055 0.36% 0.17%

Bay Area Toll Authority, Series 2026A, due Apr 1, 2061 0.16% 0.41%

San Mateo County Transit District Sales Tax, Series 2020B, due Jun 1, 2049 0.42% 0.16%

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%

Irvine Ranch Water District, Series 2011A-1, due Oct 1, 2037 0.43%

University of California, Series 2013AL-3, due May 15, 2048 0.32%

Bay Area Toll Authority, Series 2024H, due Apr 1, 2059 0.30%

University of California, Series 2026CG, due May 15, 2033 0.25%

University of California, Series 2026CG, due May 15, 2040 0.24%

Beverly Hills Unified School District, Series 2009, due Aug 1, 2027 0.24%

Only in VTEC

UNIV OF CALIFORNIA CA, due May 15, 2032 0.22%

CA EDUCTNL FACS - A, due Oct 1, 2055 0.20%

SAN FRANCISCO USD, due Jun 15, 2033 0.19%

BAY AREA TOLL AUTH-B, due Apr 1, 2059 0.19%

CA UNIV REGENTS-BW, due May 15, 2035 0.19%

UNIV CA VAR-B-2, due May 15, 2032 0.18%

BAY AREA CA TOLL AUTH, due Apr 1, 2035 0.16%

CALIFORNIA ST-REF, due Aug 1, 2031 0.15%

Check overlap with more funds →

Side by side

CMF iShares California Muni Bond ETF VTEC Vanguard California Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares Vanguard

What it is Tracks an index Tracks an index

Total return, 1 year −0.6% −0.8%

Expense ratio 0.08% 0.06%

Holdings 1897 3944

Net assets, CMF as of Oct 27, 2026 and VTEC as of Sep 30, 2026 $5.4bn $3.6bn

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

Client brief · page 1 of 2 Report BR-1C42534652

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

What each follows. CMF follows ICE AMT-Free California Municipal Index and VTEC follows S&P California AMT-Free Municipal Bond Index.
Holdings in common. 30% of the weight is in the same securities (holdings dated Aug 31, 2026 and May 31, 2026).
One-year total return (similar). Over 1 year to Oct 28, 2026 CMF returned −0.6% and VTEC −0.8% with distributions reinvested, a gap of 0.2 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.

VTEC

VTEC tracks an index. Over the year to Oct 28, 2026 it returned −0.8% with distributions reinvested. The prospectus expense ratio is 0.06% a year.

Questions people ask

Which returned more over the last year, CMF or VTEC?: In the year to Oct 28, 2026, with distributions reinvested, CMF returned −0.6% and VTEC −0.8%.
Which is cheaper, CMF or VTEC?: VTEC is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

CMF vs PWZ PWZ vs VTEC VTEB vs VTEC

Where to next

CMF on its own →VTEC on its own →Hold both: look the portfolio through →Rankings →CMF dividend history →CMF holdings →VTEC dividend history →VTEC holdings →Standards and sources →

Sources and dates

CMF filings on SEC EDGAR ↗

CMF prospectus with the expense ratio (SEC) ↗

iShares page for CMF ↗

VTEC filings on SEC EDGAR ↗

VTEC prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEC ↗

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 VTEC, data as of Oct 28, 2026. https://etfiq.com/compare/any/cmf-vs-vtec

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