CMF vs PWZ
iShares California Muni Bond ETF against Invesco California AMT-Free Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
18%
374 shared positions
Fee gap
20 bp
CMF is cheaper
1-year return gap
1.9 pts
CMF is ahead
Larger fund
CMF
$5.2B
Side by side
| CMF | PWZ | |
|---|---|---|
| Fund | iShares California Muni Bond ETF | Invesco California AMT-Free Municipal Bond ETF |
| Issuer | iShares | Invesco |
| Category | State Muni | State Muni |
| Expense ratio | 0.08% | 0.28% |
| Assets | $5.2B | $1.1B |
| Average daily dollar volume | $159M | $34M |
| Listed | Oct 4, 2007 | Oct 11, 2007 |
| FrenzyCap score | 98 | 72 |
| 1-month return | −0.2% | −0.8% |
| 3-month return | −2.8% | −4.9% |
| Year to date | −4.4% | −6.0% |
| 1-year return | −4.6% | −6.5% |
| 30-day volatility | 6.1% | 8.2% |
| Worst drawdown, 1 year | −8.1% | −10.0% |
| Trailing 12-month yield | 3.07% | 4.04% |
| Holdings | 1,863 | 1,158 |
| Top 10 weight | 4.1% | 5.8% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$349M thru May 2026 | +$41M thru May 2026 |
| 30-day implied volatility | — | 26.3% |
| Holdings as of | as of Oct 20, 2026issuer data | as of May 31, 2026SEC filing |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
22% of CMF · 38% of PWZ| Holding | CMF | PWZ |
|---|---|---|
| CALIFORNIA EDL FACS AUTH REV 5%, due May 1, 2045 | 0.36% | 0.42% |
| CALIFORNIA ST 5%, due Mar 1, 2055 | 0.31% | 0.34% |
| CALIFORNIA ST UNIV REV 5.5%, due Nov 1, 2055 | 0.35% | 0.28% |
| CALIFORNIA ST 4%, due Sep 1, 2043 | 0.23% | 0.30% |
| FOOTHILL / EASTERN TRANSN CORR 4%, due Jan 15, 2046 | 0.22% | 0.45% |
| CALIFORNIA ST 5%, due Oct 1, 2056 | 0.20% | 0.22% |
| SAN DIEGO CALIF UNI SCH DIST 4%, due Jul 1, 2053 | 0.20% | 0.26% |
| LOS ANGELES CALIF UNI SCH DIST 5.25%, due Jul 1, 2048 | 0.20% | 0.34% |
| LOS ANGELES CALIF UNI SCH DIST 5%, due Jul 1, 2049 | 0.20% | 0.18% |
| CALIFORNIA ST 5%, due Oct 1, 2042 | 0.19% | 0.18% |
| CALIFORNIA EDL FACS AUTH REV 5%, due May 1, 2049 | 0.17% | 0.54% |
| CALIFORNIA ST 4%, due Oct 1, 2041 | 0.17% | 0.17% |
| SAN DIEGO CALIF CMNTY COLLEGE 4%, due Aug 1, 2050 | 0.15% | 0.25% |
| CALIFORNIA ST 5.25%, due Oct 1, 2051 | 0.14% | 0.26% |
| CALIFORNIA EDL FACS AUTH REV 5%, due Jun 1, 2043 | 0.14% | 0.33% |
| CALIFORNIA ST 5.25%, due Sep 1, 2053 | 0.14% | 0.28% |
| UNIVERSITY CALIF REVS 3%, due May 15, 2051 | 0.14% | 0.14% |
| LOS ANGELES CALIF DEPT WTR & P 5%, due Jul 1, 2047 | 0.18% | 0.14% |
| CALIFORNIA EDL FACS AUTH REV 5%, due Oct 1, 2055 | 0.14% | 0.58% |
| GLENDALE CALIF CMNTY COLLEGE D 4%, due Aug 1, 2050 | 0.13% | 0.19% |
| CALIFORNIA ST 5%, due Nov 1, 2042 | 0.13% | 0.16% |
| CALIFORNIA ST EDUCTNL FACS AUTH RE 5%, due Apr 1, 2051 | 0.13% | 0.21% |
| SAN FRANCISCO CALIF CITY & CNT 5%, due Oct 1, 2054 | 0.12% | 0.40% |
| UNIVERSITY CALIF REVS 4%, due May 15, 2047 | 0.12% | 0.18% |
| SOUTHERN CALIF PUB PWR AUTH SO 5%, due Jul 1, 2053 | 0.12% | 0.15% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · CMF holdings · PWZ holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.