CALI vs VSDM: Grades, Fees and Holdings Compared

iShares Short-Term California Muni Active ETF

CALIBNasdaq

Vanguard Short Duration Tax-Exempt Bond ETF

VSDMACboe

Overlap

No data

Expense ratio

VSDM −0.08pt a year

CALI0.20%VSDM0.12%

Avg volume · 30D

VSDM 1.5×the volume

CALI186KVSDM280K

CALI vs VSDM Performance

Nov 7, 2025 – Nov 9, 2026

+2.0%CALI+2.6%VSDM

Expense ratio: CALI 0.20%; VSDM 0.12%, better
Fund size: CALI $701M; VSDM $1.2B
1Y total return: CALI +2.0%; VSDM +2.6%, better
Yield (12M): CALI 2.47%; VSDM 3.10%, better
Holdings: CALI 263; VSDM 3315
Avg volume (30D): CALI 186K sh; VSDM 280K sh, better
NAV per share: CALI $50.23; VSDM $76.00
52W range

ETF.net Grade

Pillar letters and Scores for CALI, VSDM, with each pillar’s weight
Pillar	CALI	VSDM
Cost30% weight	B61	A85Higher
Mission25% weight	A100	A100
Risk15% weight	C43	C46Higher
Tradability15% weight	B59	A78Higher
Holdings10% weight	D38	A75Higher
Durability5% weight	B64Higher	B61

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. CALI and VSDM are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

VSDM ranks 3rd and CALI 11th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 80
Rank 3AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 79
Rank 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77
Rank 10BEVSMEaton Vance Short Duration Municipal Income ETFScore 69
Rank 11BCALIiShares Short-Term California Muni Active ETFScore 65
Rank 12BMEARiShares Short Maturity Municipal Bond Active ETFScore 64

Our read on each fund

ETF.net Research

CALIBiShares Short-Term California Muni Active ETF

VSDMAVanguard Short Duration Tax-Exempt Bond ETF

In short

CALI California munis on a short leash. CALI is an actively run iShares portfolio of California-issued bonds maturing in five years or less, paying monthly income, at 0.20% net of a waiver through June 30, 2027 (0.25% gross).

VSDM No data

Stated mandate

CALI The fund actively manages a diversified portfolio of short-term municipal bonds issued in California, seeking tax-exempt income while managing interest-rate risk.

VSDM No data

Why people hold it

CALI A single-state short-maturity muni portfolio: California issuers only, roughly 180 bonds, benchmarked to the Bloomberg California Municipal 0-2 Year Index.blackrock.com
Active, not index-bound: managers work fixed- and floating-rate California paper maturing in five years or less, aiming at tax-exempt income while managing rate risk.ishares.com
0.20% net of a waiver through June 30, 2027 (0.25% gross) sits near the typical fee for short-duration muni funds, and income goes out monthly.
Running since 2023 and doing exactly what its documents describe, it lands in the upper half of its short-duration muni peer group.

VSDM No data

Worth knowing

CALI You pay up for the state focus. National short-muni options like SUB (0.07%) and VTES (0.05%) cover the whole country for less.
Non-diversified by design: credit exposure rides on one state's issuers rather than a nationwide spread.yahoo.com ishares.com
Moderately traded, so there is less depth here than in the largest national muni ETFs.

VSDM No data

Full CALI profile⁠

Full VSDM profile⁠

CALI vs VSDM Holdings

How CALI and VSDM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.1%
Asset classBonds100%

Sector

CALI and VSDM share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in CALI and VSDM, widest gap first
Country	More in CALIMore in VSDM	Gap	CALI	VSDM
United States		CALI +0.9 points	100.0%	99.1%
Puerto Rico		VSDM +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

CALI19.0%
VSDM5.4%

Securities held

CALI223
VSDM2,951

Asset class

CALI: Bonds
VSDM: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CALI holds 223 securities, VSDM 2,951.

All 178 CALI holdings⁠All 3,313 VSDM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CALI vs VSDM Cost

Overpaying CALI vs VSDM

$1,635

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CALI 0.20%
$4,155
VSDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

CALI 0.20%
VSDM 0.12%
Overpaying

Year by year

Year	CALI	VSDM	Overpaying
10	$365	$220	$145
20	$1,421	$859	$562
30	$4,155	$2,520	$1,635

Expense ratio

0.20%CALI
0.12%VSDM, cheaper

VSDM0.12%CALI0.20%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

VSDM 5th cheapest of 27 funds

CALI 12th cheapest of 27 funds

CALI vs VSDM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CALI 2.47%; VSDM 3.10%, better
Payout (12M): CALI $1.24; VSDM $2.36
Last payment: CALI $0.10; VSDM $0.19
Ex-dividend: CALI Nov 2, 2026; VSDM Nov 2, 2026
Paid on: CALI Nov 5, 2026; VSDM Nov 4, 2026
Frequency: CALI Monthly; VSDM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CALIMonthly · 39 paymentsAll CALI payments⁠

VSDMMonthly · 23 paymentsAll VSDM payments⁠

CALI vs VSDM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CALI 1.3%VSDM 2.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: CALI −1.03VSDM −0.26since Dec 2024
Worst fallMax drawdown, 5 years: CALI −1.2%since Jul 2023VSDM −2.8%since Nov 2024
Market sensitivityBeta, 5 years: CALI 0.05VSDM 0.09; Market = 1

CALI and VSDM in the news

All news⁠

First-Year Review
AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it
Oct 5, 2026CALI
ETF Filings
VanEck files four California and New York muni ladder ETFs
Sep 7, 2026CALI

Popular comparisons

CALIBvsSUBA
iShares Short-Term California Muni Active ETF · iShares Short-Term National Muni Bond ETF
Expense ratio
0.20% · 0.07%
Category
VSDMAvsVTESA
Vanguard Short Duration Tax-Exempt Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.12% · 0.05%
Category
CALIBvsVTESA
iShares Short-Term California Muni Active ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.20% · 0.05%
Category
VSDMAvsSUBA
Vanguard Short Duration Tax-Exempt Bond ETF · iShares Short-Term National Muni Bond ETF
Expense ratio
0.12% · 0.07%
Category
CALIBvsTAXSA
iShares Short-Term California Muni Active ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.20% · 0.05%
Category
VSDMAvsTAXSA
Vanguard Short Duration Tax-Exempt Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.12% · 0.05%
Category

CALI vs VSDM

In short

Stated mandate

Why people hold it

Worth knowing

How CALI and VSDM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it

VanEck files four California and New York muni ladder ETFs

How CALI and VSDM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings