CMF vs VTEB: Holdings Overlap
CMFiShares California Muni Bond ETF
iShares · 1607 holdings · $4.6B · as of 2026-05-31
VTEBVanguard Tax-exempt Bond Index Fund
Vanguard · 10185 holdings · $45.7B · as of 2026-04-30
Holdings snapshots are 31 days apart (CMF: 2026-05-31, VTEB: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are CMF and VTEB?
iShares California Muni Bond ETF (CMF, by iShares) holds 1607 positions; Vanguard Tax-exempt Bond Index Fund (VTEB, by Vanguard) holds 10185. They have 674 holdings in common, and by portfolio weight the two funds are 7.2% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 7.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 674CMF holds 1607 · VTEB holds 10185
- Weight in Shared Holdings
- CMF 46%·VTEB 8%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in CMF
933 of 1607 positions (50.4% of the fund) are not held by VTEB. Showing the top 30 by weight.
- University of California, Series 2022S0.27%
- Long Beach Unified School District, Series 20260.26%
- Beverly Hills Unified School District, Series 20090.25%
- University of California, Series 2026CF0.24%
- State of California0.24%
- Oakland Unified School District, Series 20160.23%
Only in VTEB
9511 of 10185 positions (90.9% of the fund) are not held by CMF. Showing the top 30 by weight.
- TRIBOROUGH BRIDGE-A-10.11%
- COLORADO ST-B-TRANS0.11%
- NYC TRANSITIONAL-A-10.09%
- Dallas Independent School District, Series 2026B0.09%
- Ohio Water Development Authority Water Pollution Control Loan Fund, Series 20250.08%
- New York State Dormitory Authority, Series 2024A0.08%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| CMF | -0.9% | +0.6% | +5.2% | +3.2% | +0.5% | +1.6% | 2.97% |
| VTEB | -0.9% | +1.0% | +5.5% | +3.5% | +0.7% | +1.9% | 3.41% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in CMF vs VTEB →
Shared Holdings(674)
The top 10 shared positions account for 10% of the overlap, led by University of California, Series 2025CD, State of California, Series 2007 and Los Angeles Department of Water & Power, Series 2025C.
| University of California, Series 2025CD | 0.42% | 0.12% | 0.12% |
|---|---|---|---|
| State of California, Series 2007 | 0.36% | 0.11% | 0.11% |
| Los Angeles Department of Water & Power, Series 2025C | 0.12% | 0.08% | 0.08% |
| Los Angeles Unified School District, Series 2024A | 0.13% | 0.07% | 0.07% |
| Los Angeles Unified School District, Series 2024A | 0.44% | 0.07% | 0.07% |
| California Educational Facilities Authority, Series V-1 | 0.19% | 0.07% | 0.07% |
| University of California, Series 2025CD | 0.22% | 0.06% | 0.06% |
| Los Angeles Unified School District, Series 2024A | 0.50% | 0.06% | 0.06% |
| State of California | 0.18% | 0.06% | 0.06% |
| State of California | 0.17% | 0.05% | 0.05% |
| State of California | 0.07% | 0.05% | 0.05% |
| State of California, Series 2024 | 0.12% | 0.05% | 0.05% |
| California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB | 0.44% | 0.05% | 0.05% |
| University of California, Series 2018 AZ, Ref. RB | 0.13% | 0.05% | 0.05% |
| Bay Area Toll Authority, Series 2026A | 0.17% | 0.05% | 0.05% |
| State of California | 0.05% | 0.05% | 0.05% |
| Bay Area Toll Authority, Series 2017S-7 | 0.05% | 0.05% | 0.05% |
| State of California | 0.04% | 0.05% | 0.04% |
| Foothill-Eastern Transportation Corridor Agency, Series 2021A | 0.29% | 0.04% | 0.04% |
| State of California | 0.21% | 0.04% | 0.04% |
| State of California | 0.04% | 0.05% | 0.04% |
| Los Angeles Department of Water & Power, Series 2025C | 0.11% | 0.04% | 0.04% |
| State of California | 0.08% | 0.04% | 0.04% |
| State of California | 0.12% | 0.04% | 0.04% |
| University of California, Series 2026CE | 0.16% | 0.04% | 0.04% |
Showing the top 250 of 674 shared holdings by overlap weight.
Frequently Asked Questions
How much do CMF and VTEB overlap?
CMF and VTEB overlap by 7.2% of portfolio weight. They share 674 holdings (CMF holds 1607 positions and VTEB holds 10185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both CMF and VTEB?
The two portfolios are 7.2% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of CMF and VTEB?
The largest positions held by both funds are University of California, Series 2025CD, State of California, Series 2007, Los Angeles Department of Water & Power, Series 2025C, Los Angeles Unified School District, Series 2024A and Los Angeles Unified School District, Series 2024A. Together the top 10 shared positions account for 10% of the total overlap.
What does CMF own that VTEB doesn't?
933 positions (50.4% of CMF) are unique to CMF, led by University of California, Series 2022S, Long Beach Unified School District, Series 2026 and Beverly Hills Unified School District, Series 2009. In the other direction, 9511 positions (90.9% of VTEB) are unique to VTEB.