MUB vs CMF: Holdings Overlap
MUBiShares National Muni Bond ETF
iShares · 6603 holdings · $45.3B · as of 2026-05-31
CMFiShares California Muni Bond ETF
iShares · 1607 holdings · $4.6B · as of 2026-05-31
How similar are MUB and CMF?
iShares National Muni Bond ETF (MUB, by iShares) holds 6603 positions; iShares California Muni Bond ETF (CMF, by iShares) holds 1607. They have 601 holdings in common, and by portfolio weight the two funds are 8.9% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 8.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 601MUB holds 6603 · CMF holds 1607
- Weight in Shared Holdings
- MUB 10%·CMF 39%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 MUB
6002 of 6603 positions (86.0% of the fund) are not held by CMF. Showing the top 30 by weight.
- Board of Regents of the University of Texas System, Series 2025B0.19%
- New York State Thruway Authority, Series 2022A0.15%
- New York State Dormitory Authority, Series 2019D0.13%
- Ohio State University (The), Series 2026A0.13%
- Houston Higher Education Finance Corp., Series 20240.13%
- Northwest Independent School District, Series 20250.13%
Only in CMF
1006 of 1607 positions (56.5% of the fund) are not held by MUB. Showing the top 30 by weight.
- University of California, Series 2023BN0.49%
- California Educational Facilities Authority, Series U-60.44%
- San Francisco City & County Public Utilities Commission Wastewater, Series 2023C0.28%
- University of California, Series 2022S0.27%
- California State Public Works Board, Series 2025C0.26%
- Beverly Hills Unified School District, Series 20090.25%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| MUB | -0.9% | +0.8% | +5.1% | +3.3% | +0.7% | +1.9% | 3.22% |
| CMF | -0.9% | +0.6% | +5.2% | +3.2% | +0.5% | +1.6% | 2.97% |
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 MUB vs CMF →
Shared Holdings(601)
The top 10 shared positions account for 10% of the overlap, led by East County Advanced Water Purification Joint Powers Authority, State of California and San Diego Unified School District, Series 2020D-2.
| East County Advanced Water Purification Joint Powers Authority | 0.11% | 0.33% | 0.11% |
|---|---|---|---|
| State of California | 0.11% | 0.17% | 0.11% |
| San Diego Unified School District, Series 2020D-2 | 0.10% | 0.11% | 0.10% |
| University of California, Series 2023BN | 0.09% | 0.10% | 0.09% |
| University of California, Series 2023BN | 0.08% | 0.16% | 0.08% |
| Foothill-Eastern Transportation Corridor Agency, Series 2021A | 0.08% | 0.29% | 0.08% |
| State of California | 0.08% | 0.10% | 0.08% |
| Southern California Public Power Authority, Series 2024-1 | 0.07% | 0.15% | 0.07% |
| University of California, Series 2020BE | 0.07% | 0.16% | 0.07% |
| Los Angeles Unified School District, Series 2020RYQ | 0.09% | 0.07% | 0.07% |
| State of California | 0.06% | 0.19% | 0.06% |
| City of Los Angeles | 0.06% | 0.21% | 0.06% |
| State of California | 0.12% | 0.06% | 0.06% |
| California Educational Facilities Authority, Series V-5 | 0.07% | 0.06% | 0.06% |
| State of California | 0.05% | 0.17% | 0.05% |
| Bay Area Toll Authority, Series 2017S-7 | 0.06% | 0.05% | 0.05% |
| State of California | 0.05% | 0.05% | 0.05% |
| State of California | 0.05% | 0.20% | 0.05% |
| State of California | 0.05% | 0.07% | 0.05% |
| State of California | 0.05% | 0.05% | 0.05% |
| Los Angeles Unified School District, Series 2024A | 0.05% | 0.50% | 0.05% |
| State of California | 0.05% | 0.07% | 0.05% |
| Long Beach Unified School District, Series 2026 | 0.05% | 0.26% | 0.05% |
| State of California | 0.05% | 0.11% | 0.05% |
| Los Angeles Department of Water & Power, Series 2024E | 0.05% | 0.12% | 0.05% |
Showing the top 250 of 601 shared holdings by overlap weight.
Frequently Asked Questions
How much do MUB and CMF overlap?
MUB and CMF overlap by 8.9% of portfolio weight. They share 601 holdings (MUB holds 6603 positions and CMF holds 1607), based on each fund's latest SEC-reported holdings.
Is it redundant to own both MUB and CMF?
The two portfolios are 8.9% 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 MUB and CMF?
The largest positions held by both funds are East County Advanced Water Purification Joint Powers Authority, State of California, San Diego Unified School District, Series 2020D-2, University of California, Series 2023BN and University of California, Series 2023BN. Together the top 10 shared positions account for 10% of the total overlap.
What does MUB own that CMF doesn't?
6002 positions (86.0% of MUB) are unique to MUB, led by Board of Regents of the University of Texas System, Series 2025B, New York State Thruway Authority, Series 2022A and New York State Dormitory Authority, Series 2019D. In the other direction, 1006 positions (56.5% of CMF) are unique to CMF.