SUB vs CMF: Holdings Overlap
SUBiShares Short-Term National Muni Bond ETF
iShares · 2873 holdings · $11.3B · as of 2026-05-31
CMFiShares California Muni Bond ETF
iShares · 1607 holdings · $4.6B · as of 2026-05-31
How similar are SUB and CMF?
iShares Short-Term National Muni Bond ETF (SUB, by iShares) holds 2873 positions; iShares California Muni Bond ETF (CMF, by iShares) holds 1607. They have 116 holdings in common, and by portfolio weight the two funds are 3.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 116SUB holds 2873 · CMF holds 1607
- Weight in Shared Holdings
- SUB 5%·CMF 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 SUB
2757 of 2873 positions (90.2% of the fund) are not held by CMF. Showing the top 30 by weight.
- New Jersey Economic Development Authority, Series 2023RRR0.37%
- State of California0.27%
- Empire State Development Corp., Series 2022A0.25%
- New Jersey Turnpike Authority, Series 2025B0.25%
- State of California0.24%
- State of Connecticut Special Tax, Series 2025A0.21%
Only in CMF
1491 of 1607 positions (87.8% of the fund) are not held by SUB. Showing the top 30 by weight.
- Los Angeles Unified School District, Series 2024A0.50%
- University of California, Series 2023BN0.49%
- California Educational Facilities Authority, Series U-60.44%
- Los Angeles Unified School District, Series 2024A0.44%
- California State University, Series 2024A0.42%
- University of California, Series 2025CD0.42%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| SUB | +0.2% | +1.1% | +2.0% | +3.1% | +1.5% | +1.5% | 2.56% |
| 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 SUB vs CMF →
Shared Holdings(116)
The top 10 shared positions account for 32% of the overlap, led by University of California, Series 2025CD, East County Advanced Water Purification Joint Powers Authority and California State Public Works Board, Series 2021A.
| University of California, Series 2025CD | 0.25% | 0.22% | 0.22% |
|---|---|---|---|
| East County Advanced Water Purification Joint Powers Authority | 0.18% | 0.33% | 0.18% |
| California State Public Works Board, Series 2021A | 0.14% | 0.16% | 0.14% |
| City of Los Angeles | 0.12% | 0.21% | 0.12% |
| San Diego Community College District, Series 2016 | 0.12% | 0.14% | 0.12% |
| State of California | 0.10% | 0.18% | 0.10% |
| Los Angeles Department of Water & Power, Series 2025C | 0.10% | 0.12% | 0.10% |
| State of California | 0.09% | 0.10% | 0.09% |
| State of California | 0.24% | 0.09% | 0.09% |
| Los Angeles Unified School District, Series 2025A | 0.09% | 0.12% | 0.09% |
| Los Angeles Community College District, Series D | 0.09% | 0.24% | 0.09% |
| City of Los Angeles Wastewater System, Series 2025C | 0.09% | 0.12% | 0.09% |
| State of California | 0.09% | 0.11% | 0.09% |
| San Diego Community College District, Series 2016 | 0.12% | 0.08% | 0.08% |
| Los Angeles Unified School District, Series 2024A | 0.07% | 0.08% | 0.07% |
| El Camino Community College District Fountation (The), Series 2012C | 0.07% | 0.07% | 0.07% |
| State of California | 0.06% | 0.10% | 0.06% |
| San Francisco City & County Public Utilities Commission Wastewater, Series 2023C | 0.06% | 0.28% | 0.06% |
| State of California | 0.06% | 0.18% | 0.06% |
| State of California | 0.06% | 0.13% | 0.06% |
| State of California | 0.06% | 0.14% | 0.06% |
| State of California | 0.06% | 0.08% | 0.06% |
| Antelope Valley-East Kern Water Agency Financing Authority, Series 2025B | 0.05% | 0.09% | 0.05% |
| San Francisco Unified School District, Series A | 0.05% | 0.08% | 0.05% |
| Metropolitan Water District of Southern California, Series 2024A | 0.05% | 0.09% | 0.05% |
Frequently Asked Questions
How much do SUB and CMF overlap?
SUB and CMF overlap by 3.9% of portfolio weight. They share 116 holdings (SUB holds 2873 positions and CMF holds 1607), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SUB and CMF?
The two portfolios are 3.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of SUB and CMF?
The largest positions held by both funds are University of California, Series 2025CD, East County Advanced Water Purification Joint Powers Authority, California State Public Works Board, Series 2021A, City of Los Angeles and San Diego Community College District, Series 2016. Together the top 10 shared positions account for 32% of the total overlap.
What does SUB own that CMF doesn't?
2757 positions (90.2% of SUB) are unique to SUB, led by New Jersey Economic Development Authority, Series 2023RRR, State of California and Empire State Development Corp., Series 2022A. In the other direction, 1491 positions (87.8% of CMF) are unique to CMF.