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Muni_CA

Last updated Mar 2, 2024

Aimed at generating tax free income for a taxable account in California

Asset Allocation


VCLAX 33.33%BCHYX 33.33%PRXCX 33.33%BondBond
PositionCategory/SectorWeight
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
Municipal Bonds

33.33%

BCHYX
American Century California High Yield Municipal Fund
Municipal Bonds

33.33%

PRXCX
T. Rowe Price California Tax Free Bond Fund
Municipal Bonds

33.33%

S&P 500

Performance

The chart shows the growth of an initial investment of $10,000 in Muni_CA, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Quarterly


100.00%150.00%200.00%250.00%300.00%350.00%OctoberNovemberDecember2024FebruaryMarch
130.33%
359.35%
Muni_CA
Benchmark (^GSPC)
Portfolio components

The earliest data available for this chart is Nov 12, 2001, corresponding to the inception date of VCLAX

Returns

As of Mar 2, 2024, the Muni_CA returned -0.06% Year-To-Date and 3.13% of annualized return in the last 10 years.


Year-To-Date1 month6 months1 year5 years (annualized)10 years (annualized)
^GSPC
S&P 500
7.70%6.01%13.76%29.03%12.89%10.63%
Muni_CA-0.06%0.03%5.06%6.72%2.09%3.13%
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
0.02%0.10%5.42%7.27%2.32%3.21%
BCHYX
American Century California High Yield Municipal Fund
0.00%-0.00%5.09%6.38%1.94%3.33%
PRXCX
T. Rowe Price California Tax Free Bond Fund
-0.20%-0.00%4.65%6.51%1.99%2.83%

Monthly Returns Heatmap


JanFebMarAprMayJunJulAugSepOctNovDec
2024-0.09%-0.03%
2023-1.28%-3.07%-1.99%7.49%2.94%

Sharpe Ratio

The current Muni_CA Sharpe ratio is 1.42. A Sharpe ratio greater than 1.0 is considered acceptable.

0.002.004.001.42

The Sharpe ratio of Muni_CA is in the bottom 25%, suggesting that this portfolio isn't performing as well in terms of risk-adjusted returns compared to many others. This could be due to lower returns, higher volatility, or both. It might be an indication that the portfolio needs fine-tuning.


Rolling 12-month Sharpe Ratio0.000.501.001.502.002.50OctoberNovemberDecember2024FebruaryMarch
1.42
2.44
Muni_CA
Benchmark (^GSPC)
Portfolio components

Dividend yield

Muni_CA granted a 3.12% dividend yield in the last twelve months.


TTM20232022202120202019201820172016201520142013
Muni_CA3.12%3.25%3.03%2.93%3.05%3.05%3.35%3.30%3.51%3.57%3.73%4.08%
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
3.12%3.07%2.74%3.03%3.29%3.01%3.40%3.33%3.56%3.58%3.71%4.07%
BCHYX
American Century California High Yield Municipal Fund
3.39%3.65%3.43%2.94%3.06%3.22%3.52%3.49%3.61%3.70%3.87%4.23%
PRXCX
T. Rowe Price California Tax Free Bond Fund
2.84%3.04%2.92%2.82%2.81%2.93%3.12%3.09%3.35%3.43%3.61%3.95%

Expense Ratio

The Muni_CA has a high expense ratio of 0.37%, indicating higher-than-average management fees. Below you can find the expense ratios of portfolio funds side-by-side and effortlessly compare their relative costs.


0.53%
0.00%2.15%
0.49%
0.00%2.15%
0.09%
0.00%2.15%

Risk-Adjusted Performance

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.


Sharpe ratioSortino ratioOmega ratioCalmar ratioUlcer Index
^GSPC
S&P 500
2.44
Muni_CA
1.42
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
1.53
BCHYX
American Century California High Yield Municipal Fund
1.21
PRXCX
T. Rowe Price California Tax Free Bond Fund
1.45

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

BCHYXPRXCXVCLAX
BCHYX1.000.860.88
PRXCX0.861.000.89
VCLAX0.880.891.00

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way.


-15.00%-10.00%-5.00%0.00%OctoberNovemberDecember2024FebruaryMarch
-4.32%
0
Muni_CA
Benchmark (^GSPC)
Portfolio components

Worst Drawdowns

The table below displays the maximum drawdowns of the Muni_CA. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Muni_CA was 16.05%, occurring on Oct 25, 2022. The portfolio has not yet recovered.

The current Muni_CA drawdown is 4.32%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-16.05%Aug 6, 2021309Oct 25, 2022
-13.61%Jan 24, 2008227Dec 16, 2008177Aug 31, 2009404
-12.66%Mar 10, 20209Mar 20, 2020171Nov 20, 2020180
-8.34%May 3, 201387Sep 5, 2013149Apr 9, 2014236
-7.86%Oct 13, 201067Jan 18, 2011134Jul 29, 2011201

Volatility Chart

The current Muni_CA volatility is 1.00%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%OctoberNovemberDecember2024FebruaryMarch
1.00%
3.47%
Muni_CA
Benchmark (^GSPC)
Portfolio components
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