DFCA vs. VCAIX
DFCA (Dimensional California Municipal Bond ETF) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past year, DFCA returned 5.05% vs 6.77% for VCAIX. A 0.68 correlation means they provide meaningful diversification when combined. DFCA charges 0.19%/yr vs 0.17%/yr for VCAIX.
Performance
DFCA vs. VCAIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFCA achieves a 1.07% return, which is significantly lower than VCAIX's 1.13% return.
DFCA
- 1D
- -0.03%
- 1M
- 0.54%
- YTD
- 1.07%
- 6M
- 1.46%
- 1Y
- 5.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VCAIX
- 1D
- 0.09%
- 1M
- 0.61%
- YTD
- 1.13%
- 6M
- 1.48%
- 1Y
- 6.77%
- 3Y*
- 4.41%
- 5Y*
- 1.62%
- 10Y*
- 2.27%
DFCA vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 1.07% | 2.99% | 1.49% | 2.59% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 1.13% | 5.83% | 2.15% | 3.72% |
Correlation
The correlation between DFCA and VCAIX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.68 |
The correlation between DFCA and VCAIX has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFCA vs. VCAIX — Risk / Return Rank
DFCA
VCAIX
DFCA vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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.
| DFCA | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.79 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.28 | +0.59 |
| Martin ratioReturn relative to average drawdown | 9.29 | 7.46 | +1.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DFCA | VCAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 3.01 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.50 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 1.31 | -0.19 |
Drawdowns
DFCA vs. VCAIX - Drawdown Comparison
The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum VCAIX drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for DFCA and VCAIX.
Loading charts...
Drawdown Indicators
| DFCA | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -11.22% | +7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.77% | -2.98% | +1.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.22% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.22% | — |
Current DrawdownCurrent decline from peak | -0.52% | -1.01% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -1.36% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.91% | -0.36% |
Volatility
DFCA vs. VCAIX - Volatility Comparison
The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.55%, while Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) has a volatility of 0.87%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DFCA | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.87% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.30% | 1.79% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.77% | 2.27% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 3.24% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.48% | 3.42% | -0.94% |
DFCA vs. VCAIX - Expense Ratio Comparison
DFCA has a 0.19% expense ratio, which is higher than VCAIX's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DFCA vs. VCAIX - Dividend Comparison
DFCA's dividend yield for the trailing twelve months is around 2.69%, less than VCAIX's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 2.69% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.09% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Frequently Asked Questions
DFCA and VCAIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCAIX has higher volatility (0.87%) compared to DFCA (0.55%). In terms of maximum drawdown, DFCA dropped -3.28% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (3.01 vs 2.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for DFCA and VCAIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer