VCLAX vs. CMF
VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, VCLAX returned 2.61%/yr vs 1.76%/yr for CMF. A 0.53 correlation means they provide meaningful diversification when combined. VCLAX charges 0.09%/yr vs 0.25%/yr for CMF.
Performance
VCLAX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, VCLAX achieves a 1.79% return, which is significantly higher than CMF's 1.08% return. Over the past 10 years, VCLAX has outperformed CMF with an annualized return of 2.61%, while CMF has yielded a comparatively lower 1.76% annualized return.
VCLAX
- 1D
- 0.00%
- 1M
- 0.83%
- YTD
- 1.79%
- 6M
- 2.18%
- 1Y
- 8.23%
- 3Y*
- 4.86%
- 5Y*
- 1.39%
- 10Y*
- 2.61%
CMF
- 1D
- 0.12%
- 1M
- 0.70%
- YTD
- 1.08%
- 6M
- 1.44%
- 1Y
- 6.74%
- 3Y*
- 3.24%
- 5Y*
- 0.69%
- 10Y*
- 1.76%
VCLAX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 1.79% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
CMF iShares California Muni Bond ETF | 1.08% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between VCLAX and CMF is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2007 | 0.53 |
The correlation between VCLAX and CMF shifts across timeframes, from 0.53 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VCLAX vs. CMF — Risk / Return Rank
VCLAX
CMF
VCLAX vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and iShares California Muni Bond ETF (CMF). 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.
| VCLAX | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.54 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.32 | +0.18 |
| Martin ratioReturn relative to average drawdown | 8.92 | 7.80 | +1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCLAX | CMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | 2.41 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.17 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.35 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.39 | +0.55 |
Drawdowns
VCLAX vs. CMF - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, roughly equal to the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for VCLAX and CMF.
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Drawdown Indicators
| VCLAX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -16.45% | +0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.91% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -6.55% | -5.22% | -1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -12.45% | -3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -14.57% | -1.15% |
Current DrawdownCurrent decline from peak | -0.46% | -0.80% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -4.77% | +2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.87% | +0.09% |
Volatility
VCLAX vs. CMF - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 1.21% compared to iShares California Muni Bond ETF (CMF) at 0.86%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 0.86% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 2.11% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 2.80% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.57% | 4.19% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 5.08% | -0.52% |
VCLAX vs. CMF - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than CMF's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VCLAX vs. CMF - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.60%, more than CMF's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.95% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.60% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
Frequently Asked Questions
VCLAX and CMF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (1.21%) compared to CMF (0.86%). In terms of maximum drawdown, VCLAX dropped -15.72% vs CMF's -16.45%.
VCLAX currently has the higher Sharpe Ratio (2.73 vs 2.41), 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.
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