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^CASHX vs. VCADX
Performance
Return for Risk
Drawdowns
Volatility

^CASHX vs. VCADX

Last updated Jun 13, 2026

^CASHX (US Money Market Index) is an index, while VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) is Municipal Bonds fund managed by Vanguard. Over the past 10 years, ^CASHX returned 2.32%/yr vs 2.30%/yr for VCADX. At a correlation of -0.01, they often move in opposite directions.

Performance

^CASHX vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Money Market Index (^CASHX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^CASHX achieves a 1.60% return, which is significantly higher than VCADX's 1.07% return. Both investments have delivered pretty close results over the past 10 years, with ^CASHX having a 2.32% annualized return and VCADX not far behind at 2.30%.

^CASHX

1D
0.01%
1M
0.26%
YTD
1.60%
6M
1.77%
1Y
3.87%
3Y*
4.63%
5Y*
3.53%
10Y*
2.32%

VCADX

1D
0.00%
1M
0.62%
YTD
1.07%
6M
1.60%
1Y
6.35%
3Y*
4.45%
5Y*
1.60%
10Y*
2.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^CASHX vs. VCADX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^CASHX
US Money Market Index		1.60%4.21%5.16%5.03%1.68%0.08%0.37%2.16%1.83%1.00%
VCADX
Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares		1.07%5.90%2.24%5.91%-6.61%0.46%4.62%7.04%1.28%4.94%

Correlation

The correlation between ^CASHX and VCADX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

-0.01

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US Money Market Index

Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares

Often compared with ^CASHX:
^CASHX vs. SPAXX^CASHX vs. VBIL^CASHX vs. VUSXX^CASHX vs. VMRXX^CASHX vs. FXNAX^CASHX vs. SWVXX^CASHX vs. JAAA
Often compared with VCADX:
VCADX vs. CMFVCADX vs. VCLAXVCADX vs. VCAIXVCADX vs. VTEBVCADX vs. BNDVCADX vs. DFCAVCADX vs. VWALX

Return for Risk

^CASHX vs. VCADX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^CASHX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VCADX
VCADX Risk / Return Rank: 7575
Overall Rank
VCADX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VCADX Sortino Ratio Rank: 9494
Sortino Ratio Rank
VCADX Omega Ratio Rank: 9696
Omega Ratio Rank
VCADX Calmar Ratio Rank: 5050
Calmar Ratio Rank
VCADX Martin Ratio Rank: 4141
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^CASHX vs. VCADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Money Market Index (^CASHX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

^CASHXVCADXDifference
Sharpe ratioReturn per unit of total volatility
259.86
2.91

+256.95

Sortino ratioReturn per unit of downside risk

—

4.51

—

Omega ratioGain probability vs. loss probability

—

1.76

—

Calmar ratioReturn relative to maximum drawdown

—

2.20

—

Martin ratioReturn relative to average drawdown

—

7.10

—

^CASHX vs. VCADX - Sharpe Ratio Comparison

The current ^CASHX Sharpe Ratio is 259.86, which is higher than the VCADX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of ^CASHX and VCADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

^CASHX vs. VCADX - Drawdown Comparison

The maximum ^CASHX drawdown since its inception was 0.00%, smaller than the maximum VCADX drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for ^CASHX and VCADX.

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Drawdown Indicators

^CASHXVCADXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-11.13%

+11.13%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-2.98%

+2.98%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-4.23%

+4.23%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-11.13%

+11.13%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-11.13%

+11.13%

Current Drawdown

Current decline from peak

0.00%

-1.08%

+1.08%

Average Drawdown

Average peak-to-trough decline

0.00%

-1.50%

+1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

0.92%

-0.92%

Volatility

^CASHX vs. VCADX - Volatility Comparison

The current volatility for US Money Market Index (^CASHX) is 0.00%, while Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a volatility of 0.84%. This indicates that ^CASHX experiences smaller price fluctuations and is considered to be less risky than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^CASHXVCADXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

0.84%

-0.84%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

1.78%

-1.78%

Volatility (1Y)

Calculated over the trailing 1-year period

0.01%

2.26%

-2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.08%

3.25%

-3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.08%

3.43%

-3.35%

Frequently Asked Questions

^CASHX and VCADX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VCADX has higher volatility (0.84%) compared to ^CASHX (0.00%). In terms of maximum drawdown, ^CASHX dropped 0.00% vs VCADX's -11.13%.

^CASHX currently has the higher Sharpe Ratio (259.86 vs 2.91), 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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