BCHYX vs. VCITX

Last updated Jun 24, 2026

BCHYX (American Century California High Yield Municipal Fund) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, BCHYX returned 2.32%/yr vs 2.40%/yr for VCITX. Their correlation of 0.87 suggests significant overlap in exposure. BCHYX charges 0.49%/yr vs 0.17%/yr for VCITX.

Performance

BCHYX vs. VCITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California High Yield Municipal Fund (BCHYX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCHYX achieves a 2.21% return, which is significantly higher than VCITX's 1.85% return. Both investments have delivered pretty close results over the past 10 years, with BCHYX having a 2.32% annualized return and VCITX not far ahead at 2.40%.

BCHYX

• 1D: -0.10%
• 1M: 1.91%
• YTD: 2.21%
• 6M: 2.77%
• 1Y: 7.77%
• 3Y*: 4.65%
• 5Y*: 0.73%
• 10Y*: 2.32%

VCITX

• 1D: -0.09%
• 1M: 1.89%
• YTD: 1.85%
• 6M: 2.34%
• 1Y: 7.98%
• 3Y*: 4.65%
• 5Y*: 1.36%
• 10Y*: 2.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BCHYX vs. VCITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCHYX American Century California High Yield Municipal Fund	2.21%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares	1.85%	4.90%	2.66%	7.51%	-10.06%	1.46%	5.60%	8.81%	0.67%	6.82%

Correlation

The correlation between BCHYX and VCITX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.87

The correlation between BCHYX and VCITX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

BCHYX vs. VCITX — Risk / Return Rank

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

BCHYX

BCHYX Risk / Return Rank: 71
BCHYX Sharpe Ratio Rank: 80
BCHYX Sortino Ratio Rank: 88
BCHYX Omega Ratio Rank: 88
BCHYX Calmar Ratio Rank: 53
BCHYX Martin Ratio Rank: 47

VCITX

VCITX Risk / Return Rank: 70
VCITX Sharpe Ratio Rank: 87
VCITX Sortino Ratio Rank: 90
VCITX Omega Ratio Rank: 92
VCITX Calmar Ratio Rank: 42
VCITX Martin Ratio Rank: 41

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.

BCHYX vs. VCITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California High Yield Municipal Fund (BCHYX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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.

	BCHYX	VCITX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.61	-0.20
Sortino ratio: Return per unit of downside risk	3.95	4.11	-0.16
Omega ratio: Gain probability vs. loss probability	1.58	1.64	-0.06
Calmar ratio: Return relative to maximum drawdown	2.67	2.37	+0.30
Martin ratio: Return relative to average drawdown	9.25	8.39	+0.86

BCHYX vs. VCITX - Sharpe Ratio Comparison

The current BCHYX Sharpe Ratio is 2.41, which is comparable to the VCITX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of BCHYX and VCITX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCHYX vs. VCITX - Drawdown Comparison

The maximum BCHYX drawdown since its inception was -18.35%, smaller than the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for BCHYX and VCITX.

Drawdown Indicators

	BCHYX	VCITX	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-22.71%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-3.43%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-6.57%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.35%	-15.79%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	-18.35%	-15.79%	-2.56%
Current Drawdown Current decline from peak	-0.10%	-0.39%	+0.29%
Average Drawdown Average peak-to-trough decline	-2.38%	-2.58%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.97%	-0.12%

Volatility

BCHYX vs. VCITX - Volatility Comparison

American Century California High Yield Municipal Fund (BCHYX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) have volatilities of 0.84% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHYX	VCITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.85%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.39%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	3.12%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	4.56%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	4.56%	+0.25%

BCHYX vs. VCITX - Expense Ratio Comparison

BCHYX has a 0.49% expense ratio, which is higher than VCITX's 0.17% expense ratio.

Dividends

BCHYX vs. VCITX - Dividend Comparison

BCHYX's dividend yield for the trailing twelve months is around 3.95%, more than VCITX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHYX American Century California High Yield Municipal Fund	3.95%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares	3.54%	4.34%	3.85%	2.99%	2.66%	2.56%	3.21%	3.16%	3.32%	3.22%	3.45%	3.50%

Frequently Asked Questions

Can I hold both BCHYX and VCITX in my portfolio?

With a correlation of 0.90, BCHYX and VCITX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BCHYX or VCITX?

VCITX has higher volatility (0.85%) compared to BCHYX (0.84%). In terms of maximum drawdown, BCHYX dropped -18.35% vs VCITX's -22.71%.

Which has better risk-adjusted returns?

VCITX currently has the higher Sharpe Ratio (2.61 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.