BCHYX vs. VUG

Last updated Aug 5, 2026

BCHYX (American Century California High Yield Municipal Fund) and VUG (Vanguard Growth ETF) are both funds - BCHYX is a Municipal Bonds fund managed by American Century, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Over the past 10 years, BCHYX returned 2.15%/yr vs 17.79%/yr for VUG. Their -0.06 correlation means they have often moved in opposite directions in the past. BCHYX charges 0.49%/yr vs 0.03%/yr for VUG.

Performance

BCHYX vs. VUG - 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 Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCHYX achieves a 0.76% return, which is significantly lower than VUG's 9.81% return. Over the past 10 years, BCHYX has underperformed VUG with an annualized return of 2.15%, while VUG has yielded a comparatively higher 17.79% annualized return.

BCHYX

• 1D: 0.00%
• 1M: -2.16%
• 6M: 0.11%
• YTD: 0.76%
• 1Y: 6.31%
• 3Y*: 4.40%
• 5Y*: 0.16%
• 10Y*: 2.15%
• ALL TIME*: 4.71%

VUG

• 1D: 2.31%
• 1M: 4.20%
• 6M: 13.15%
• YTD: 9.81%
• 1Y: 18.35%
• 3Y*: 24.22%
• 5Y*: 12.88%
• 10Y*: 17.79%
• ALL TIME*: 12.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCHYX American Century California High Yield Municipal Fund	$0.00	$0.00	$0.00
VUG Vanguard Growth ETF	$557.36M	$649.80M	$660.09M

BCHYX vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCHYX American Century California High Yield Municipal Fund	0.76%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%
VUG Vanguard Growth ETF	9.81%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between BCHYX and VUG is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	-0.06

The correlation between BCHYX and VUG shifts across timeframes, from -0.06 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BCHYX vs. VUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BCHYX

BCHYX Risk / Return Rank: 72
BCHYX Sharpe Ratio Rank: 81
BCHYX Sortino Ratio Rank: 85
BCHYX Omega Ratio Rank: 89
BCHYX Calmar Ratio Rank: 55
BCHYX Martin Ratio Rank: 51

VUG

VUG Risk / Return Rank: 35
VUG Sharpe Ratio Rank: 37
VUG Sortino Ratio Rank: 36
VUG Omega Ratio Rank: 35
VUG Calmar Ratio Rank: 31
VUG Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BCHYX vs. VUG - 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 Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.04	+0.94
Sortino ratio: Return per unit of downside risk	3.05	1.51	+1.54
Omega ratio: Gain probability vs. loss probability	1.46	1.19	+0.27
Calmar ratio: Return relative to maximum drawdown	2.18	1.12	+1.06
Martin ratio: Return relative to average drawdown	7.59	3.54	+4.05

BCHYX vs. VUG - Sharpe Ratio Comparison

The current BCHYX Sharpe Ratio is 1.98, which is higher than the VUG Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of BCHYX and VUG, 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. VUG - Drawdown Comparison

The maximum BCHYX drawdown since its inception was -18.35%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for BCHYX and VUG.

Drawdown Indicators

	BCHYX	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-50.68%	+32.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-16.53%	+13.56%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-22.85%	+16.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.20%	-35.61%	+17.41%
Max Drawdown (10Y) Largest decline over 10 years	-18.35%	-35.61%	+17.26%
Current Drawdown Current decline from peak	-2.16%	-1.22%	-0.94%
Average Drawdown Average peak-to-trough decline	-2.37%	-7.08%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	5.20%	-4.35%

Volatility

BCHYX vs. VUG - Volatility Comparison

The current volatility for American Century California High Yield Municipal Fund (BCHYX) is 1.08%, while Vanguard Growth ETF (VUG) has a volatility of 6.22%. This indicates that BCHYX experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHYX	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	6.22%	-5.14%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	14.55%	-12.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	17.86%	-14.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	22.55%	-17.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	21.58%	-16.76%

BCHYX vs. VUG - Expense Ratio Comparison

BCHYX has a 0.49% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

BCHYX vs. VUG - Dividend Comparison

BCHYX's dividend yield for the trailing twelve months is around 3.71%, more than VUG's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCHYX American Century California High Yield Municipal Fund	3.71%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%
VUG Vanguard Growth ETF	0.38%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both BCHYX and VUG in my portfolio?

BCHYX and VUG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCHYX or VUG?

VUG has higher volatility (6.22%) compared to BCHYX (1.08%). In terms of maximum drawdown, BCHYX dropped -18.35% vs VUG's -50.68%.

Which has better risk-adjusted returns?

BCHYX currently has the higher Sharpe Ratio (1.98 vs 1.04), 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.