CALI vs. VCADX

Last updated Jun 23, 2026

CALI (iShares Short-Term California Muni Active ETF) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past year, CALI returned 2.86% vs 6.44% for VCADX. At a 0.38 correlation, their price movements are largely independent. CALI charges 0.08%/yr vs 0.09%/yr for VCADX.

Performance

CALI vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term California Muni Active ETF (CALI) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALI achieves a 1.03% return, which is significantly lower than VCADX's 1.24% return.

CALI

• 1D: -0.00%
• 1M: 0.41%
• YTD: 1.03%
• 6M: 1.15%
• 1Y: 2.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCADX

• 1D: 0.09%
• 1M: 1.32%
• YTD: 1.24%
• 6M: 1.60%
• 1Y: 6.44%
• 3Y*: 4.45%
• 5Y*: 1.70%
• 10Y*: 2.30%

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

CALI vs. VCADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	1.03%	3.28%	2.84%	1.97%
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	1.24%	5.90%	2.24%	3.82%

Correlation

The correlation between CALI and VCADX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.38

Return for Risk

CALI vs. VCADX — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 93
CALI Sharpe Ratio Rank: 96
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 83
CALI Martin Ratio Rank: 92

VCADX

VCADX Risk / Return Rank: 70
VCADX Sharpe Ratio Rank: 92
VCADX Sortino Ratio Rank: 93
VCADX Omega Ratio Rank: 95
VCADX Calmar Ratio Rank: 36
VCADX Martin Ratio Rank: 32

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.

CALI vs. VCADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term California Muni Active ETF (CALI) 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.

	CALI	VCADX	Difference
Sharpe ratio: Return per unit of total volatility	3.83	2.88	+0.95
Sortino ratio: Return per unit of downside risk	5.80	4.45	+1.35
Omega ratio: Gain probability vs. loss probability	1.90	1.76	+0.14
Calmar ratio: Return relative to maximum drawdown	4.29	2.17	+2.12
Martin ratio: Return relative to average drawdown	21.89	6.91	+14.97

CALI vs. VCADX - Sharpe Ratio Comparison

The current CALI Sharpe Ratio is 3.83, which is higher than the VCADX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of CALI 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.

Drawdowns

CALI vs. VCADX - Drawdown Comparison

The maximum CALI drawdown since its inception was -0.78%, smaller than the maximum VCADX drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for CALI and VCADX.

Drawdown Indicators

	CALI	VCADX	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-11.13%	+10.35%
Max Drawdown (1Y) Largest decline over 1 year	-0.67%	-2.98%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.13%	—
Current Drawdown Current decline from peak	-0.01%	-0.91%	+0.90%
Average Drawdown Average peak-to-trough decline	-0.08%	-1.50%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.93%	-0.80%

Volatility

CALI vs. VCADX - Volatility Comparison

The current volatility for iShares Short-Term California Muni Active ETF (CALI) is 0.19%, while Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a volatility of 0.59%. This indicates that CALI 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.

Volatility by Period

	CALI	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.59%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.52%	1.78%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	0.75%	2.24%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.10%	3.25%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.10%	3.42%	-2.32%

CALI vs. VCADX - Expense Ratio Comparison

CALI has a 0.08% expense ratio, which is lower than VCADX's 0.09% 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

CALI vs. VCADX - Dividend Comparison

CALI's dividend yield for the trailing twelve months is around 2.52%, less than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALI iShares Short-Term California Muni Active ETF	2.52%	2.62%	3.14%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	3.14%	3.82%	3.35%	2.57%	2.36%	1.77%	2.28%	2.72%	2.71%	2.66%	2.76%	2.86%

Frequently Asked Questions

Can I hold both CALI and VCADX in my portfolio?

CALI and VCADX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALI or VCADX?

VCADX has higher volatility (0.59%) compared to CALI (0.19%). In terms of maximum drawdown, CALI dropped -0.78% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

CALI currently has the higher Sharpe Ratio (3.83 vs 2.88), 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.