CALY vs. VTEB

Last updated Jun 24, 2026

CALY (Callaway Golf Company) is a stock, while VTEB (Vanguard Tax-Exempt Bond ETF) is Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. CALY is actively managed, while VTEB is passively managed. Over the past 10 years, CALY returned 6.13%/yr vs 1.97%/yr for VTEB. At a 0.06 correlation, their price movements are largely independent. CALY charges 0.20%/yr vs 0.03%/yr for VTEB.

Performance

CALY vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Callaway Golf Company (CALY) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CALY achieves a 53.56% return, which is significantly higher than VTEB's 1.70% return. Over the past 10 years, CALY has outperformed VTEB with an annualized return of 6.13%, while VTEB has yielded a comparatively lower 1.97% annualized return.

CALY

• 1D: -0.55%
• 1M: 16.51%
• YTD: 53.56%
• 6M: 50.21%
• 1Y: 113.08%
• 3Y*: -2.27%
• 5Y*: -12.07%
• 10Y*: 6.13%

VTEB

• 1D: -0.02%
• 1M: 1.38%
• YTD: 1.70%
• 6M: 1.88%
• 1Y: 6.65%
• 3Y*: 3.38%
• 5Y*: 0.95%
• 10Y*: 1.97%

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

CALY vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CALY Callaway Golf Company	53.56%	48.47%	-45.19%	-27.39%	-28.02%	14.29%	13.39%	38.88%	10.07%	27.51%
VTEB Vanguard Tax-Exempt Bond ETF	1.70%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Correlation

The correlation between CALY and VTEB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015	0.06

The correlation between CALY and VTEB shifts across timeframes, from 0.06 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CALY vs. VTEB — Risk / Return Rank

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

CALY

CALY Risk / Return Rank: 88
CALY Sharpe Ratio Rank: 88
CALY Sortino Ratio Rank: 85
CALY Omega Ratio Rank: 84
CALY Calmar Ratio Rank: 94
CALY Martin Ratio Rank: 92

VTEB

VTEB Risk / Return Rank: 72
VTEB Sharpe Ratio Rank: 81
VTEB Sortino Ratio Rank: 86
VTEB Omega Ratio Rank: 89
VTEB Calmar Ratio Rank: 51
VTEB Martin Ratio Rank: 52

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.

CALY vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Callaway Golf Company (CALY) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.

	CALY	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.49	-0.56
Sortino ratio: Return per unit of downside risk	2.55	3.69	-1.14
Omega ratio: Gain probability vs. loss probability	1.33	1.54	-0.22
Calmar ratio: Return relative to maximum drawdown	5.58	2.47	+3.12
Martin ratio: Return relative to average drawdown	13.16	8.69	+4.47

CALY vs. VTEB - Sharpe Ratio Comparison

The current CALY Sharpe Ratio is 1.94, which is comparable to the VTEB Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CALY and VTEB, 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

CALY vs. VTEB - Drawdown Comparison

The maximum CALY drawdown since its inception was -85.06%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for CALY and VTEB.

Drawdown Indicators

	CALY	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-85.06%	-17.00%	-68.06%
Max Drawdown (1Y) Largest decline over 1 year	-20.37%	-2.71%	-17.66%
Max Drawdown (3Y) Largest decline over 3 years	-72.76%	-5.53%	-67.23%
Max Drawdown (5Y) Largest decline over 5 years	-83.49%	-12.64%	-70.85%
Max Drawdown (10Y) Largest decline over 10 years	-85.06%	-17.00%	-68.06%
Current Drawdown Current decline from peak	-51.94%	-0.28%	-51.66%
Average Drawdown Average peak-to-trough decline	-50.54%	-2.32%	-48.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	0.77%	+7.88%

Volatility

CALY vs. VTEB - Volatility Comparison

Callaway Golf Company (CALY) has a higher volatility of 11.31% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.72%. This indicates that CALY's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CALY	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.31%	0.72%	+10.59%
Volatility (6M) Calculated over the trailing 6-month period	38.49%	2.06%	+36.43%
Volatility (1Y) Calculated over the trailing 1-year period	58.74%	2.68%	+56.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.11%	3.90%	+47.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.54%	5.25%	+44.29%

CALY vs. VTEB - Expense Ratio Comparison

CALY has a 0.20% expense ratio, which is higher than VTEB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CALY vs. VTEB - Dividend Comparison

CALY has not paid dividends to shareholders, while VTEB's dividend yield for the trailing twelve months is around 3.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CALY Callaway Golf Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.19%	0.26%	0.29%	0.36%	0.42%
VTEB Vanguard Tax-Exempt Bond ETF	3.35%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Frequently Asked Questions

Can I hold both CALY and VTEB in my portfolio?

CALY and VTEB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALY or VTEB?

CALY has higher volatility (11.31%) compared to VTEB (0.72%). In terms of maximum drawdown, CALY dropped -85.06% vs VTEB's -17.00%.

Which has better risk-adjusted returns?

VTEB currently has the higher Sharpe Ratio (2.49 vs 1.94), 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.