CATF vs. AVLC

Last updated Jun 3, 2026

CATF (American Century California Municipal Bond ETF) and AVLC (Avantis U.S. Large Cap Equity ETF) are both exchange-traded funds - CATF is a Municipal Bonds fund actively managed by American Century, while AVLC is a Large Cap Blend Equities fund actively managed by American Century. Both are actively managed. Over the past year, CATF returned 8.16% vs 32.71% for AVLC. At a 0.17 correlation, their price movements are largely independent. CATF charges 0.27%/yr vs 0.15%/yr for AVLC.

Performance

CATF vs. AVLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California Municipal Bond ETF (CATF) and Avantis U.S. Large Cap Equity ETF (AVLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CATF achieves a 2.08% return, which is significantly lower than AVLC's 14.81% return.

CATF

• 1D: 0.15%
• 1M: 0.64%
• YTD: 2.08%
• 6M: 2.23%
• 1Y: 8.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVLC

• 1D: -0.43%
• 1M: 5.65%
• YTD: 14.81%
• 6M: 15.10%
• 1Y: 32.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CATF vs. AVLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CATF American Century California Municipal Bond ETF	2.08%	3.78%	0.66%
AVLC Avantis U.S. Large Cap Equity ETF	14.81%	17.57%	6.32%

Correlation

The correlation between CATF and AVLC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.17

Return for Risk

CATF vs. AVLC — Risk / Return Rank

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

CATF

CATF Risk / Return Rank: 73
CATF Sharpe Ratio Rank: 79
CATF Sortino Ratio Rank: 86
CATF Omega Ratio Rank: 87
CATF Calmar Ratio Rank: 56
CATF Martin Ratio Rank: 56

AVLC

AVLC Risk / Return Rank: 81
AVLC Sharpe Ratio Rank: 80
AVLC Sortino Ratio Rank: 79
AVLC Omega Ratio Rank: 78
AVLC Calmar Ratio Rank: 79
AVLC Martin Ratio Rank: 87

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.

CATF vs. AVLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California Municipal Bond ETF (CATF) and Avantis U.S. Large Cap Equity ETF (AVLC). 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.

	CATF	AVLC	Difference
Sharpe ratio Return per unit of total volatility	2.62	2.65	-0.04
Sortino ratio Return per unit of downside risk	3.99	3.59	+0.40
Omega ratio Gain probability vs. loss probability	1.55	1.48	+0.08
Calmar ratio Return relative to maximum drawdown	2.85	4.11	-1.26
Martin ratio Return relative to average drawdown	10.02	18.96	-8.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CATF vs. AVLC - Sharpe Ratio Comparison

The current CATF Sharpe Ratio is 2.62, which is comparable to the AVLC Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CATF and AVLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CATF	AVLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.65	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.67	-0.86

Drawdowns

CATF vs. AVLC - Drawdown Comparison

The maximum CATF drawdown since its inception was -4.83%, smaller than the maximum AVLC drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for CATF and AVLC.

Drawdown Indicators

	CATF	AVLC	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-19.64%	+14.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-8.00%	+5.23%
Current Drawdown Current decline from peak	-0.43%	-0.43%	0.00%
Average Drawdown Average peak-to-trough decline	-1.27%	-1.97%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	1.73%	-0.94%

Volatility

CATF vs. AVLC - Volatility Comparison

The current volatility for American Century California Municipal Bond ETF (CATF) is 1.05%, while Avantis U.S. Large Cap Equity ETF (AVLC) has a volatility of 3.02%. This indicates that CATF experiences smaller price fluctuations and is considered to be less risky than AVLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CATF	AVLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	3.02%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	9.25%	-7.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	12.40%	-9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	15.69%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	15.69%	-11.36%

CATF vs. AVLC - Expense Ratio Comparison

CATF has a 0.27% expense ratio, which is higher than AVLC's 0.15% 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

CATF vs. AVLC - Dividend Comparison

CATF's dividend yield for the trailing twelve months is around 3.21%, more than AVLC's 0.78% yield.

Position	TTM	2025	2024	2023
AVLC Avantis U.S. Large Cap Equity ETF	0.78%	0.92%	1.09%	0.38%
CATF American Century California Municipal Bond ETF	3.21%	3.40%	1.32%	0.00%

Frequently Asked Questions

Can I hold both CATF and AVLC in my portfolio?

CATF and AVLC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CATF or AVLC?

AVLC has higher volatility (3.02%) compared to CATF (1.05%). In terms of maximum drawdown, CATF dropped -4.83% vs AVLC's -19.64%.

Which ETF is better, CATF or AVLC?

On 1-year performance, AVLC leads with 32.71% vs 8.16% for CATF. On fees, AVLC is cheaper at 0.15% per year. On volatility, CATF has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CATF or AVLC?

Over the 1-year period, AVLC has performed better with a 32.71% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CATF or AVLC?

AVLC is cheaper with a 0.15% expense ratio, compared with 0.27% for CATF.

Which ETF pays a higher dividend yield, CATF or AVLC?

CATF has the higher dividend yield at 3.21%, compared with 0.78% for AVLC.

What is the main difference between CATF and AVLC?

CATF is categorized as Municipal Bonds, while AVLC is Large Cap Blend Equities. Their fees differ too: 0.27% for CATF and 0.15% for AVLC.

Which has better risk-adjusted returns?

AVLC currently has the higher Sharpe Ratio (2.65 vs 2.62), 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.