CCIF vs. VCAIX
CCIF (Carlyle Credit Income Fund) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - CCIF is a Intermediate Core Bond fund actively managed by Carlyle, while VCAIX is a Municipal Bonds fund actively managed by Vanguard. Both are actively managed. Over the past 5 years, CCIF returned -7.85%/yr vs 1.19%/yr for VCAIX. Their 0.04 correlation means their historical movements had little consistent relationship.
Performance
CCIF vs. VCAIX - Performance Comparison
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Returns By Period
In the year-to-date period, CCIF achieves a -27.42% return, which is significantly lower than VCAIX's -0.18% return.
CCIF
- 1D
- 1.82%
- 1M
- 2.21%
- 6M
- -26.29%
- YTD
- -27.42%
- 1Y
- -32.20%
- 3Y*
- -13.25%
- 5Y*
- -7.85%
- 10Y*
- —
- ALL TIME*
- -5.90%
VCAIX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.11%
- YTD
- -0.18%
- 1Y
- 3.91%
- 3Y*
- 3.71%
- 5Y*
- 1.19%
- 10Y*
- 2.02%
- ALL TIME*
- 3.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $341.97K | $279.28K | $351.59K | |
| $0.00 | $0.00 | $0.00 |
CCIF vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CCIF Carlyle Credit Income Fund | -27.42% | -27.64% | 16.37% | 14.50% | -6.37% | 12.67% | 0.51% | -12.85% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.18% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 3.19% |
Correlation
The correlation between CCIF and VCAIX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 28, 2019 | 0.04 |
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Return for Risk
CCIF vs. VCAIX — Risk / Return Rank
CCIF
VCAIX
CCIF vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Carlyle Credit Income Fund (CCIF) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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.
| CCIF | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -4.38 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.47 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.56 | -2.36 |
| Martin ratioReturn relative to average drawdown | -1.28 | 4.48 | -5.76 |
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Drawdowns
CCIF vs. VCAIX - Drawdown Comparison
The maximum CCIF drawdown since its inception was -53.23%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for CCIF and VCAIX.
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Drawdown Indicators
| CCIF | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.23% | -11.22% | -42.01% |
Max Drawdown (1Y)Largest decline over 1 year | -41.95% | -2.98% | -38.97% |
Max Drawdown (3Y)Largest decline over 3 years | -53.23% | -3.88% | -49.35% |
Max Drawdown (5Y)Largest decline over 5 years | -53.23% | -11.22% | -42.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.22% | — |
Current DrawdownCurrent decline from peak | -49.87% | -2.29% | -47.58% |
Average DrawdownAverage peak-to-trough decline | -12.59% | -1.36% | -11.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.03% | 1.04% | +24.99% |
Volatility
CCIF vs. VCAIX - Volatility Comparison
Carlyle Credit Income Fund (CCIF) has a higher volatility of 5.60% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.81%. This indicates that CCIF's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCIF | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 0.81% | +4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 26.36% | 1.95% | +24.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.64% | 2.36% | +27.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 3.26% | +17.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.39% | 3.42% | +21.97% |
Dividends
CCIF vs. VCAIX - Dividend Comparison
CCIF's dividend yield for the trailing twelve months is around 42.45%, more than VCAIX's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCIF Carlyle Credit Income Fund | 42.45% | 26.87% | 15.73% | 23.58% | 9.96% | 8.55% | 6.09% | 3.77% | 0.00% | 0.00% | 0.00% | 0.00% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.90% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Frequently Asked Questions
CCIF and VCAIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CCIF has higher volatility (5.60%) compared to VCAIX (0.81%). In terms of maximum drawdown, CCIF dropped -53.23% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (1.97 vs -1.13), 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.
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