DUTMX vs. VCAIX

Last updated Aug 1, 2026

DUTMX (Dupree Taxable Municipal Bond Fund) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - DUTMX is a Intermediate Core Bond fund managed by Dupree, while VCAIX is a Municipal Bonds fund actively managed by Vanguard. Over the past 10 years, DUTMX returned 0.11%/yr vs 2.02%/yr for VCAIX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. DUTMX charges 1.00%/yr vs 0.14%/yr for VCAIX.

Performance

DUTMX vs. VCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dupree Taxable Municipal Bond Fund (DUTMX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUTMX achieves a -0.25% return, which is significantly lower than VCAIX's -0.18% return. Over the past 10 years, DUTMX has underperformed VCAIX with an annualized return of 0.11%, while VCAIX has yielded a comparatively higher 2.02% annualized return.

DUTMX

• 1D: -0.41%
• 1M: -1.36%
• 6M: -0.35%
• YTD: -0.25%
• 1Y: 2.32%
• 3Y*: 3.31%
• 5Y*: -3.20%
• 10Y*: 0.11%
• ALL TIME*: 2.56%

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%

*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)
DUTMX Dupree Taxable Municipal Bond Fund	$0.00	$0.00	$0.00
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	$0.00	$0.00	$0.00

DUTMX vs. VCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUTMX Dupree Taxable Municipal Bond Fund	-0.25%	6.44%	1.09%	6.83%	-25.27%	0.28%	6.24%	6.66%	2.04%	5.12%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	-0.18%	5.83%	2.15%	5.82%	-6.69%	0.40%	4.53%	6.95%	1.19%	4.83%

Correlation

The correlation between DUTMX and VCAIX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.51
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.52

The correlation between DUTMX and VCAIX shifts across timeframes, from 0.51 (10 years) to 0.64 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DUTMX vs. VCAIX — Risk / Return Rank

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

DUTMX

DUTMX Risk / Return Rank: 20
DUTMX Sharpe Ratio Rank: 20
DUTMX Sortino Ratio Rank: 20
DUTMX Omega Ratio Rank: 19
DUTMX Calmar Ratio Rank: 20
DUTMX Martin Ratio Rank: 18

VCAIX

VCAIX Risk / Return Rank: 65
VCAIX Sharpe Ratio Rank: 83
VCAIX Sortino Ratio Rank: 82
VCAIX Omega Ratio Rank: 89
VCAIX Calmar Ratio Rank: 39
VCAIX Martin Ratio Rank: 31

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.

DUTMX vs. VCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dupree Taxable Municipal Bond Fund (DUTMX) 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.

	DUTMX	VCAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.97	-1.21
Sortino ratio: Return per unit of downside risk	1.15	2.87	-1.72
Omega ratio: Gain probability vs. loss probability	1.14	1.47	-0.33
Calmar ratio: Return relative to maximum drawdown	0.99	1.56	-0.57
Martin ratio: Return relative to average drawdown	2.67	4.48	-1.82

DUTMX vs. VCAIX - Sharpe Ratio Comparison

The current DUTMX Sharpe Ratio is 0.76, which is lower than the VCAIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of DUTMX and VCAIX, 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

DUTMX vs. VCAIX - Drawdown Comparison

The maximum DUTMX drawdown since its inception was -30.53%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for DUTMX and VCAIX.

Drawdown Indicators

	DUTMX	VCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.53%	-11.22%	-19.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-2.98%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-3.88%	-2.26%
Max Drawdown (5Y) Largest decline over 5 years	-30.53%	-11.22%	-19.31%
Max Drawdown (10Y) Largest decline over 10 years	-30.53%	-11.22%	-19.31%
Current Drawdown Current decline from peak	-15.76%	-2.29%	-13.47%
Average Drawdown Average peak-to-trough decline	-7.02%	-1.36%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.04%	+0.46%

Volatility

DUTMX vs. VCAIX - Volatility Comparison

Dupree Taxable Municipal Bond Fund (DUTMX) has a higher volatility of 1.27% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.81%. This indicates that DUTMX'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.

Volatility by Period

	DUTMX	VCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	0.81%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	1.95%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	2.36%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.79%	3.26%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.07%	3.42%	+3.65%

DUTMX vs. VCAIX - Expense Ratio Comparison

DUTMX has a 1.00% expense ratio, which is higher than VCAIX's 0.14% expense ratio.

Dividends

DUTMX vs. VCAIX - Dividend Comparison

DUTMX's dividend yield for the trailing twelve months is around 4.17%, more than VCAIX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTMX Dupree Taxable Municipal Bond Fund	4.17%	4.57%	4.26%	4.02%	4.28%	2.32%	4.69%	5.18%	5.04%	4.89%	4.84%	4.77%
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

Can I hold both DUTMX and VCAIX in my portfolio?

DUTMX and VCAIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUTMX or VCAIX?

DUTMX has higher volatility (1.27%) compared to VCAIX (0.81%). In terms of maximum drawdown, DUTMX dropped -30.53% vs VCAIX's -11.22%.

Which has better risk-adjusted returns?

VCAIX currently has the higher Sharpe Ratio (1.97 vs 0.76), 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.