FCSTX vs. VCADX
FCSTX (Fidelity California Limited Term Tax-Free Bond Fund) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, FCSTX returned 1.37%/yr vs 2.11%/yr for VCADX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. FCSTX charges 0.47%/yr vs 0.09%/yr for VCADX.
Performance
FCSTX vs. VCADX - Performance Comparison
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Returns By Period
In the year-to-date period, FCSTX achieves a -0.06% return, which is significantly higher than VCADX's -0.24% return. Over the past 10 years, FCSTX has underperformed VCADX with an annualized return of 1.37%, while VCADX has yielded a comparatively higher 2.11% annualized return.
FCSTX
- 1D
- -0.10%
- 1M
- -0.86%
- 6M
- -0.91%
- YTD
- -0.06%
- 1Y
- 1.57%
- 3Y*
- 3.18%
- 5Y*
- 1.00%
- 10Y*
- 1.37%
- ALL TIME*
- 2.31%
VCADX
- 1D
- -0.09%
- 1M
- -1.82%
- 6M
- -1.18%
- YTD
- -0.24%
- 1Y
- 3.87%
- 3Y*
- 3.82%
- 5Y*
- 1.25%
- 10Y*
- 2.11%
- ALL TIME*
- 3.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FCSTX vs. VCADX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | -0.06% | 5.23% | 1.73% | 3.53% | -4.71% | 0.20% | 2.93% | 4.07% | 1.25% | 2.27% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.24% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
Correlation
The correlation between FCSTX and VCADX is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005 | 0.75 |
The correlation between FCSTX and VCADX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.
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Return for Risk
FCSTX vs. VCADX — Risk / Return Rank
FCSTX
VCADX
FCSTX vs. VCADX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) 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.
| FCSTX | VCADX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.43 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 1.43 | -0.48 |
| Martin ratioReturn relative to average drawdown | 2.35 | 4.07 | -1.72 |
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Drawdowns
FCSTX vs. VCADX - Drawdown Comparison
The maximum FCSTX drawdown since its inception was -7.58%, smaller than the maximum VCADX drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for FCSTX and VCADX.
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Drawdown Indicators
| FCSTX | VCADX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.58% | -11.13% | +3.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.88% | -2.98% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -2.21% | -3.87% | +1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -7.50% | -11.13% | +3.63% |
Max Drawdown (10Y)Largest decline over 10 years | -7.58% | -11.13% | +3.55% |
Current DrawdownCurrent decline from peak | -1.45% | -2.36% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -1.50% | +0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 1.04% | -0.29% |
Volatility
FCSTX vs. VCADX - Volatility Comparison
The current volatility for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) is 0.49%, while Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a volatility of 0.80%. This indicates that FCSTX 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.
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Volatility by Period
| FCSTX | VCADX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.80% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.25% | 1.96% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.54% | 2.37% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.11% | 3.27% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.21% | 3.43% | -1.22% |
FCSTX vs. VCADX - Expense Ratio Comparison
FCSTX has a 0.47% expense ratio, which is higher than VCADX's 0.09% expense ratio.
Dividends
FCSTX vs. VCADX - Dividend Comparison
FCSTX's dividend yield for the trailing twelve months is around 2.16%, less than VCADX's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | 2.16% | 2.85% | 2.00% | 1.68% | 1.01% | 1.22% | 1.68% | 1.72% | 1.71% | 1.58% | 1.89% | 1.63% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.95% | 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
FCSTX and VCADX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCADX has higher volatility (0.80%) compared to FCSTX (0.49%). In terms of maximum drawdown, FCSTX dropped -7.58% vs VCADX's -11.13%.
VCADX currently has the higher Sharpe Ratio (1.81 vs 1.18), 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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