FCSTX vs. VCADX

Last updated Jun 3, 2026

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 1.50%/yr vs 2.34%/yr for VCADX. A 0.75 correlation means they provide meaningful diversification when combined. FCSTX charges 0.47%/yr vs 0.09%/yr for VCADX.

Performance

FCSTX vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCSTX achieves a 0.50% return, which is significantly lower than VCADX's 1.07% return. Over the past 10 years, FCSTX has underperformed VCADX with an annualized return of 1.50%, while VCADX has yielded a comparatively higher 2.34% annualized return.

FCSTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.50%
• 6M: 0.89%
• 1Y: 3.90%
• 3Y*: 3.50%
• 5Y*: 1.21%
• 10Y*: 1.50%

VCADX

• 1D: 0.00%
• 1M: 0.44%
• YTD: 1.07%
• 6M: 1.51%
• 1Y: 6.73%
• 3Y*: 4.45%
• 5Y*: 1.68%
• 10Y*: 2.34%

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

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	0.50%	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	1.07%	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 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.75

The correlation between FCSTX and VCADX shifts across timeframes, from 0.72 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCSTX vs. VCADX — Risk / Return Rank

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

FCSTX

FCSTX Risk / Return Rank: 65
FCSTX Sharpe Ratio Rank: 82
FCSTX Sortino Ratio Rank: 88
FCSTX Omega Ratio Rank: 96
FCSTX Calmar Ratio Rank: 32
FCSTX Martin Ratio Rank: 25

VCADX

VCADX Risk / Return Rank: 68
VCADX Sharpe Ratio Rank: 89
VCADX Sortino Ratio Rank: 90
VCADX Omega Ratio Rank: 94
VCADX Calmar Ratio Rank: 35
VCADX Martin Ratio Rank: 32

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.

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.

	FCSTX	VCADX	Difference
Sharpe ratio Return per unit of total volatility	2.66	2.89	-0.22
Sortino ratio Return per unit of downside risk	4.18	4.45	-0.27
Omega ratio Gain probability vs. loss probability	1.84	1.75	+0.10
Calmar ratio Return relative to maximum drawdown	2.18	2.29	-0.11
Martin ratio Return relative to average drawdown	6.35	7.53	-1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCSTX vs. VCADX - Sharpe Ratio Comparison

The current FCSTX Sharpe Ratio is 2.66, which is comparable to the VCADX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of FCSTX and VCADX, 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

	FCSTX	VCADX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.89	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.52	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.69	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.10	+0.15

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.

Drawdown Indicators

	FCSTX	VCADX	Difference
Max Drawdown Largest 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%	-4.23%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-7.58%	-11.13%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-7.58%	-11.13%	+3.55%
Current Drawdown Current decline from peak	-0.90%	-1.08%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.92%	-1.50%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.91%	-0.26%

Volatility

FCSTX vs. VCADX - Volatility Comparison

The current volatility for Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) is 0.54%, while Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a volatility of 0.87%. 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.

Volatility by Period

	FCSTX	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.87%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.19%	1.81%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	2.28%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.10%	3.25%	-1.15%
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 2.29%, less than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSTX Fidelity California Limited Term Tax-Free Bond Fund	2.29%	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	3.14%	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

Can I hold both FCSTX and VCADX in my portfolio?

FCSTX and VCADX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCSTX or VCADX?

VCADX has higher volatility (0.87%) compared to FCSTX (0.54%). In terms of maximum drawdown, FCSTX dropped -7.58% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (2.89 vs 2.66), 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.