FLCPX vs. VCADX

Last updated Jun 24, 2026

FLCPX (Fidelity SAI U.S. Large Cap Index Fund) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - FLCPX is a Large Cap Blend Equities fund managed by Fidelity, while VCADX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, FLCPX returned 15.80%/yr vs 2.24%/yr for VCADX. At a 0.02 correlation, their price movements are largely independent. FLCPX charges 0.02%/yr vs 0.09%/yr for VCADX.

Performance

FLCPX vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Large Cap Index Fund (FLCPX) 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, FLCPX achieves a 9.81% return, which is significantly higher than VCADX's 1.16% return. Over the past 10 years, FLCPX has outperformed VCADX with an annualized return of 15.80%, while VCADX has yielded a comparatively lower 2.24% annualized return.

FLCPX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.81%
• 6M: 8.81%
• 1Y: 25.50%
• 3Y*: 21.42%
• 5Y*: 13.62%
• 10Y*: 15.80%

VCADX

• 1D: -0.09%
• 1M: 1.23%
• YTD: 1.16%
• 6M: 1.51%
• 1Y: 6.25%
• 3Y*: 4.39%
• 5Y*: 1.72%
• 10Y*: 2.24%

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

FLCPX vs. VCADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCPX Fidelity SAI U.S. Large Cap Index Fund	9.81%	17.84%	25.08%	26.25%	-18.06%	28.61%	18.24%	31.59%	-4.38%	21.74%
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	1.16%	5.90%	2.24%	5.91%	-6.61%	0.46%	4.62%	7.04%	1.28%	4.94%

Correlation

The correlation between FLCPX and VCADX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 12, 2016	0.02

The correlation between FLCPX and VCADX shifts across timeframes, from 0.02 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLCPX vs. VCADX — Risk / Return Rank

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

FLCPX

FLCPX Risk / Return Rank: 66
FLCPX Sharpe Ratio Rank: 64
FLCPX Sortino Ratio Rank: 58
FLCPX Omega Ratio Rank: 59
FLCPX Calmar Ratio Rank: 68
FLCPX Martin Ratio Rank: 79

VCADX

VCADX Risk / Return Rank: 69
VCADX Sharpe Ratio Rank: 92
VCADX Sortino Ratio Rank: 93
VCADX Omega Ratio Rank: 95
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.

FLCPX vs. VCADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Large Cap Index Fund (FLCPX) 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.

	FLCPX	VCADX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.84	-0.68
Sortino ratio: Return per unit of downside risk	2.92	4.38	-1.46
Omega ratio: Gain probability vs. loss probability	1.39	1.74	-0.35
Calmar ratio: Return relative to maximum drawdown	3.03	2.14	+0.89
Martin ratio: Return relative to average drawdown	13.66	6.80	+6.87

FLCPX vs. VCADX - Sharpe Ratio Comparison

The current FLCPX Sharpe Ratio is 2.16, which is comparable to the VCADX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of FLCPX 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.

Drawdowns

FLCPX vs. VCADX - Drawdown Comparison

The maximum FLCPX drawdown since its inception was -33.87%, which is greater than VCADX's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for FLCPX and VCADX.

Drawdown Indicators

	FLCPX	VCADX	Difference
Max Drawdown Largest peak-to-trough decline	-33.87%	-11.13%	-22.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-2.98%	-5.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-4.23%	-14.53%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-11.13%	-13.27%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-11.13%	-22.74%
Current Drawdown Current decline from peak	-1.71%	-0.99%	-0.72%
Average Drawdown Average peak-to-trough decline	-4.17%	-1.50%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.94%	+1.03%

Volatility

FLCPX vs. VCADX - Volatility Comparison

Fidelity SAI U.S. Large Cap Index Fund (FLCPX) has a higher volatility of 4.67% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) at 0.61%. This indicates that FLCPX's price experiences larger fluctuations and is considered to be riskier than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCPX	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	0.61%	+4.06%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	1.78%	+8.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	2.25%	+10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	3.25%	+13.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	3.43%	+14.78%

FLCPX vs. VCADX - Expense Ratio Comparison

FLCPX has a 0.02% expense ratio, which is lower than VCADX's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLCPX vs. VCADX - Dividend Comparison

FLCPX's dividend yield for the trailing twelve months is around 0.51%, less than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCPX Fidelity SAI U.S. Large Cap Index Fund	0.51%	0.56%	6.11%	7.05%	11.23%	10.38%	3.93%	1.74%	2.18%	1.57%	0.76%	0.00%
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 FLCPX and VCADX in my portfolio?

FLCPX and VCADX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCPX or VCADX?

FLCPX has higher volatility (4.67%) compared to VCADX (0.61%). In terms of maximum drawdown, FLCPX dropped -33.87% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (2.84 vs 2.16), 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.