JPICX vs. VTEB

Last updated Aug 1, 2026

JPICX (JPMorgan California Tax Free Bond Fund) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. Their 0.68 correlation means they have sometimes moved together and sometimes differently. JPICX charges 0.70%/yr vs 0.03%/yr for VTEB.

Performance

JPICX vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan California Tax Free Bond Fund (JPICX) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPICX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

VTEB

• 1D: -0.10%
• 1M: -1.84%
• 6M: -0.23%
• YTD: 0.31%
• 1Y: 4.77%
• 3Y*: 2.92%
• 5Y*: 0.53%
• 10Y*: 1.88%
• ALL TIME*: 2.28%

*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)
VTEB Vanguard Tax-Exempt Bond ETF	$377.87M	$352.76M	$360.69M

JPICX vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	4.92%	-6.54%	-0.12%	4.10%	5.74%	1.19%	3.64%
VTEB Vanguard Tax-Exempt Bond ETF	0.31%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Correlation

The correlation between JPICX and VTEB is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015	0.68

The correlation between JPICX and VTEB shifts across timeframes, from 0.63 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JPICX vs. VTEB — Risk / Return Rank

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

JPICX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VTEB

VTEB Risk / Return Rank: 74
VTEB Sharpe Ratio Rank: 84
VTEB Sortino Ratio Rank: 85
VTEB Omega Ratio Rank: 89
VTEB Calmar Ratio Rank: 57
VTEB Martin Ratio Rank: 56

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.

JPICX vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund (JPICX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.

	JPICX	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	—	1.95	—
Sortino ratio: Return per unit of downside risk	—	2.79	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	6.62	—

Drawdowns

Drawdown Indicators

	JPICX	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	—	-17.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	—	-1.86%	—
Average Drawdown Average peak-to-trough decline	—	-2.30%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.82%	—

Volatility

Volatility by Period

	JPICX	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.79%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.92%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.25%	—

JPICX vs. VTEB - Expense Ratio Comparison

JPICX has a 0.70% expense ratio, which is higher than VTEB's 0.03% expense ratio.

Dividends

JPICX vs. VTEB - Dividend Comparison

JPICX's dividend yield for the trailing twelve months is around 2.47%, less than VTEB's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPICX JPMorgan California Tax Free Bond Fund	2.47%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%
VTEB Vanguard Tax-Exempt Bond ETF	3.14%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Frequently Asked Questions

Can I hold both JPICX and VTEB in my portfolio?

JPICX and VTEB have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.