MCFTX vs. VTMFX

Last updated Jun 24, 2026

MCFTX (MFS California Municipal Bond Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - MCFTX is a Municipal Bonds fund managed by MFS, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. Over the past 10 years, MCFTX returned 1.99%/yr vs 8.70%/yr for VTMFX. At a 0.09 correlation, their price movements are largely independent. MCFTX charges 0.70%/yr vs 0.05%/yr for VTMFX.

Performance

MCFTX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS California Municipal Bond Fund (MCFTX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCFTX achieves a 2.24% return, which is significantly lower than VTMFX's 5.23% return. Over the past 10 years, MCFTX has underperformed VTMFX with an annualized return of 1.99%, while VTMFX has yielded a comparatively higher 8.70% annualized return.

MCFTX

• 1D: 0.00%
• 1M: 2.15%
• YTD: 2.24%
• 6M: 2.74%
• 1Y: 7.93%
• 3Y*: 3.98%
• 5Y*: 0.43%
• 10Y*: 1.99%

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

MCFTX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCFTX MFS California Municipal Bond Fund	2.24%	4.06%	2.46%	6.33%	-12.26%	2.95%	4.02%	8.58%	0.96%	6.17%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between MCFTX and VTMFX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 6, 1994	0.09

Over the past year, MCFTX and VTMFX have become more correlated (0.33) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

MCFTX vs. VTMFX — Risk / Return Rank

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

MCFTX

MCFTX Risk / Return Rank: 65
MCFTX Sharpe Ratio Rank: 72
MCFTX Sortino Ratio Rank: 81
MCFTX Omega Ratio Rank: 88
MCFTX Calmar Ratio Rank: 44
MCFTX Martin Ratio Rank: 42

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 78

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.

MCFTX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS California Municipal Bond Fund (MCFTX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	MCFTX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.43	-0.15
Sortino ratio: Return per unit of downside risk	3.52	3.42	+0.10
Omega ratio: Gain probability vs. loss probability	1.58	1.46	+0.11
Calmar ratio: Return relative to maximum drawdown	2.42	2.91	-0.49
Martin ratio: Return relative to average drawdown	8.50	13.60	-5.10

MCFTX vs. VTMFX - Sharpe Ratio Comparison

The current MCFTX Sharpe Ratio is 2.28, which is comparable to the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of MCFTX and VTMFX, 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

MCFTX vs. VTMFX - Drawdown Comparison

The maximum MCFTX drawdown since its inception was -18.59%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for MCFTX and VTMFX.

Drawdown Indicators

	MCFTX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-28.49%	+9.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.38%	-5.38%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-7.05%	-10.61%	+3.56%
Max Drawdown (5Y) Largest decline over 5 years	-18.46%	-17.40%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-18.46%	-21.87%	+3.41%
Current Drawdown Current decline from peak	0.00%	-0.75%	+0.75%
Average Drawdown Average peak-to-trough decline	-2.69%	-3.54%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.15%	-0.19%

Volatility

MCFTX vs. VTMFX - Volatility Comparison

The current volatility for MFS California Municipal Bond Fund (MCFTX) is 0.93%, while Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a volatility of 2.45%. This indicates that MCFTX experiences smaller price fluctuations and is considered to be less risky than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCFTX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	2.45%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	5.18%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	6.46%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	8.57%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	9.15%	-4.41%

MCFTX vs. VTMFX - Expense Ratio Comparison

MCFTX has a 0.70% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

MCFTX vs. VTMFX - Dividend Comparison

MCFTX's dividend yield for the trailing twelve months is around 3.54%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFTX MFS California Municipal Bond Fund	3.54%	4.63%	3.15%	2.81%	2.17%	2.27%	2.60%	3.23%	3.47%	3.62%	3.59%	3.92%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both MCFTX and VTMFX in my portfolio?

MCFTX and VTMFX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCFTX or VTMFX?

VTMFX has higher volatility (2.45%) compared to MCFTX (0.93%). In terms of maximum drawdown, MCFTX dropped -18.59% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 2.28), 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.