MLN vs. VCLAX

Last updated Jun 4, 2026

MLN (VanEck Long Muni ETF) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, MLN returned 1.49%/yr vs 2.61%/yr for VCLAX. A 0.56 correlation means they provide meaningful diversification when combined. MLN charges 0.24%/yr vs 0.09%/yr for VCLAX.

Performance

MLN vs. VCLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Long Muni ETF (MLN) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLN achieves a 1.92% return, which is significantly higher than VCLAX's 1.79% return. Over the past 10 years, MLN has underperformed VCLAX with an annualized return of 1.49%, while VCLAX has yielded a comparatively higher 2.61% annualized return.

MLN

• 1D: -0.26%
• 1M: 0.46%
• YTD: 1.92%
• 6M: 2.58%
• 1Y: 9.33%
• 3Y*: 3.46%
• 5Y*: -1.05%
• 10Y*: 1.49%

VCLAX

• 1D: 0.17%
• 1M: 0.92%
• YTD: 1.79%
• 6M: 2.18%
• 1Y: 8.53%
• 3Y*: 4.86%
• 5Y*: 1.42%
• 10Y*: 2.61%

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

MLN vs. VCLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLN VanEck Long Muni ETF	1.92%	1.82%	1.54%	8.05%	-17.20%	2.20%	6.22%	10.72%	-0.77%	8.19%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	1.79%	4.97%	2.77%	7.60%	-9.99%	1.50%	5.68%	8.91%	0.76%	6.93%

Correlation

The correlation between MLN and VCLAX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008	0.56

The correlation between MLN and VCLAX shifts across timeframes, from 0.56 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MLN vs. VCLAX — Risk / Return Rank

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

MLN

MLN Risk / Return Rank: 69
MLN Sharpe Ratio Rank: 63
MLN Sortino Ratio Rank: 69
MLN Omega Ratio Rank: 75
MLN Calmar Ratio Rank: 73
MLN Martin Ratio Rank: 66

VCLAX

VCLAX Risk / Return Rank: 69
VCLAX Sharpe Ratio Rank: 84
VCLAX Sortino Ratio Rank: 89
VCLAX Omega Ratio Rank: 91
VCLAX Calmar Ratio Rank: 42
VCLAX Martin Ratio Rank: 42

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.

MLN vs. VCLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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.

	MLN	VCLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.69	-0.59
Sortino ratio: Return per unit of downside risk	3.15	4.25	-1.10
Omega ratio: Gain probability vs. loss probability	1.45	1.67	-0.22
Calmar ratio: Return relative to maximum drawdown	3.66	2.47	+1.19
Martin ratio: Return relative to average drawdown	12.02	8.82	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLN vs. VCLAX - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 2.11, which is comparable to the VCLAX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of MLN and VCLAX, 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

	MLN	VCLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.69	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.31	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.57	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.94	-0.62

Drawdowns

MLN vs. VCLAX - Drawdown Comparison

The maximum MLN drawdown since its inception was -28.36%, which is greater than VCLAX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for MLN and VCLAX.

Drawdown Indicators

	MLN	VCLAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-15.72%	-12.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-3.43%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-9.84%	-6.55%	-3.29%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-15.72%	-8.74%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	-15.72%	-8.74%
Current Drawdown Current decline from peak	-6.58%	-0.46%	-6.12%
Average Drawdown Average peak-to-trough decline	-5.73%	-2.18%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.96%	-0.18%

Volatility

MLN vs. VCLAX - Volatility Comparison

VanEck Long Muni ETF (MLN) has a higher volatility of 1.56% compared to Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) at 1.23%. This indicates that MLN's price experiences larger fluctuations and is considered to be riskier than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLN	VCLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	1.23%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.19%	2.41%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	3.16%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.31%	4.57%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	4.56%	+4.32%

MLN vs. VCLAX - Expense Ratio Comparison

MLN has a 0.24% expense ratio, which is higher than VCLAX's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MLN vs. VCLAX - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.71%, more than VCLAX's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.71%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares	3.60%	4.41%	3.95%	3.07%	2.74%	2.60%	3.28%	3.24%	3.41%	3.32%	3.56%	3.58%

Frequently Asked Questions

Can I hold both MLN and VCLAX in my portfolio?

MLN and VCLAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLN or VCLAX?

MLN has higher volatility (1.56%) compared to VCLAX (1.23%). In terms of maximum drawdown, MLN dropped -28.36% vs VCLAX's -15.72%.

Which has better risk-adjusted returns?

VCLAX currently has the higher Sharpe Ratio (2.69 vs 2.11), 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.