MMCA vs. VCADX

Last updated Jun 4, 2026

MMCA (IQ MacKay California Municipal Intermediate ETF) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 3 years, MMCA returned 4.06%/yr vs 4.48%/yr for VCADX. A 0.75 correlation means they provide meaningful diversification when combined. MMCA charges 0.36%/yr vs 0.09%/yr for VCADX.

Performance

MMCA vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay California Municipal Intermediate ETF (MMCA) 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, MMCA achieves a 0.66% return, which is significantly lower than VCADX's 1.16% return.

MMCA

• 1D: -0.05%
• 1M: 0.29%
• YTD: 0.66%
• 6M: 1.02%
• 1Y: 6.39%
• 3Y*: 4.06%
• 5Y*: —
• 10Y*: —

VCADX

• 1D: 0.09%
• 1M: 0.62%
• YTD: 1.16%
• 6M: 1.51%
• 1Y: 6.82%
• 3Y*: 4.48%
• 5Y*: 1.70%
• 10Y*: 2.35%

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

MMCA vs. VCADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMCA IQ MacKay California Municipal Intermediate ETF	0.66%	5.74%	1.70%	5.77%	-12.15%	0.01%
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	1.16%	5.90%	2.24%	5.91%	-6.61%	0.05%

Correlation

The correlation between MMCA and VCADX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 22, 2021	0.75

The correlation between MMCA and VCADX shifts across timeframes, from 0.64 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

MMCA vs. VCADX - Sectors Allocation Comparison

Sectors	MMCA	VCADX
Financial Services	0.8%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MMCA vs. VCADX — Risk / Return Rank

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

MMCA

MMCA Risk / Return Rank: 66
MMCA Sharpe Ratio Rank: 76
MMCA Sortino Ratio Rank: 82
MMCA Omega Ratio Rank: 85
MMCA Calmar Ratio Rank: 44
MMCA Martin Ratio Rank: 42

VCADX

VCADX Risk / Return Rank: 70
VCADX Sharpe Ratio Rank: 91
VCADX Sortino Ratio Rank: 93
VCADX Omega Ratio Rank: 96
VCADX Calmar Ratio Rank: 37
VCADX Martin Ratio Rank: 33

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.

MMCA vs. VCADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) 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.

	MMCA	VCADX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	3.02	-0.55
Sortino ratio: Return per unit of downside risk	3.69	4.67	-0.99
Omega ratio: Gain probability vs. loss probability	1.52	1.79	-0.27
Calmar ratio: Return relative to maximum drawdown	2.13	2.30	-0.17
Martin ratio: Return relative to average drawdown	6.78	7.53	-0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMCA vs. VCADX - Sharpe Ratio Comparison

The current MMCA Sharpe Ratio is 2.47, which is comparable to the VCADX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of MMCA 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

	MMCA	VCADX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	3.02	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.10	-1.06

Drawdowns

MMCA vs. VCADX - Drawdown Comparison

The maximum MMCA drawdown since its inception was -15.97%, which is greater than VCADX's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for MMCA and VCADX.

Drawdown Indicators

	MMCA	VCADX	Difference
Max Drawdown Largest peak-to-trough decline	-15.97%	-11.13%	-4.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.98%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-3.68%	-4.23%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.13%	—
Current Drawdown Current decline from peak	-1.53%	-0.99%	-0.54%
Average Drawdown Average peak-to-trough decline	-7.05%	-1.50%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.91%	+0.03%

Volatility

MMCA vs. VCADX - Volatility Comparison

IQ MacKay California Municipal Intermediate ETF (MMCA) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) have volatilities of 0.90% and 0.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMCA	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.87%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	1.80%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	2.28%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	3.25%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	3.43%	+0.18%

MMCA vs. VCADX - Expense Ratio Comparison

MMCA has a 0.36% expense ratio, which is higher than VCADX's 0.09% expense ratio.

Dividends

MMCA vs. VCADX - Dividend Comparison

MMCA's dividend yield for the trailing twelve months is around 3.29%, more than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMCA IQ MacKay California Municipal Intermediate ETF	3.29%	3.39%	3.66%	3.57%	2.90%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	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 MMCA and VCADX in my portfolio?

MMCA and VCADX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCA or VCADX?

MMCA has higher volatility (0.90%) compared to VCADX (0.87%). In terms of maximum drawdown, MMCA dropped -15.97% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (3.02 vs 2.47), 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.