MSTRX vs. VCAIX
MSTRX (Morningstar Total Return Bond Fund) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - MSTRX is a Intermediate Core Bond fund managed by Morningstar, while VCAIX is a Municipal Bonds fund actively managed by Vanguard. Over the past 5 years, MSTRX returned -1.36%/yr vs 1.19%/yr for VCAIX. Their 0.49 correlation means their historical movements had little consistent relationship. MSTRX charges 0.55%/yr vs 0.14%/yr for VCAIX.
Performance
MSTRX vs. VCAIX - Performance Comparison
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Returns By Period
In the year-to-date period, MSTRX achieves a -0.93% return, which is significantly lower than VCAIX's -0.18% return.
MSTRX
- 1D
- 0.00%
- 1M
- -0.79%
- 6M
- -1.15%
- YTD
- -0.93%
- 1Y
- 1.29%
- 3Y*
- 2.92%
- 5Y*
- -1.36%
- 10Y*
- —
- ALL TIME*
- 1.69%
VCAIX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.11%
- YTD
- -0.18%
- 1Y
- 3.91%
- 3Y*
- 3.71%
- 5Y*
- 1.19%
- 10Y*
- 2.02%
- ALL TIME*
- 3.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MSTRX vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSTRX Morningstar Total Return Bond Fund | -0.93% | 4.87% | 1.75% | 5.54% | -15.53% | -1.56% | 9.57% | 9.34% | 2.40% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.18% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 2.29% |
Correlation
The correlation between MSTRX and VCAIX is 0.52, 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. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.49 |
The correlation between MSTRX and VCAIX has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
MSTRX vs. VCAIX — Risk / Return Rank
MSTRX
VCAIX
MSTRX vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morningstar Total Return Bond Fund (MSTRX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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.
| MSTRX | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.47 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 1.56 | -1.00 |
| Martin ratioReturn relative to average drawdown | 1.28 | 4.48 | -3.20 |
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Drawdowns
MSTRX vs. VCAIX - Drawdown Comparison
The maximum MSTRX drawdown since its inception was -20.97%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for MSTRX and VCAIX.
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Drawdown Indicators
| MSTRX | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -11.22% | -9.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -2.98% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.57% | -3.88% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -20.77% | -11.22% | -9.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.22% | — |
Current DrawdownCurrent decline from peak | -7.23% | -2.29% | -4.94% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -1.36% | -5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.04% | +0.20% |
Volatility
MSTRX vs. VCAIX - Volatility Comparison
Morningstar Total Return Bond Fund (MSTRX) has a higher volatility of 0.97% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.81%. This indicates that MSTRX's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTRX | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.81% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 1.95% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 2.36% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 3.26% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 3.42% | +2.20% |
MSTRX vs. VCAIX - Expense Ratio Comparison
MSTRX has a 0.55% expense ratio, which is higher than VCAIX's 0.14% expense ratio.
Dividends
MSTRX vs. VCAIX - Dividend Comparison
MSTRX's dividend yield for the trailing twelve months is around 2.47%, less than VCAIX's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTRX Morningstar Total Return Bond Fund | 2.47% | 2.60% | 4.02% | 3.42% | 2.50% | 2.13% | 4.93% | 5.23% | 0.29% | 0.00% | 0.00% | 0.00% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.90% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Frequently Asked Questions
MSTRX and VCAIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTRX has higher volatility (0.97%) compared to VCAIX (0.81%). In terms of maximum drawdown, MSTRX dropped -20.97% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (1.97 vs 0.43), 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.
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