PGBOX vs. VCAIX

Last updated Aug 1, 2026

PGBOX (JPMorgan Core Bond Fund) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - PGBOX is a Intermediate Core Bond fund actively managed by JPMorgan, while VCAIX is a Municipal Bonds fund actively managed by Vanguard. Both are actively managed. Over the past 10 years, PGBOX returned 1.36%/yr vs 2.02%/yr for VCAIX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. PGBOX charges 0.70%/yr vs 0.14%/yr for VCAIX.

Performance

PGBOX vs. VCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Core Bond Fund (PGBOX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGBOX achieves a -1.20% return, which is significantly lower than VCAIX's -0.18% return. Over the past 10 years, PGBOX has underperformed VCAIX with an annualized return of 1.36%, while VCAIX has yielded a comparatively higher 2.02% annualized return.

PGBOX

• 1D: 0.00%
• 1M: -1.03%
• 6M: -1.51%
• YTD: -1.20%
• 1Y: 1.02%
• 3Y*: 3.56%
• 5Y*: -0.38%
• 10Y*: 1.36%
• ALL TIME*: 3.58%

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%

*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)
PGBOX JPMorgan Core Bond Fund	$0.00	$0.00	$0.00
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	$0.00	$0.00	$0.00

PGBOX vs. VCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGBOX JPMorgan Core Bond Fund	-1.20%	7.10%	1.81%	5.42%	-12.56%	-1.36%	7.85%	8.06%	-0.06%	3.55%
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%	1.19%	4.83%

Correlation

The correlation between PGBOX and VCAIX is 0.56, 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.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Mar 4, 1994	0.51

The correlation between PGBOX and VCAIX shifts across timeframes, from 0.49 (10 years) to 0.60 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGBOX vs. VCAIX — Risk / Return Rank

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

PGBOX

PGBOX Risk / Return Rank: 11
PGBOX Sharpe Ratio Rank: 12
PGBOX Sortino Ratio Rank: 11
PGBOX Omega Ratio Rank: 11
PGBOX Calmar Ratio Rank: 11
PGBOX Martin Ratio Rank: 10

VCAIX

VCAIX Risk / Return Rank: 65
VCAIX Sharpe Ratio Rank: 83
VCAIX Sortino Ratio Rank: 82
VCAIX Omega Ratio Rank: 89
VCAIX Calmar Ratio Rank: 39
VCAIX Martin Ratio Rank: 31

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.

PGBOX vs. VCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Core Bond Fund (PGBOX) 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.

	PGBOX	VCAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.97	-1.45
Sortino ratio: Return per unit of downside risk	0.78	2.87	-2.09
Omega ratio: Gain probability vs. loss probability	1.09	1.47	-0.38
Calmar ratio: Return relative to maximum drawdown	0.59	1.56	-0.97
Martin ratio: Return relative to average drawdown	1.36	4.48	-3.13

PGBOX vs. VCAIX - Sharpe Ratio Comparison

The current PGBOX Sharpe Ratio is 0.52, which is lower than the VCAIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PGBOX and VCAIX, 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

PGBOX vs. VCAIX - Drawdown Comparison

The maximum PGBOX drawdown since its inception was -18.42%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for PGBOX and VCAIX.

Drawdown Indicators

	PGBOX	VCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.42%	-11.22%	-7.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	-2.98%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-3.88%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.88%	-11.22%	-5.66%
Max Drawdown (10Y) Largest decline over 10 years	-16.88%	-11.22%	-5.66%
Current Drawdown Current decline from peak	-3.18%	-2.29%	-0.89%
Average Drawdown Average peak-to-trough decline	-2.70%	-1.36%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.04%	+0.44%

Volatility

PGBOX vs. VCAIX - Volatility Comparison

JPMorgan Core Bond Fund (PGBOX) has a higher volatility of 0.98% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.81%. This indicates that PGBOX'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.

Volatility by Period

	PGBOX	VCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.81%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	1.95%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	2.36%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	3.26%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	3.42%	+1.28%

PGBOX vs. VCAIX - Expense Ratio Comparison

PGBOX has a 0.70% expense ratio, which is higher than VCAIX's 0.14% expense ratio.

Dividends

PGBOX vs. VCAIX - Dividend Comparison

PGBOX's dividend yield for the trailing twelve months is around 3.25%, more than VCAIX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGBOX JPMorgan Core Bond Fund	3.25%	3.71%	3.69%	3.26%	2.41%	2.56%	3.75%	2.97%	2.65%	2.63%	2.66%	2.34%
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

Can I hold both PGBOX and VCAIX in my portfolio?

PGBOX and VCAIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGBOX or VCAIX?

PGBOX has higher volatility (0.98%) compared to VCAIX (0.81%). In terms of maximum drawdown, PGBOX dropped -18.42% vs VCAIX's -11.22%.

Which has better risk-adjusted returns?

VCAIX currently has the higher Sharpe Ratio (1.97 vs 0.52), 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.