SWCAX vs. VCAIX
SWCAX (Schwab California Tax-Free Bond Fund™) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, SWCAX returned 1.28%/yr vs 2.02%/yr for VCAIX. Their correlation of 0.81 means they have usually moved in the same direction. SWCAX charges 0.48%/yr vs 0.14%/yr for VCAIX.
Performance
SWCAX vs. VCAIX - Performance Comparison
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Returns By Period
In the year-to-date period, SWCAX achieves a -0.35% return, which is significantly lower than VCAIX's -0.18% return. Over the past 10 years, SWCAX has underperformed VCAIX with an annualized return of 1.28%, while VCAIX has yielded a comparatively higher 2.02% annualized return.
SWCAX
- 1D
- -0.18%
- 1M
- -1.80%
- 6M
- -1.14%
- YTD
- -0.35%
- 1Y
- 3.83%
- 3Y*
- 2.53%
- 5Y*
- 0.10%
- 10Y*
- 1.28%
- ALL TIME*
- 4.11%
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 |
SWCAX vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | -0.35% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
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 SWCAX and VCAIX is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 1994 | 0.81 |
The correlation between SWCAX and VCAIX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
SWCAX vs. VCAIX — Risk / Return Rank
SWCAX
VCAIX
SWCAX vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab California Tax-Free Bond Fund™ (SWCAX) 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.
| SWCAX | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.47 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.56 | +0.08 |
| Martin ratioReturn relative to average drawdown | 4.45 | 4.48 | -0.03 |
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Drawdowns
SWCAX vs. VCAIX - Drawdown Comparison
The maximum SWCAX drawdown since its inception was -13.51%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for SWCAX and VCAIX.
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Drawdown Indicators
| SWCAX | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.51% | -11.22% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.98% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -4.36% | -3.88% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -12.30% | -11.22% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -12.30% | -11.22% | -1.08% |
Current DrawdownCurrent decline from peak | -2.28% | -2.29% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -1.87% | -1.36% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.04% | -0.03% |
Volatility
SWCAX vs. VCAIX - Volatility Comparison
Schwab California Tax-Free Bond Fund™ (SWCAX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) have volatilities of 0.83% and 0.81%, 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.
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Volatility by Period
| SWCAX | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.81% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 1.95% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 2.36% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.14% | 3.26% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.37% | 3.42% | -0.05% |
SWCAX vs. VCAIX - Expense Ratio Comparison
SWCAX has a 0.48% expense ratio, which is higher than VCAIX's 0.14% expense ratio.
Dividends
SWCAX vs. VCAIX - Dividend Comparison
SWCAX's dividend yield for the trailing twelve months is around 2.97%, more than VCAIX's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | 2.97% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
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
SWCAX and VCAIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SWCAX has higher volatility (0.83%) compared to VCAIX (0.81%). In terms of maximum drawdown, SWCAX dropped -13.51% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (1.97 vs 1.87), 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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