TACAX vs. VCITX
TACAX (John Hancock California Municipal Bond Fund) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, TACAX returned 1.82%/yr vs 2.25%/yr for VCITX. Their correlation of 0.83 means they have usually moved in the same direction. TACAX charges 0.81%/yr vs 0.14%/yr for VCITX.
Performance
TACAX vs. VCITX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TACAX achieves a 0.40% return, which is significantly higher than VCITX's 0.30% return. Over the past 10 years, TACAX has underperformed VCITX with an annualized return of 1.82%, while VCITX has yielded a comparatively higher 2.25% annualized return.
TACAX
- 1D
- -0.10%
- 1M
- -2.71%
- 6M
- -0.33%
- YTD
- 0.40%
- 1Y
- 6.69%
- 3Y*
- 3.18%
- 5Y*
- 0.57%
- 10Y*
- 1.82%
- ALL TIME*
- 4.69%
VCITX
- 1D
- -0.09%
- 1M
- -2.33%
- 6M
- -0.43%
- YTD
- 0.30%
- 1Y
- 6.06%
- 3Y*
- 4.03%
- 5Y*
- 0.83%
- 10Y*
- 2.25%
- ALL TIME*
- 4.53%
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 |
TACAX vs. VCITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TACAX John Hancock California Municipal Bond Fund | 0.40% | 3.05% | 2.32% | 7.28% | -9.13% | 2.32% | 3.70% | 7.71% | 0.43% | 6.11% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 0.30% | 4.90% | 2.66% | 7.51% | -10.06% | 1.46% | 5.60% | 8.81% | 0.67% | 6.82% |
Correlation
The correlation between TACAX and VCITX is 0.93, 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. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.83 |
The correlation between TACAX and VCITX shifts across timeframes, from 0.83 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TACAX vs. VCITX — Risk / Return Rank
TACAX
VCITX
TACAX vs. VCITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock California Municipal Bond Fund (TACAX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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.
| TACAX | VCITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.47 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 1.89 | +0.08 |
| Martin ratioReturn relative to average drawdown | 6.66 | 6.39 | +0.28 |
Loading charts...
Drawdowns
TACAX vs. VCITX - Drawdown Comparison
The maximum TACAX drawdown since its inception was -15.80%, smaller than the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for TACAX and VCITX.
Loading charts...
Drawdown Indicators
| TACAX | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.80% | -22.71% | +6.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.43% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -7.87% | -5.62% | -2.25% |
Max Drawdown (5Y)Largest decline over 5 years | -15.09% | -15.79% | +0.70% |
Max Drawdown (10Y)Largest decline over 10 years | -15.09% | -15.79% | +0.70% |
Current DrawdownCurrent decline from peak | -2.71% | -2.33% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -2.01% | -2.57% | +0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.01% | +0.08% |
Volatility
TACAX vs. VCITX - Volatility Comparison
John Hancock California Municipal Bond Fund (TACAX) has a higher volatility of 1.16% compared to Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) at 1.05%. This indicates that TACAX's price experiences larger fluctuations and is considered to be riskier than VCITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TACAX | VCITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.05% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 2.61% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 3.24% | +0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 4.59% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 4.56% | +0.14% |
TACAX vs. VCITX - Expense Ratio Comparison
TACAX has a 0.81% expense ratio, which is higher than VCITX's 0.14% expense ratio.
Dividends
TACAX vs. VCITX - Dividend Comparison
TACAX's dividend yield for the trailing twelve months is around 3.58%, more than VCITX's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TACAX John Hancock California Municipal Bond Fund | 3.58% | 4.64% | 3.09% | 2.40% | 2.93% | 3.04% | 2.86% | 4.16% | 3.51% | 3.48% | 3.64% | 3.66% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.32% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Frequently Asked Questions
With a correlation of 0.93, TACAX and VCITX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TACAX has higher volatility (1.16%) compared to VCITX (1.05%). In terms of maximum drawdown, TACAX dropped -15.80% vs VCITX's -22.71%.
VCITX currently has the higher Sharpe Ratio (2.03 vs 1.93), 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.
Find the right allocation for TACAX and VCITX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer