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VCADX vs. ^CASHX
Performance
Return for Risk
Drawdowns
Volatility

VCADX vs. ^CASHX

Last updated Jun 14, 2026

VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) is Municipal Bonds fund managed by Vanguard, while ^CASHX (US Money Market Index) is an index. Over the past 10 years, VCADX returned 2.30%/yr vs 2.32%/yr for ^CASHX. At a correlation of -0.01, they often move in opposite directions.

Performance

VCADX vs. ^CASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) and US Money Market Index (^CASHX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VCADX achieves a 1.07% return, which is significantly lower than ^CASHX's 1.60% return. Both investments have delivered pretty close results over the past 10 years, with VCADX having a 2.30% annualized return and ^CASHX not far ahead at 2.32%.

VCADX

1D
0.00%
1M
0.62%
YTD
1.07%
6M
1.60%
1Y
6.35%
3Y*
4.45%
5Y*
1.60%
10Y*
2.30%

^CASHX

1D
0.01%
1M
0.26%
YTD
1.60%
6M
1.77%
1Y
3.87%
3Y*
4.63%
5Y*
3.53%
10Y*
2.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCADX vs. ^CASHX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCADX
Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares		1.07%5.90%2.24%5.91%-6.61%0.46%4.62%7.04%1.28%4.94%
^CASHX
US Money Market Index		1.60%4.21%5.16%5.03%1.68%0.08%0.37%2.16%1.83%1.00%

Correlation

The correlation between VCADX and ^CASHX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

-0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

-0.01

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Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares

US Money Market Index

Often compared with VCADX:
VCADX vs. CMFVCADX vs. VCLAXVCADX vs. VCAIXVCADX vs. VTEBVCADX vs. BNDVCADX vs. DFCAVCADX vs. VWALX
Often compared with ^CASHX:
^CASHX vs. SPAXX^CASHX vs. VBIL^CASHX vs. VUSXX^CASHX vs. VMRXX^CASHX vs. FXNAX^CASHX vs. SWVXX^CASHX vs. JAAA

Return for Risk

VCADX vs. ^CASHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VCADX
VCADX Risk / Return Rank: 7575
Overall Rank
VCADX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
VCADX Sortino Ratio Rank: 9494
Sortino Ratio Rank
VCADX Omega Ratio Rank: 9696
Omega Ratio Rank
VCADX Calmar Ratio Rank: 5050
Calmar Ratio Rank
VCADX Martin Ratio Rank: 4141
Martin Ratio Rank
^CASHX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VCADX vs. ^CASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) and US Money Market Index (^CASHX). 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.

VCADX^CASHXDifference
Sharpe ratioReturn per unit of total volatility
2.91
259.86

-256.95

Sortino ratioReturn per unit of downside risk
4.51

—

—

Omega ratioGain probability vs. loss probability

1.76

—

—

Calmar ratioReturn relative to maximum drawdown

2.20

—

—

Martin ratioReturn relative to average drawdown

7.10

—

—

VCADX vs. ^CASHX - Sharpe Ratio Comparison

The current VCADX Sharpe Ratio is 2.91, which is lower than the ^CASHX Sharpe Ratio of 259.86. The chart below compares the historical Sharpe Ratios of VCADX and ^CASHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VCADX vs. ^CASHX - Drawdown Comparison

The maximum VCADX drawdown since its inception was -11.13%, which is greater than ^CASHX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VCADX and ^CASHX.

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Drawdown Indicators

VCADX^CASHXDifference

Max Drawdown

Largest peak-to-trough decline

-11.13%

0.00%

-11.13%

Max Drawdown (1Y)

Largest decline over 1 year

-2.98%

0.00%

-2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-4.23%

0.00%

-4.23%

Max Drawdown (5Y)

Largest decline over 5 years

-11.13%

0.00%

-11.13%

Max Drawdown (10Y)

Largest decline over 10 years

-11.13%

0.00%

-11.13%

Current Drawdown

Current decline from peak

-1.08%

0.00%

-1.08%

Average Drawdown

Average peak-to-trough decline

-1.50%

0.00%

-1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.92%

0.00%

+0.92%

Volatility

VCADX vs. ^CASHX - Volatility Comparison

Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a higher volatility of 0.84% compared to US Money Market Index (^CASHX) at 0.00%. This indicates that VCADX's price experiences larger fluctuations and is considered to be riskier than ^CASHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCADX^CASHXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.84%

0.00%

+0.84%

Volatility (6M)

Calculated over the trailing 6-month period

1.78%

0.00%

+1.78%

Volatility (1Y)

Calculated over the trailing 1-year period

2.26%

0.01%

+2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.25%

0.08%

+3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.43%

0.08%

+3.35%

Frequently Asked Questions

VCADX and ^CASHX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VCADX has higher volatility (0.84%) compared to ^CASHX (0.00%). In terms of maximum drawdown, VCADX dropped -11.13% vs ^CASHX's 0.00%.

^CASHX currently has the higher Sharpe Ratio (259.86 vs 2.91), 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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