VCADX vs. CALI
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. Over the past year, VCADX returned 6.25% vs 2.79% for CALI. At a 0.38 correlation, their price movements are largely independent. VCADX charges 0.09%/yr vs 0.08%/yr for CALI.
Performance
VCADX vs. CALI - Performance Comparison
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Returns By Period
In the year-to-date period, VCADX achieves a 1.16% return, which is significantly higher than CALI's 0.99% return.
VCADX
- 1D
- -0.09%
- 1M
- 1.23%
- YTD
- 1.16%
- 6M
- 1.51%
- 1Y
- 6.25%
- 3Y*
- 4.39%
- 5Y*
- 1.72%
- 10Y*
- 2.24%
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VCADX vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 1.16% | 5.90% | 2.24% | 3.82% |
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between VCADX and CALI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.38 |
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Return for Risk
VCADX vs. CALI — Risk / Return Rank
VCADX
CALI
VCADX vs. CALI - 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 iShares Short-Term California Muni Active ETF (CALI). 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 | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.87 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 4.19 | -2.05 |
| Martin ratioReturn relative to average drawdown | 6.80 | 21.38 | -14.58 |
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Drawdowns
VCADX vs. CALI - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VCADX and CALI.
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Drawdown Indicators
| VCADX | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -0.78% | -10.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -0.67% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | — | — |
Current DrawdownCurrent decline from peak | -0.99% | -0.04% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -0.08% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.13% | +0.81% |
Volatility
VCADX vs. CALI - Volatility Comparison
Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a higher volatility of 0.61% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. This indicates that VCADX's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.19% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 0.52% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.25% | 0.75% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 1.10% | +2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 1.10% | +2.33% |
VCADX vs. CALI - Expense Ratio Comparison
VCADX has a 0.09% expense ratio, which is higher than CALI's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VCADX vs. CALI - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 3.14%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.14% | 3.82% | 3.35% | 2.57% | 2.36% | 1.77% | 2.28% | 2.72% | 2.71% | 2.66% | 2.76% | 2.86% |
Frequently Asked Questions
VCADX and CALI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCADX has higher volatility (0.61%) compared to CALI (0.19%). In terms of maximum drawdown, VCADX dropped -11.13% vs CALI's -0.78%.
CALI currently has the higher Sharpe Ratio (3.74 vs 2.84), 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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