VCADX vs. CMF
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and CMF (iShares California Muni Bond ETF) are both Municipal Bonds funds. VCADX is actively managed, while CMF is passively managed. Over the past 10 years, VCADX returned 2.10%/yr vs 1.55%/yr for CMF. Their 0.51 correlation means they have sometimes moved together and sometimes differently. VCADX charges 0.09%/yr vs 0.08%/yr for CMF.
Performance
VCADX vs. CMF - Performance Comparison
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Returns By Period
In the year-to-date period, VCADX achieves a -0.15% return, which is significantly higher than CMF's -0.17% return. Over the past 10 years, VCADX has outperformed CMF with an annualized return of 2.10%, while CMF has yielded a comparatively lower 1.55% annualized return.
VCADX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.09%
- YTD
- -0.15%
- 1Y
- 3.96%
- 3Y*
- 3.79%
- 5Y*
- 1.27%
- 10Y*
- 2.10%
- ALL TIME*
- 3.36%
CMF
- 1D
- -0.05%
- 1M
- -1.82%
- 6M
- -0.93%
- YTD
- -0.17%
- 1Y
- 4.37%
- 3Y*
- 2.68%
- 5Y*
- 0.31%
- 10Y*
- 1.55%
- ALL TIME*
- 3.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.81M | $26.50M | $27.09M | |
| $0.00 | $0.00 | $0.00 |
VCADX vs. CMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.15% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
CMF iShares California Muni Bond ETF | -0.17% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Correlation
The correlation between VCADX and CMF is 0.72, 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007 | 0.51 |
Over the past year, VCADX and CMF have become more correlated (0.72) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
VCADX vs. CMF — Risk / Return Rank
VCADX
CMF
VCADX vs. CMF - 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 California Muni Bond ETF (CMF). 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 | CMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.38 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.73 | -0.15 |
| Martin ratioReturn relative to average drawdown | 4.55 | 5.29 | -0.74 |
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Drawdowns
VCADX vs. CMF - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for VCADX and CMF.
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Drawdown Indicators
| VCADX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -16.45% | +5.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.91% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.87% | -5.22% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | -12.45% | +1.32% |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | -14.57% | +3.44% |
Current DrawdownCurrent decline from peak | -2.27% | -2.03% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -4.74% | +3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.95% | +0.08% |
Volatility
VCADX vs. CMF - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) is 0.81%, while iShares California Muni Bond ETF (CMF) has a volatility of 0.86%. This indicates that VCADX experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.86% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.28% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 2.86% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 4.21% | -0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 5.08% | -1.66% |
VCADX vs. CMF - Expense Ratio Comparison
VCADX has a 0.09% expense ratio, which is higher than CMF'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. CMF - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 2.95%, less than CMF's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMF iShares California Muni Bond ETF | 2.74% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.95% | 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 CMF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMF has higher volatility (0.86%) compared to VCADX (0.81%). In terms of maximum drawdown, VCADX dropped -11.13% vs CMF's -16.45%.
VCADX currently has the higher Sharpe Ratio (1.99 vs 1.77), 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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