VCADX vs. DFCA

Last updated Aug 1, 2026

VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and DFCA (Dimensional California Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, VCADX returned 3.79%/yr vs 2.42%/yr for DFCA. Their 0.68 correlation means they have sometimes moved together and sometimes differently. VCADX charges 0.09%/yr vs 0.19%/yr for DFCA.

Performance

VCADX vs. DFCA - 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 Dimensional California Municipal Bond ETF (DFCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCADX achieves a -0.15% return, which is significantly lower than DFCA's 0.30% 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%

DFCA

• 1D: -0.07%
• 1M: -1.14%
• 6M: -0.46%
• YTD: 0.30%
• 1Y: 3.34%
• 3Y*: 2.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFCA Dimensional California Municipal Bond ETF	$2.30M	$2.36M	$2.93M
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	$0.00	$0.00	$0.00

VCADX vs. DFCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	-0.15%	5.90%	2.24%	3.77%
DFCA Dimensional California Municipal Bond ETF	0.30%	2.99%	1.49%	2.68%

Correlation

The correlation between VCADX and DFCA is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.68

The correlation between VCADX and DFCA has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

VCADX vs. DFCA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VCADX

VCADX Risk / Return Rank: 66
VCADX Sharpe Ratio Rank: 84
VCADX Sortino Ratio Rank: 83
VCADX Omega Ratio Rank: 89
VCADX Calmar Ratio Rank: 40
VCADX Martin Ratio Rank: 32

DFCA

DFCA Risk / Return Rank: 73
DFCA Sharpe Ratio Rank: 84
DFCA Sortino Ratio Rank: 84
DFCA Omega Ratio Rank: 88
DFCA Calmar Ratio Rank: 57
DFCA Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VCADX vs. DFCA - 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 Dimensional California Municipal Bond ETF (DFCA). 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	DFCA	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.97	+0.02
Sortino ratio: Return per unit of downside risk	2.90	2.80	+0.10
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	1.58	2.03	-0.45
Martin ratio: Return relative to average drawdown	4.55	5.92	-1.37

VCADX vs. DFCA - Sharpe Ratio Comparison

The current VCADX Sharpe Ratio is 1.99, which is comparable to the DFCA Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VCADX and DFCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VCADX vs. DFCA - Drawdown Comparison

The maximum VCADX drawdown since its inception was -11.13%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for VCADX and DFCA.

Drawdown Indicators

	VCADX	DFCA	Difference
Max Drawdown Largest peak-to-trough decline	-11.13%	-3.28%	-7.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-1.77%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.87%	-3.28%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.13%	—	—
Current Drawdown Current decline from peak	-2.27%	-1.28%	-0.99%
Average Drawdown Average peak-to-trough decline	-1.50%	-0.69%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.60%	+0.43%

Volatility

VCADX vs. DFCA - Volatility Comparison

Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a higher volatility of 0.81% compared to Dimensional California Municipal Bond ETF (DFCA) at 0.69%. This indicates that VCADX's price experiences larger fluctuations and is considered to be riskier than DFCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCADX	DFCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.69%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	1.44%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	1.83%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	2.46%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	2.46%	+0.96%

VCADX vs. DFCA - Expense Ratio Comparison

VCADX has a 0.09% expense ratio, which is lower than DFCA's 0.19% expense ratio. Despite the difference, 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. DFCA - Dividend Comparison

VCADX's dividend yield for the trailing twelve months is around 2.95%, more than DFCA's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCA Dimensional California Municipal Bond ETF	2.77%	2.86%	2.86%	1.24%	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	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

Can I hold both VCADX and DFCA in my portfolio?

VCADX and DFCA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCADX or DFCA?

VCADX has higher volatility (0.81%) compared to DFCA (0.69%). In terms of maximum drawdown, VCADX dropped -11.13% vs DFCA's -3.28%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (1.99 vs 1.97), 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.