VCADX vs. FCSTX
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and FCSTX (Fidelity California Limited Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, VCADX returned 2.10%/yr vs 1.37%/yr for FCSTX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. VCADX charges 0.09%/yr vs 0.47%/yr for FCSTX.
Performance
VCADX vs. FCSTX - Performance Comparison
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Returns By Period
In the year-to-date period, VCADX achieves a -0.15% return, which is significantly lower than FCSTX's 0.04% return. Over the past 10 years, VCADX has outperformed FCSTX with an annualized return of 2.10%, while FCSTX has yielded a comparatively lower 1.37% 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%
FCSTX
- 1D
- 0.00%
- 1M
- -0.76%
- 6M
- -0.82%
- YTD
- 0.04%
- 1Y
- 1.67%
- 3Y*
- 3.17%
- 5Y*
- 1.02%
- 10Y*
- 1.37%
- ALL TIME*
- 2.32%
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 |
VCADX vs. FCSTX - 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% |
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | 0.04% | 5.23% | 1.73% | 3.53% | -4.71% | 0.20% | 2.93% | 4.07% | 1.25% | 2.27% |
Correlation
The correlation between VCADX and FCSTX is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005 | 0.75 |
The correlation between VCADX and FCSTX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.
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Return for Risk
VCADX vs. FCSTX — Risk / Return Rank
VCADX
FCSTX
VCADX vs. FCSTX - 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 Fidelity California Limited Term Tax-Free Bond Fund (FCSTX). 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 | FCSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.39 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.20 | +0.38 |
| Martin ratioReturn relative to average drawdown | 4.55 | 3.02 | +1.54 |
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Drawdowns
VCADX vs. FCSTX - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, which is greater than FCSTX's maximum drawdown of -7.58%. Use the drawdown chart below to compare losses from any high point for VCADX and FCSTX.
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Drawdown Indicators
| VCADX | FCSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -7.58% | -3.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -1.88% | -1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -3.87% | -2.21% | -1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | -7.58% | -3.55% |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | -7.58% | -3.55% |
Current DrawdownCurrent decline from peak | -2.27% | -1.36% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -0.92% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.75% | +0.28% |
Volatility
VCADX vs. FCSTX - Volatility Comparison
Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) has a higher volatility of 0.81% compared to Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) at 0.49%. This indicates that VCADX's price experiences larger fluctuations and is considered to be riskier than FCSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | FCSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.49% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 1.25% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 1.54% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 2.11% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 2.21% | +1.21% |
VCADX vs. FCSTX - Expense Ratio Comparison
VCADX has a 0.09% expense ratio, which is lower than FCSTX's 0.47% expense ratio.
Dividends
VCADX vs. FCSTX - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 2.95%, more than FCSTX's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCSTX Fidelity California Limited Term Tax-Free Bond Fund | 2.16% | 2.85% | 2.00% | 1.68% | 1.01% | 1.22% | 1.68% | 1.72% | 1.71% | 1.58% | 1.89% | 1.63% |
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 FCSTX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCADX has higher volatility (0.81%) compared to FCSTX (0.49%). In terms of maximum drawdown, VCADX dropped -11.13% vs FCSTX's -7.58%.
VCADX currently has the higher Sharpe Ratio (1.99 vs 1.47), 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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