VCADX vs. PYCRX

Last updated Jun 5, 2026

VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and PYCRX (Payden California Municipal Social Impact Fund) are both Municipal Bonds funds. Over the past 10 years, VCADX returned 2.35%/yr vs 2.77%/yr for PYCRX. Their correlation of 0.82 suggests significant overlap in exposure. VCADX charges 0.09%/yr vs 0.45%/yr for PYCRX.

Performance

VCADX vs. PYCRX - 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 Payden California Municipal Social Impact Fund (PYCRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCADX achieves a 1.16% return, which is significantly lower than PYCRX's 1.28% return. Over the past 10 years, VCADX has underperformed PYCRX with an annualized return of 2.35%, while PYCRX has yielded a comparatively higher 2.77% annualized return.

VCADX

• 1D: 0.00%
• 1M: 0.53%
• YTD: 1.16%
• 6M: 1.51%
• 1Y: 6.63%
• 3Y*: 4.48%
• 5Y*: 1.68%
• 10Y*: 2.35%

PYCRX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.28%
• 6M: 1.68%
• 1Y: 6.48%
• 3Y*: 4.66%
• 5Y*: 2.00%
• 10Y*: 2.77%

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

VCADX vs. PYCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	1.16%	5.90%	2.24%	5.91%	-6.61%	0.46%	4.62%	7.04%	1.28%	4.94%
PYCRX Payden California Municipal Social Impact Fund	1.28%	6.37%	2.57%	6.16%	-6.38%	0.76%	5.58%	8.21%	0.57%	6.04%

Correlation

The correlation between VCADX and PYCRX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.82

The correlation between VCADX and PYCRX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

VCADX vs. PYCRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCADX

VCADX Risk / Return Rank: 70
VCADX Sharpe Ratio Rank: 90
VCADX Sortino Ratio Rank: 92
VCADX Omega Ratio Rank: 95
VCADX Calmar Ratio Rank: 37
VCADX Martin Ratio Rank: 33

PYCRX

PYCRX Risk / Return Rank: 65
PYCRX Sharpe Ratio Rank: 82
PYCRX Sortino Ratio Rank: 86
PYCRX Omega Ratio Rank: 90
PYCRX Calmar Ratio Rank: 36
PYCRX Martin Ratio Rank: 31

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. PYCRX - 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 Payden California Municipal Social Impact Fund (PYCRX). 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.

	VCADX	PYCRX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.63	+0.39
Sortino ratio: Return per unit of downside risk	4.67	4.10	+0.58
Omega ratio: Gain probability vs. loss probability	1.79	1.67	+0.13
Calmar ratio: Return relative to maximum drawdown	2.30	2.21	+0.09
Martin ratio: Return relative to average drawdown	7.52	6.87	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCADX vs. PYCRX - Sharpe Ratio Comparison

The current VCADX Sharpe Ratio is 3.02, which is comparable to the PYCRX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of VCADX and PYCRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCADX	PYCRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.63	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.61	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.85	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	1.21	-0.11

Drawdowns

VCADX vs. PYCRX - Drawdown Comparison

The maximum VCADX drawdown since its inception was -11.13%, roughly equal to the maximum PYCRX drawdown of -10.80%. Use the drawdown chart below to compare losses from any high point for VCADX and PYCRX.

Drawdown Indicators

	VCADX	PYCRX	Difference
Max Drawdown Largest peak-to-trough decline	-11.13%	-10.80%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-2.95%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.23%	-4.06%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-11.13%	-10.80%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	-11.13%	-10.80%	-0.33%
Current Drawdown Current decline from peak	-0.99%	-1.04%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.50%	-1.42%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.94%	-0.03%

Volatility

VCADX vs. PYCRX - Volatility Comparison

The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) is 0.86%, while Payden California Municipal Social Impact Fund (PYCRX) has a volatility of 0.93%. This indicates that VCADX experiences smaller price fluctuations and is considered to be less risky than PYCRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCADX	PYCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.93%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	1.89%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	2.47%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	3.32%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	3.25%	+0.18%

VCADX vs. PYCRX - Expense Ratio Comparison

VCADX has a 0.09% expense ratio, which is lower than PYCRX's 0.45% expense ratio.

Dividends

VCADX vs. PYCRX - Dividend Comparison

VCADX's dividend yield for the trailing twelve months is around 3.14%, less than PYCRX's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYCRX Payden California Municipal Social Impact Fund	3.41%	4.58%	4.06%	2.78%	1.82%	1.23%	3.72%	4.89%	2.43%	2.28%	3.47%	3.34%
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

Can I hold both VCADX and PYCRX in my portfolio?

VCADX and PYCRX have a correlation of 0.77, 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 PYCRX?

PYCRX has higher volatility (0.93%) compared to VCADX (0.86%). In terms of maximum drawdown, VCADX dropped -11.13% vs PYCRX's -10.80%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (3.02 vs 2.63), 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.