VCADX vs. VCAIX
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCADX returned 2.24%/yr vs 2.16%/yr for VCAIX. With a 1.00 correlation, they move nearly in lockstep. VCADX charges 0.09%/yr vs 0.17%/yr for VCAIX.
Performance
VCADX vs. VCAIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VCADX having a 1.16% return and VCAIX slightly lower at 1.13%. Both investments have delivered pretty close results over the past 10 years, with VCADX having a 2.24% annualized return and VCAIX not far behind at 2.16%.
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%
VCAIX
- 1D
- -0.09%
- 1M
- 1.23%
- YTD
- 1.13%
- 6M
- 1.48%
- 1Y
- 6.20%
- 3Y*
- 4.31%
- 5Y*
- 1.64%
- 10Y*
- 2.16%
VCADX vs. VCAIX - 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% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 1.13% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 1.19% | 4.83% |
Correlation
The correlation between VCADX and VCAIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 1.00 |
The correlation between VCADX and VCAIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VCADX vs. VCAIX — Risk / Return Rank
VCADX
VCAIX
VCADX vs. VCAIX - 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 Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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 | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.74 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 2.12 | +0.02 |
| Martin ratioReturn relative to average drawdown | 6.80 | 6.72 | +0.08 |
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Drawdowns
VCADX vs. VCAIX - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, roughly equal to the maximum VCAIX drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for VCADX and VCAIX.
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Drawdown Indicators
| VCADX | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -11.22% | +0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.98% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | -4.25% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | -11.22% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | -11.22% | +0.09% |
Current DrawdownCurrent decline from peak | -0.99% | -1.01% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -1.36% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.94% | 0.00% |
Volatility
VCADX vs. VCAIX - Volatility Comparison
Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) have volatilities of 0.61% and 0.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.61% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.78% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.25% | 2.24% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 3.24% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 3.42% | +0.01% |
VCADX vs. VCAIX - Expense Ratio Comparison
VCADX has a 0.09% expense ratio, which is lower than VCAIX's 0.17% 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. VCAIX - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 3.14%, more than VCAIX's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.09% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Frequently Asked Questions
With a correlation of 1.00, VCADX and VCAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VCAIX has higher volatility (0.61%) compared to VCADX (0.61%). In terms of maximum drawdown, VCADX dropped -11.13% vs VCAIX's -11.22%.
VCADX currently has the higher Sharpe Ratio (2.84 vs 2.82), 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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