VCADX vs. VCLAX
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCADX returned 2.30%/yr vs 2.55%/yr for VCLAX. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
VCADX vs. VCLAX - Performance Comparison
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Returns By Period
In the year-to-date period, VCADX achieves a 1.24% return, which is significantly lower than VCLAX's 1.96% return. Over the past 10 years, VCADX has underperformed VCLAX with an annualized return of 2.30%, while VCLAX has yielded a comparatively higher 2.55% annualized return.
VCADX
- 1D
- 0.09%
- 1M
- 1.32%
- YTD
- 1.24%
- 6M
- 1.60%
- 1Y
- 6.44%
- 3Y*
- 4.45%
- 5Y*
- 1.70%
- 10Y*
- 2.30%
VCLAX
- 1D
- 0.09%
- 1M
- 1.99%
- YTD
- 1.96%
- 6M
- 2.45%
- 1Y
- 8.22%
- 3Y*
- 4.86%
- 5Y*
- 1.42%
- 10Y*
- 2.55%
VCADX vs. VCLAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 1.24% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 1.96% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
Correlation
The correlation between VCADX and VCLAX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.90 |
The correlation between VCADX and VCLAX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
VCADX vs. VCLAX — Risk / Return Rank
VCADX
VCLAX
VCADX vs. VCLAX - 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 Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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 | VCLAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.66 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.41 | -0.24 |
| Martin ratioReturn relative to average drawdown | 6.91 | 8.56 | -1.65 |
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Drawdowns
VCADX vs. VCLAX - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, smaller than the maximum VCLAX drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for VCADX and VCLAX.
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Drawdown Indicators
| VCADX | VCLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -15.72% | +4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.43% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | -6.55% | +2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | -15.72% | +4.59% |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | -15.72% | +4.59% |
Current DrawdownCurrent decline from peak | -0.91% | -0.29% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -2.18% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.96% | -0.03% |
Volatility
VCADX vs. VCLAX - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) is 0.59%, while Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a volatility of 0.83%. This indicates that VCADX experiences smaller price fluctuations and is considered to be less risky than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | VCLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.83% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 2.39% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 3.12% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 4.57% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 4.56% | -1.14% |
VCADX vs. VCLAX - Expense Ratio Comparison
Both VCADX and VCLAX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VCADX vs. VCLAX - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 3.14%, less than VCLAX's 3.59% 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% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.59% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
Frequently Asked Questions
VCADX and VCLAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (0.83%) compared to VCADX (0.59%). In terms of maximum drawdown, VCADX dropped -11.13% vs VCLAX's -15.72%.
VCADX currently has the higher Sharpe Ratio (2.88 vs 2.65), 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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