VCADX vs. VTEB
VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCADX returned 2.30%/yr vs 1.97%/yr for VTEB. A 0.68 correlation means they provide meaningful diversification when combined. VCADX charges 0.09%/yr vs 0.03%/yr for VTEB.
Performance
VCADX vs. VTEB - 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 VTEB's 1.72% return. Over the past 10 years, VCADX has outperformed VTEB with an annualized return of 2.30%, while VTEB has yielded a comparatively lower 1.97% 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%
VTEB
- 1D
- -0.02%
- 1M
- 1.40%
- YTD
- 1.72%
- 6M
- 1.95%
- 1Y
- 6.76%
- 3Y*
- 3.39%
- 5Y*
- 0.95%
- 10Y*
- 1.97%
VCADX vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.72% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between VCADX and VTEB is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.68 |
The correlation between VCADX and VTEB has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.
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Return for Risk
VCADX vs. VTEB — Risk / Return Rank
VCADX
VTEB
VCADX vs. VTEB - 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 Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.55 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.51 | -0.34 |
| Martin ratioReturn relative to average drawdown | 6.91 | 8.83 | -1.92 |
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Drawdowns
VCADX vs. VTEB - Drawdown Comparison
The maximum VCADX drawdown since its inception was -11.13%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VCADX and VTEB.
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Drawdown Indicators
| VCADX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.13% | -17.00% | +5.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.71% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | -5.53% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -11.13% | -12.64% | +1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -11.13% | -17.00% | +5.87% |
Current DrawdownCurrent decline from peak | -0.91% | -0.26% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -2.32% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.77% | +0.16% |
Volatility
VCADX vs. VTEB - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) is 0.59%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 0.71%. This indicates that VCADX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCADX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.71% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 2.06% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 2.68% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 3.90% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 5.26% | -1.84% |
VCADX vs. VTEB - Expense Ratio Comparison
VCADX has a 0.09% expense ratio, which is higher than VTEB's 0.03% expense ratio. However, 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. VTEB - Dividend Comparison
VCADX's dividend yield for the trailing twelve months is around 3.14%, less than VTEB's 3.35% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
VCADX and VTEB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.71%) compared to VCADX (0.59%). In terms of maximum drawdown, VCADX dropped -11.13% vs VTEB's -17.00%.
VCADX currently has the higher Sharpe Ratio (2.88 vs 2.53), 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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