VCAIX vs. BCHYX
Compare and contrast key facts about Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and American Century California High Yield Municipal Fund (BCHYX).
VCAIX is managed by Vanguard. It was launched on Mar 4, 1994. BCHYX is managed by American Century Investments. It was launched on Dec 29, 1986.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCAIX or BCHYX.
Performance
VCAIX vs. BCHYX - Performance Comparison
Returns By Period
In the year-to-date period, VCAIX achieves a 1.80% return, which is significantly lower than BCHYX's 4.15% return. Over the past 10 years, VCAIX has underperformed BCHYX with an annualized return of 2.23%, while BCHYX has yielded a comparatively higher 3.04% annualized return.
VCAIX
1.80%
-0.12%
2.85%
5.75%
1.26%
2.23%
BCHYX
4.15%
-0.10%
3.67%
9.28%
1.25%
3.04%
Key characteristics
| VCAIX | BCHYX | |
|---|---|---|
| Sharpe Ratio | 2.09 | 2.38 |
| Sortino Ratio | 3.21 | 3.56 |
| Omega Ratio | 1.49 | 1.56 |
| Calmar Ratio | 1.10 | 0.87 |
| Martin Ratio | 7.56 | 10.94 |
| Ulcer Index | 0.79% | 0.85% |
| Daily Std Dev | 2.84% | 3.89% |
| Max Drawdown | -11.25% | -17.63% |
| Current Drawdown | -1.07% | -2.73% |
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VCAIX vs. BCHYX - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is lower than BCHYX's 0.49% expense ratio.
Correlation
The correlation between VCAIX and BCHYX is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
VCAIX vs. BCHYX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and American Century California High Yield Municipal Fund (BCHYX). 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.
Dividends
VCAIX vs. BCHYX - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 2.73%, less than BCHYX's 3.74% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.73% | 2.50% | 2.28% | 2.02% | 2.18% | 2.46% | 2.63% | 2.59% | 2.65% | 2.78% | 3.00% | 3.30% |
BCHYX American Century California High Yield Municipal Fund | 3.74% | 3.67% | 3.43% | 2.94% | 3.07% | 3.24% | 3.50% | 3.48% | 3.61% | 3.70% | 3.87% | 4.23% |
Drawdowns
VCAIX vs. BCHYX - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.25%, smaller than the maximum BCHYX drawdown of -17.63%. Use the drawdown chart below to compare losses from any high point for VCAIX and BCHYX. For additional features, visit the drawdowns tool.
Volatility
VCAIX vs. BCHYX - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 1.31%, while American Century California High Yield Municipal Fund (BCHYX) has a volatility of 1.91%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than BCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.