VCAIX vs. CMF
Compare and contrast key facts about Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and iShares California Muni Bond ETF (CMF).
VCAIX is managed by Vanguard. It was launched on Mar 4, 1994. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCAIX or CMF.
Performance
VCAIX vs. CMF - Performance Comparison
Returns By Period
In the year-to-date period, VCAIX achieves a 1.71% return, which is significantly higher than CMF's 1.57% return. Over the past 10 years, VCAIX has outperformed CMF with an annualized return of 2.22%, while CMF has yielded a comparatively lower 1.99% annualized return.
VCAIX
1.71%
0.15%
3.03%
5.46%
1.24%
2.22%
CMF
1.57%
0.49%
3.11%
4.99%
0.82%
1.99%
Key characteristics
| VCAIX | CMF | |
|---|---|---|
| Sharpe Ratio | 1.99 | 1.32 |
| Sortino Ratio | 3.06 | 1.89 |
| Omega Ratio | 1.47 | 1.25 |
| Calmar Ratio | 1.08 | 0.76 |
| Martin Ratio | 7.17 | 5.62 |
| Ulcer Index | 0.79% | 0.89% |
| Daily Std Dev | 2.84% | 3.79% |
| Max Drawdown | -11.25% | -16.45% |
| Current Drawdown | -1.15% | -1.96% |
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VCAIX vs. CMF - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is lower than CMF's 0.25% 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%.
Correlation
The correlation between VCAIX and CMF is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
VCAIX vs. CMF - 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 iShares California Muni Bond ETF (CMF). 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. CMF - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 2.73%, which matches CMF's 2.73% 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% |
CMF iShares California Muni Bond ETF | 2.73% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
Drawdowns
VCAIX vs. CMF - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.25%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for VCAIX and CMF. For additional features, visit the drawdowns tool.
Volatility
VCAIX vs. CMF - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 1.19%, while iShares California Muni Bond ETF (CMF) has a volatility of 1.77%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.