VCAIX vs. FCTFX

Last updated Jun 4, 2026

VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) and FCTFX (Fidelity California Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, VCAIX returned 2.27%/yr vs 2.15%/yr for FCTFX. Their correlation of 0.85 suggests significant overlap in exposure. VCAIX charges 0.17%/yr vs 0.45%/yr for FCTFX.

Performance

VCAIX vs. FCTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Fidelity California Municipal Income Fund (FCTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCAIX achieves a 1.13% return, which is significantly lower than FCTFX's 1.34% return. Over the past 10 years, VCAIX has outperformed FCTFX with an annualized return of 2.27%, while FCTFX has yielded a comparatively lower 2.15% annualized return.

VCAIX

• 1D: 0.09%
• 1M: 0.61%
• YTD: 1.13%
• 6M: 1.48%
• 1Y: 6.77%
• 3Y*: 4.41%
• 5Y*: 1.62%
• 10Y*: 2.27%

FCTFX

• 1D: 0.24%
• 1M: 0.75%
• YTD: 1.34%
• 6M: 1.61%
• 1Y: 7.72%
• 3Y*: 4.46%
• 5Y*: 1.15%
• 10Y*: 2.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VCAIX vs. FCTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FCTFX Fidelity California Municipal Income Fund	1.34%	5.75%	1.89%	6.53%	-9.64%	1.39%	4.50%	7.63%	0.68%	5.81%

Correlation

The correlation between VCAIX and FCTFX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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 Mar 7, 1994	0.85

The correlation between VCAIX and FCTFX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

VCAIX vs. FCTFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCAIX

VCAIX Risk / Return Rank: 69
VCAIX Sharpe Ratio Rank: 91
VCAIX Sortino Ratio Rank: 93
VCAIX Omega Ratio Rank: 95
VCAIX Calmar Ratio Rank: 36
VCAIX Martin Ratio Rank: 33

FCTFX

FCTFX Risk / Return Rank: 66
FCTFX Sharpe Ratio Rank: 83
FCTFX Sortino Ratio Rank: 86
FCTFX Omega Ratio Rank: 91
FCTFX Calmar Ratio Rank: 35
FCTFX Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VCAIX vs. FCTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Fidelity California Municipal Income Fund (FCTFX). 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.

	VCAIX	FCTFX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.68	+0.33
Sortino ratio: Return per unit of downside risk	4.64	4.09	+0.55
Omega ratio: Gain probability vs. loss probability	1.79	1.67	+0.12
Calmar ratio: Return relative to maximum drawdown	2.28	2.24	+0.04
Martin ratio: Return relative to average drawdown	7.46	7.49	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCAIX vs. FCTFX - Sharpe Ratio Comparison

The current VCAIX Sharpe Ratio is 3.01, which is comparable to the FCTFX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of VCAIX and FCTFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCAIX	FCTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	2.68	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.29	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.53	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	1.14	+0.18

Drawdowns

VCAIX vs. FCTFX - Drawdown Comparison

The maximum VCAIX drawdown since its inception was -11.22%, smaller than the maximum FCTFX drawdown of -23.20%. Use the drawdown chart below to compare losses from any high point for VCAIX and FCTFX.

Drawdown Indicators

	VCAIX	FCTFX	Difference
Max Drawdown Largest peak-to-trough decline	-11.22%	-23.20%	+11.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-3.42%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-4.25%	-5.39%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-11.22%	-14.01%	+2.79%
Max Drawdown (10Y) Largest decline over 10 years	-11.22%	-14.01%	+2.79%
Current Drawdown Current decline from peak	-1.01%	-0.90%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.36%	-2.43%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.02%	-0.11%

Volatility

VCAIX vs. FCTFX - Volatility Comparison

The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 0.87%, while Fidelity California Municipal Income Fund (FCTFX) has a volatility of 1.17%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than FCTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCAIX	FCTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.17%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	2.23%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	2.87%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	3.97%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	4.06%	-0.64%

VCAIX vs. FCTFX - Expense Ratio Comparison

VCAIX has a 0.17% expense ratio, which is lower than FCTFX's 0.45% expense ratio.

Dividends

VCAIX vs. FCTFX - Dividend Comparison

VCAIX's dividend yield for the trailing twelve months is around 3.09%, more than FCTFX's 3.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCTFX Fidelity California Municipal Income Fund	3.02%	3.86%	2.85%	2.67%	1.67%	2.28%	2.79%	2.84%	3.01%	3.53%	3.52%	3.03%
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

Can I hold both VCAIX and FCTFX in my portfolio?

With a correlation of 0.91, VCAIX and FCTFX 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.

Which is riskier, VCAIX or FCTFX?

FCTFX has higher volatility (1.17%) compared to VCAIX (0.87%). In terms of maximum drawdown, VCAIX dropped -11.22% vs FCTFX's -23.20%.

Which has better risk-adjusted returns?

VCAIX currently has the higher Sharpe Ratio (3.01 vs 2.68), 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.