VCAIX vs. SWCAX
Compare and contrast key facts about Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Schwab California Tax-Free Bond Fund™ (SWCAX).
VCAIX is managed by Vanguard. It was launched on Mar 4, 1994. SWCAX is managed by Charles Schwab. It was launched on Feb 23, 1992.
Performance
VCAIX vs. SWCAX - Performance Comparison
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VCAIX vs. SWCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.71% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 1.19% | 4.83% |
SWCAX Schwab California Tax-Free Bond Fund™ | -0.74% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
Returns By Period
The year-to-date returns for both stocks are quite close, with VCAIX having a -0.71% return and SWCAX slightly lower at -0.74%. Over the past 10 years, VCAIX has outperformed SWCAX with an annualized return of 2.17%, while SWCAX has yielded a comparatively lower 1.42% annualized return.
VCAIX
- 1D
- 0.18%
- 1M
- -2.81%
- YTD
- -0.71%
- 6M
- 0.85%
- 1Y
- 4.52%
- 3Y*
- 3.51%
- 5Y*
- 1.45%
- 10Y*
- 2.17%
SWCAX
- 1D
- 0.09%
- 1M
- -2.66%
- YTD
- -0.74%
- 6M
- 0.80%
- 1Y
- 3.41%
- 3Y*
- 2.45%
- 5Y*
- 0.39%
- 10Y*
- 1.42%
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VCAIX vs. SWCAX - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is lower than SWCAX's 0.48% expense ratio.
Return for Risk
VCAIX vs. SWCAX — Risk / Return Rank
VCAIX
SWCAX
VCAIX vs. SWCAX - 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 Schwab California Tax-Free Bond Fund™ (SWCAX). 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 | SWCAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.37 | 1.03 | +0.34 |
Sortino ratioReturn per unit of downside risk | 1.85 | 1.39 | +0.45 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.29 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.01 | +0.45 |
Martin ratioReturn relative to average drawdown | 5.58 | 3.34 | +2.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCAIX | SWCAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 1.03 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.13 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.43 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 1.17 | +0.13 |
Correlation
The correlation between VCAIX and SWCAX is 0.81, 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.
Dividends
VCAIX vs. SWCAX - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 3.09%, more than SWCAX's 2.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SWCAX Schwab California Tax-Free Bond Fund™ | 2.99% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
Drawdowns
VCAIX vs. SWCAX - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.22%, smaller than the maximum SWCAX drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for VCAIX and SWCAX.
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Drawdown Indicators
| VCAIX | SWCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.22% | -13.51% | +2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -3.99% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -11.22% | -12.30% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -11.22% | -12.30% | +1.08% |
Current DrawdownCurrent decline from peak | -2.81% | -2.66% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -1.88% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 1.21% | -0.22% |
Volatility
VCAIX vs. SWCAX - Volatility Comparison
Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Schwab California Tax-Free Bond Fund™ (SWCAX) have volatilities of 0.94% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCAIX | SWCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.90% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 1.50% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.91% | 4.03% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.21% | 3.07% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 3.35% | +0.06% |