VCAIX vs. VCADX
VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Both are actively managed. Over the past 10 years, VCAIX returned 2.02%/yr vs 2.10%/yr for VCADX. Their 1.00 correlation means they have historically moved very closely together. VCAIX charges 0.14%/yr vs 0.09%/yr for VCADX.
Performance
VCAIX vs. VCADX - Performance Comparison
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Returns By Period
In the year-to-date period, VCAIX achieves a -0.18% return, which is significantly lower than VCADX's -0.15% return. Both investments have delivered pretty close results over the past 10 years, with VCAIX having a 2.02% annualized return and VCADX not far ahead at 2.10%.
VCAIX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.11%
- YTD
- -0.18%
- 1Y
- 3.91%
- 3Y*
- 3.71%
- 5Y*
- 1.19%
- 10Y*
- 2.02%
- ALL TIME*
- 3.95%
VCADX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.09%
- YTD
- -0.15%
- 1Y
- 3.96%
- 3Y*
- 3.79%
- 5Y*
- 1.27%
- 10Y*
- 2.10%
- ALL TIME*
- 3.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VCAIX vs. VCADX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.18% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 1.19% | 4.83% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.15% | 5.90% | 2.24% | 5.91% | -6.61% | 0.46% | 4.62% | 7.04% | 1.28% | 4.94% |
Correlation
The correlation between VCAIX and VCADX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 1.00 |
The correlation between VCAIX and VCADX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VCAIX vs. VCADX — Risk / Return Rank
VCAIX
VCADX
VCAIX vs. VCADX - 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 Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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.
| VCAIX | VCADX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.48 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.58 | -0.02 |
| Martin ratioReturn relative to average drawdown | 4.48 | 4.55 | -0.07 |
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Drawdowns
VCAIX vs. VCADX - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.22%, roughly equal to the maximum VCADX drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for VCAIX and VCADX.
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Drawdown Indicators
| VCAIX | VCADX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.22% | -11.13% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.98% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.88% | -3.87% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -11.22% | -11.13% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -11.22% | -11.13% | -0.09% |
Current DrawdownCurrent decline from peak | -2.29% | -2.27% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -1.50% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.03% | +0.01% |
Volatility
VCAIX vs. VCADX - Volatility Comparison
Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) have volatilities of 0.81% and 0.81%, 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 | VCADX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.81% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 1.96% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 2.37% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 3.27% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 3.42% | 0.00% |
VCAIX vs. VCADX - Expense Ratio Comparison
VCAIX has a 0.14% expense ratio, which is higher than VCADX's 0.09% 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
VCAIX vs. VCADX - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 2.90%, less than VCADX's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.95% | 3.82% | 3.35% | 2.57% | 2.36% | 1.77% | 2.28% | 2.72% | 2.71% | 2.66% | 2.76% | 2.86% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.90% | 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
With a correlation of 1.00, VCAIX and VCADX 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.
VCADX has higher volatility (0.81%) compared to VCAIX (0.81%). In terms of maximum drawdown, VCAIX dropped -11.22% vs VCADX's -11.13%.
VCADX currently has the higher Sharpe Ratio (1.99 vs 1.97), 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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