VCAIX vs. VCADX

Last updated Jun 23, 2026

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. Over the past 10 years, VCAIX returned 2.22%/yr vs 2.30%/yr for VCADX. With a 1.00 correlation, they move nearly in lockstep. VCAIX charges 0.17%/yr vs 0.09%/yr for VCADX.

Performance

VCAIX vs. VCADX - 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 Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VCAIX having a 1.22% return and VCADX slightly higher at 1.24%. Both investments have delivered pretty close results over the past 10 years, with VCAIX having a 2.22% annualized return and VCADX not far ahead at 2.30%.

VCAIX

• 1D: 0.09%
• 1M: 1.32%
• YTD: 1.22%
• 6M: 1.57%
• 1Y: 6.38%
• 3Y*: 4.37%
• 5Y*: 1.62%
• 10Y*: 2.22%

VCADX

• 1D: 0.09%
• 1M: 1.32%
• YTD: 1.24%
• 6M: 1.60%
• 1Y: 6.44%
• 3Y*: 4.45%
• 5Y*: 1.70%
• 10Y*: 2.30%

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

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	1.22%	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	1.24%	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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	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.

Return for Risk

VCAIX vs. VCADX — Risk / Return Rank

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

VCAIX

VCAIX Risk / Return Rank: 70
VCAIX Sharpe Ratio Rank: 92
VCAIX Sortino Ratio Rank: 93
VCAIX Omega Ratio Rank: 95
VCAIX Calmar Ratio Rank: 36
VCAIX Martin Ratio Rank: 32

VCADX

VCADX Risk / Return Rank: 70
VCADX Sharpe Ratio Rank: 92
VCADX Sortino Ratio Rank: 93
VCADX Omega Ratio Rank: 95
VCADX Calmar Ratio Rank: 36
VCADX Martin Ratio Rank: 32

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. 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 ratio: Return per unit of total volatility	2.87	2.88	-0.02
Sortino ratio: Return per unit of downside risk	4.41	4.45	-0.04
Omega ratio: Gain probability vs. loss probability	1.75	1.76	-0.01
Calmar ratio: Return relative to maximum drawdown	2.15	2.17	-0.02
Martin ratio: Return relative to average drawdown	6.84	6.91	-0.08

VCAIX vs. VCADX - Sharpe Ratio Comparison

The current VCAIX Sharpe Ratio is 2.87, which is comparable to the VCADX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of VCAIX and VCADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	VCAIX	VCADX	Difference
Max Drawdown Largest 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	-4.25%	-4.23%	-0.02%
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 Drawdown Current decline from peak	-0.92%	-0.91%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.36%	-1.50%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.93%	+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 0.59% and 0.59%, 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.

Volatility by Period

	VCAIX	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.59%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.78%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	2.24%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	3.25%	-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 0.17% 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 3.09%, less than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	3.14%	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	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 VCADX in my portfolio?

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.

Which is riskier, VCAIX or VCADX?

VCADX has higher volatility (0.59%) compared to VCAIX (0.59%). In terms of maximum drawdown, VCAIX dropped -11.22% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (2.88 vs 2.87), 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.