VCAIX vs. VCLAX
VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCAIX returned 2.27%/yr vs 2.61%/yr for VCLAX. Their correlation of 0.91 suggests significant overlap in exposure. VCAIX charges 0.17%/yr vs 0.09%/yr for VCLAX.
Performance
VCAIX vs. VCLAX - Performance Comparison
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Returns By Period
In the year-to-date period, VCAIX achieves a 1.13% return, which is significantly lower than VCLAX's 1.79% return. Over the past 10 years, VCAIX has underperformed VCLAX with an annualized return of 2.27%, while VCLAX has yielded a comparatively higher 2.61% 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%
VCLAX
- 1D
- 0.17%
- 1M
- 0.92%
- YTD
- 1.79%
- 6M
- 2.18%
- 1Y
- 8.53%
- 3Y*
- 4.86%
- 5Y*
- 1.42%
- 10Y*
- 2.61%
VCAIX vs. VCLAX - 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% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 1.79% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
Correlation
The correlation between VCAIX and VCLAX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
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 Nov 13, 2001 | 0.91 |
The correlation between VCAIX and VCLAX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
VCAIX vs. VCLAX — Risk / Return Rank
VCAIX
VCLAX
VCAIX vs. VCLAX - 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 Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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 | VCLAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.67 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.47 | -0.19 |
| Martin ratioReturn relative to average drawdown | 7.46 | 8.82 | -1.36 |
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 | VCLAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.01 | 2.69 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.31 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.57 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.31 | 0.94 | +0.37 |
Drawdowns
VCAIX vs. VCLAX - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.22%, smaller than the maximum VCLAX drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for VCAIX and VCLAX.
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Drawdown Indicators
| VCAIX | VCLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.22% | -15.72% | +4.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.43% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -6.55% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -11.22% | -15.72% | +4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -11.22% | -15.72% | +4.50% |
Current DrawdownCurrent decline from peak | -1.01% | -0.46% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -2.18% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.96% | -0.05% |
Volatility
VCAIX vs. VCLAX - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 0.87%, while Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a volatility of 1.23%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than VCLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCAIX | VCLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.23% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 2.41% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 3.16% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.24% | 4.57% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 4.56% | -1.14% |
VCAIX vs. VCLAX - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is higher than VCLAX'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. VCLAX - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 3.09%, less than VCLAX's 3.60% yield.
| Position | 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% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.60% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
Frequently Asked Questions
VCAIX and VCLAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (1.23%) compared to VCAIX (0.87%). In terms of maximum drawdown, VCAIX dropped -11.22% vs VCLAX's -15.72%.
VCAIX currently has the higher Sharpe Ratio (3.01 vs 2.69), 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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