VCAIX vs. VTEB
Compare and contrast key facts about Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Vanguard Tax-Exempt Bond ETF (VTEB).
VCAIX is managed by Vanguard. It was launched on Mar 4, 1994. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCAIX or VTEB.
Performance
VCAIX vs. VTEB - Performance Comparison
Returns By Period
The year-to-date returns for both stocks are quite close, with VCAIX having a 1.71% return and VTEB slightly lower at 1.64%.
VCAIX
1.71%
0.15%
3.03%
5.46%
1.24%
2.22%
VTEB
1.64%
0.46%
3.15%
5.47%
1.20%
N/A
Key characteristics
| VCAIX | VTEB | |
|---|---|---|
| Sharpe Ratio | 1.99 | 1.46 |
| Sortino Ratio | 3.06 | 2.14 |
| Omega Ratio | 1.47 | 1.29 |
| Calmar Ratio | 1.08 | 0.88 |
| Martin Ratio | 7.17 | 6.18 |
| Ulcer Index | 0.79% | 0.92% |
| Daily Std Dev | 2.84% | 3.88% |
| Max Drawdown | -11.25% | -17.00% |
| Current Drawdown | -1.15% | -1.17% |
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VCAIX vs. VTEB - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is higher than VTEB's 0.05% 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%.
Correlation
The correlation between VCAIX and VTEB is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
VCAIX vs. VTEB - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
Dividends
VCAIX vs. VTEB - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 2.73%, less than VTEB's 3.09% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.73% | 2.50% | 2.28% | 2.02% | 2.18% | 2.46% | 2.63% | 2.59% | 2.65% | 2.78% | 3.00% | 3.30% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.09% | 2.79% | 2.09% | 1.65% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% | 0.00% | 0.00% |
Drawdowns
VCAIX vs. VTEB - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.25%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VCAIX and VTEB. For additional features, visit the drawdowns tool.
Volatility
VCAIX vs. VTEB - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 1.19%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.83%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.