VCAIX vs. VTEI
Compare and contrast key facts about Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI).
VCAIX is managed by Vanguard. It was launched on Mar 4, 1994. VTEI is a passively managed fund by Vanguard that tracks the performance of the S&P Intermediate Term National AMT-Free Municipal Bond Index. It was launched on Jan 29, 2024.
Performance
VCAIX vs. VTEI - Performance Comparison
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VCAIX vs. VTEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.53% | 5.83% | 2.87% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
Returns By Period
In the year-to-date period, VCAIX achieves a -0.53% return, which is significantly lower than VTEI's -0.10% return.
VCAIX
- 1D
- 0.18%
- 1M
- -2.39%
- YTD
- -0.53%
- 6M
- 0.94%
- 1Y
- 4.42%
- 3Y*
- 3.57%
- 5Y*
- 1.47%
- 10Y*
- 2.19%
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VCAIX vs. VTEI - Expense Ratio Comparison
VCAIX has a 0.17% expense ratio, which is higher than VTEI's 0.08% 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%.
Return for Risk
VCAIX vs. VTEI — Risk / Return Rank
VCAIX
VTEI
VCAIX vs. VTEI - 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 Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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 | VTEI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 1.24 | -0.01 |
Sortino ratioReturn per unit of downside risk | 1.64 | 1.56 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.37 | +0.09 |
Martin ratioReturn relative to average drawdown | 5.50 | 4.52 | +0.98 |
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 | VTEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.24 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 0.90 | +0.40 |
Correlation
The correlation between VCAIX and VTEI is 0.71, 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. VTEI - Dividend Comparison
VCAIX's dividend yield for the trailing twelve months is around 3.08%, which matches VTEI's 3.05% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.08% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VCAIX vs. VTEI - Drawdown Comparison
The maximum VCAIX drawdown since its inception was -11.22%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for VCAIX and VTEI.
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Drawdown Indicators
| VCAIX | VTEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.22% | -3.64% | -7.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -3.33% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -11.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.22% | — | — |
Current DrawdownCurrent decline from peak | -2.64% | -2.05% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -0.73% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.01% | -0.01% |
Volatility
VCAIX vs. VTEI - Volatility Comparison
The current volatility for Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) is 0.98%, while Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a volatility of 1.14%. This indicates that VCAIX experiences smaller price fluctuations and is considered to be less risky than VTEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCAIX | VTEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.14% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.53% | 1.55% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 3.43% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.21% | 3.09% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 3.09% | +0.32% |