VCLAX vs. VCAIX
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX).
VCLAX is managed by Vanguard. It was launched on Nov 12, 2001. VCAIX is managed by Vanguard. It was launched on Mar 4, 1994.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCLAX or VCAIX.
Performance
VCLAX vs. VCAIX - Performance Comparison
Returns By Period
In the year-to-date period, VCLAX achieves a 2.41% return, which is significantly higher than VCAIX's 1.80% return. Over the past 10 years, VCLAX has outperformed VCAIX with an annualized return of 2.73%, while VCAIX has yielded a comparatively lower 2.23% annualized return.
VCLAX
2.41%
0.02%
3.34%
7.62%
1.23%
2.73%
VCAIX
1.80%
-0.12%
2.85%
5.75%
1.26%
2.23%
Key characteristics
| VCLAX | VCAIX | |
|---|---|---|
| Sharpe Ratio | 2.03 | 2.09 |
| Sortino Ratio | 3.04 | 3.21 |
| Omega Ratio | 1.46 | 1.49 |
| Calmar Ratio | 0.92 | 1.10 |
| Martin Ratio | 8.16 | 7.56 |
| Ulcer Index | 0.97% | 0.79% |
| Daily Std Dev | 3.89% | 2.84% |
| Max Drawdown | -16.25% | -11.25% |
| Current Drawdown | -1.61% | -1.07% |
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VCLAX vs. VCAIX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than VCAIX's 0.17% expense ratio. Despite the difference, 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 VCLAX and VCAIX is 0.91, 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.
Risk-Adjusted Performance
VCLAX vs. VCAIX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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
VCLAX vs. VCAIX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.34%, more than VCAIX's 2.73% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.34% | 3.07% | 2.74% | 2.40% | 2.64% | 3.01% | 3.39% | 3.34% | 3.56% | 3.58% | 3.71% | 4.07% |
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% |
Drawdowns
VCLAX vs. VCAIX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -16.25%, which is greater than VCAIX's maximum drawdown of -11.25%. Use the drawdown chart below to compare losses from any high point for VCLAX and VCAIX. For additional features, visit the drawdowns tool.
Volatility
VCLAX vs. VCAIX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 1.91% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 1.31%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.