VCITX vs. CMF
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) and iShares California Muni Bond ETF (CMF).
VCITX is managed by Vanguard. It was launched on Apr 7, 1986. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCITX or CMF.
Key characteristics
| VCITX | CMF | |
|---|---|---|
| YTD Return | 1.98% | 1.31% |
| 1Y Return | 9.11% | 6.29% |
| 3Y Return (Ann) | -0.50% | -0.49% |
| 5Y Return (Ann) | 1.13% | 0.80% |
| 10Y Return (Ann) | 2.63% | 1.97% |
| Sharpe Ratio | 2.29 | 1.69 |
| Sortino Ratio | 3.48 | 2.42 |
| Omega Ratio | 1.53 | 1.33 |
| Calmar Ratio | 0.88 | 0.81 |
| Martin Ratio | 9.60 | 7.36 |
| Ulcer Index | 0.95% | 0.88% |
| Daily Std Dev | 3.97% | 3.84% |
| Max Drawdown | -19.44% | -16.45% |
| Current Drawdown | -2.21% | -2.22% |
Correlation
The correlation between VCITX and CMF is 0.51, 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.
Performance
VCITX vs. CMF - Performance Comparison
In the year-to-date period, VCITX achieves a 1.98% return, which is significantly higher than CMF's 1.31% return. Over the past 10 years, VCITX has outperformed CMF with an annualized return of 2.63%, while CMF has yielded a comparatively lower 1.97% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VCITX vs. CMF - Expense Ratio Comparison
VCITX has a 0.17% expense ratio, which is lower than CMF's 0.25% 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%.
Risk-Adjusted Performance
VCITX vs. CMF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) and iShares California Muni Bond ETF (CMF). 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
VCITX vs. CMF - Dividend Comparison
VCITX's dividend yield for the trailing twelve months is around 3.25%, more than CMF's 2.74% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.25% | 2.99% | 2.66% | 2.34% | 2.56% | 2.93% | 3.32% | 3.22% | 3.45% | 3.53% | 3.64% | 4.00% |
CMF iShares California Muni Bond ETF | 2.74% | 2.28% | 1.74% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% | 2.80% | 3.11% |
Drawdowns
VCITX vs. CMF - Drawdown Comparison
The maximum VCITX drawdown since its inception was -19.44%, which is greater than CMF's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for VCITX and CMF. For additional features, visit the drawdowns tool.
Volatility
VCITX vs. CMF - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) and iShares California Muni Bond ETF (CMF) have volatilities of 1.96% and 2.05%, 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.