VCITX vs. CORP
VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) and CORP (PIMCO Investment Grade Corporate Bond Index ETF) are both funds - VCITX is a Municipal Bonds fund managed by Vanguard, while CORP is a Corporate Bonds fund tracking the ICE BofA US Corporate. Over the past 10 years, VCITX returned 2.53%/yr vs 2.79%/yr for CORP. At a 0.45 correlation, their price movements are largely independent. VCITX charges 0.17%/yr vs 0.20%/yr for CORP.
Performance
VCITX vs. CORP - Performance Comparison
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Returns By Period
In the year-to-date period, VCITX achieves a 1.76% return, which is significantly higher than CORP's 0.57% return. Over the past 10 years, VCITX has underperformed CORP with an annualized return of 2.53%, while CORP has yielded a comparatively higher 2.79% annualized return.
VCITX
- 1D
- 0.17%
- 1M
- 0.92%
- YTD
- 1.76%
- 6M
- 2.16%
- 1Y
- 8.47%
- 3Y*
- 4.78%
- 5Y*
- 1.34%
- 10Y*
- 2.53%
CORP
- 1D
- -0.21%
- 1M
- 0.55%
- YTD
- 0.57%
- 6M
- 0.40%
- 1Y
- 6.11%
- 3Y*
- 5.48%
- 5Y*
- 0.92%
- 10Y*
- 2.79%
VCITX vs. CORP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 1.76% | 4.90% | 2.66% | 7.51% | -10.06% | 1.46% | 5.60% | 8.81% | 0.67% | 6.82% |
CORP PIMCO Investment Grade Corporate Bond Index ETF | 0.57% | 7.96% | 2.47% | 9.13% | -14.96% | -1.18% | 9.70% | 14.80% | -3.29% | 6.56% |
Correlation
The correlation between VCITX and CORP is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010 | 0.45 |
The correlation between VCITX and CORP shifts across timeframes, from 0.45 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VCITX vs. CORP — Risk / Return Rank
VCITX
CORP
VCITX vs. CORP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) and PIMCO Investment Grade Corporate Bond Index ETF (CORP). 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.
| VCITX | CORP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.26 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.13 | +0.32 |
| Martin ratioReturn relative to average drawdown | 8.75 | 6.90 | +1.85 |
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
| VCITX | CORP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 1.47 | +1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.13 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.40 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.56 | +0.47 |
Drawdowns
VCITX vs. CORP - Drawdown Comparison
The maximum VCITX drawdown since its inception was -22.71%, which is greater than CORP's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for VCITX and CORP.
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Drawdown Indicators
| VCITX | CORP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -21.21% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.88% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -6.57% | -6.06% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -21.21% | +5.42% |
Max Drawdown (10Y)Largest decline over 10 years | -15.79% | -21.21% | +5.42% |
Current DrawdownCurrent decline from peak | -0.47% | -1.06% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -3.61% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.89% | +0.07% |
Volatility
VCITX vs. CORP - Volatility Comparison
The current volatility for Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) is 1.23%, while PIMCO Investment Grade Corporate Bond Index ETF (CORP) has a volatility of 1.33%. This indicates that VCITX experiences smaller price fluctuations and is considered to be less risky than CORP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCITX | CORP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.33% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 2.99% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 4.18% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.56% | 6.89% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 7.08% | -2.52% |
VCITX vs. CORP - Expense Ratio Comparison
VCITX has a 0.17% expense ratio, which is lower than CORP's 0.20% 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%.
Dividends
VCITX vs. CORP - Dividend Comparison
VCITX's dividend yield for the trailing twelve months is around 3.55%, less than CORP's 4.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORP PIMCO Investment Grade Corporate Bond Index ETF | 4.85% | 4.77% | 4.74% | 4.12% | 3.28% | 2.51% | 2.90% | 3.25% | 3.18% | 3.08% | 2.91% | 3.14% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.55% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Frequently Asked Questions
VCITX and CORP have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CORP has higher volatility (1.33%) compared to VCITX (1.23%). In terms of maximum drawdown, VCITX dropped -22.71% vs CORP's -21.21%.
VCITX currently has the higher Sharpe Ratio (2.68 vs 1.47), 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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