VCITX vs. FSMUX
VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, VCITX returned 0.85%/yr vs 0.14%/yr for FSMUX. Their correlation of 0.88 means they have usually moved in the same direction. VCITX charges 0.14%/yr vs 0.06%/yr for FSMUX.
Performance
VCITX vs. FSMUX - Performance Comparison
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Returns By Period
In the year-to-date period, VCITX achieves a 0.38% return, which is significantly higher than FSMUX's 0.31% return.
VCITX
- 1D
- -0.26%
- 1M
- -2.25%
- 6M
- -0.25%
- YTD
- 0.38%
- 1Y
- 6.16%
- 3Y*
- 3.97%
- 5Y*
- 0.85%
- 10Y*
- 2.24%
- ALL TIME*
- 4.53%
FSMUX
- 1D
- -0.23%
- 1M
- -1.91%
- 6M
- -0.02%
- YTD
- 0.31%
- 1Y
- 5.26%
- 3Y*
- 3.18%
- 5Y*
- 0.14%
- 10Y*
- —
- ALL TIME*
- 0.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VCITX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 0.38% | 4.90% | 2.66% | 7.51% | -10.06% | 0.40% |
FSMUX Strategic Advisers Municipal Bond Fund | 0.31% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Correlation
The correlation between VCITX and FSMUX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021 | 0.88 |
The correlation between VCITX and FSMUX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.
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Return for Risk
VCITX vs. FSMUX — Risk / Return Rank
VCITX
FSMUX
VCITX vs. FSMUX - 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 Strategic Advisers Municipal Bond Fund (FSMUX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VCITX | FSMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.53 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.53 | -0.44 |
| Martin ratioReturn relative to average drawdown | 7.17 | 8.83 | -1.66 |
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Drawdowns
VCITX vs. FSMUX - Drawdown Comparison
The maximum VCITX drawdown since its inception was -22.71%, which is greater than FSMUX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for VCITX and FSMUX.
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Drawdown Indicators
| VCITX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -16.27% | -6.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.68% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -5.62% | -5.89% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -16.23% | +0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -15.79% | — | — |
Current DrawdownCurrent decline from peak | -2.25% | -1.91% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -5.30% | +2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.75% | +0.25% |
Volatility
VCITX vs. FSMUX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) has a higher volatility of 1.06% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.94%. This indicates that VCITX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCITX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.94% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 2.27% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 3.17% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.59% | 4.65% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 4.59% | -0.03% |
VCITX vs. FSMUX - Expense Ratio Comparison
VCITX has a 0.14% expense ratio, which is higher than FSMUX's 0.06% 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%.
Dividends
VCITX vs. FSMUX - Dividend Comparison
VCITX's dividend yield for the trailing twelve months is around 3.32%, more than FSMUX's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMUX Strategic Advisers Municipal Bond Fund | 2.71% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.32% | 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 FSMUX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCITX has higher volatility (1.06%) compared to FSMUX (0.94%). In terms of maximum drawdown, VCITX dropped -22.71% vs FSMUX's -16.27%.
VCITX currently has the higher Sharpe Ratio (2.22 vs 2.14), 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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