VCITX vs. VCLAX
VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) and VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCITX returned 2.53%/yr vs 2.61%/yr for VCLAX. With a 1.00 correlation, they move nearly in lockstep. VCITX charges 0.17%/yr vs 0.09%/yr for VCLAX.
Performance
VCITX vs. VCLAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VCITX having a 1.76% return and VCLAX slightly higher at 1.79%. Both investments have delivered pretty close results over the past 10 years, with VCITX having a 2.53% annualized return and VCLAX not far ahead at 2.61%.
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%
VCLAX
- 1D
- 0.17%
- 1M
- 0.92%
- YTD
- 1.79%
- 6M
- 2.18%
- 1Y
- 8.53%
- 3Y*
- 4.86%
- 5Y*
- 1.42%
- 10Y*
- 2.61%
VCITX vs. VCLAX - 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% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 1.79% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
Correlation
The correlation between VCITX and VCLAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | 1.00 |
The correlation between VCITX and VCLAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VCITX vs. VCLAX — Risk / Return Rank
VCITX
VCLAX
VCITX vs. VCLAX - 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 Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX). 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 | VCLAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.67 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.47 | -0.02 |
| Martin ratioReturn relative to average drawdown | 8.75 | 8.82 | -0.07 |
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 | VCLAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 2.69 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.31 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.57 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.94 | +0.08 |
Drawdowns
VCITX vs. VCLAX - Drawdown Comparison
The maximum VCITX drawdown since its inception was -22.71%, which is greater than VCLAX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for VCITX and VCLAX.
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Drawdown Indicators
| VCITX | VCLAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.71% | -15.72% | -6.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -3.43% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -6.57% | -6.55% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -15.72% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -15.79% | -15.72% | -0.07% |
Current DrawdownCurrent decline from peak | -0.47% | -0.46% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -2.18% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.96% | 0.00% |
Volatility
VCITX vs. VCLAX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) and Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) have volatilities of 1.23% and 1.23%, 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.
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Volatility by Period
| VCITX | VCLAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.23% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 2.41% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.16% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.56% | 4.57% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 4.56% | 0.00% |
VCITX vs. VCLAX - Expense Ratio Comparison
VCITX has a 0.17% expense ratio, which is higher than VCLAX's 0.09% 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. VCLAX - Dividend Comparison
VCITX's dividend yield for the trailing twelve months is around 3.55%, less than VCLAX's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.60% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
Frequently Asked Questions
With a correlation of 1.00, VCITX and VCLAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VCLAX has higher volatility (1.23%) compared to VCITX (1.23%). In terms of maximum drawdown, VCITX dropped -22.71% vs VCLAX's -15.72%.
VCLAX currently has the higher Sharpe Ratio (2.69 vs 2.68), 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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