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VCLAX vs. BND
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between VCLAX and BND is 0.47, 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.


-0.50.00.51.00.5

Performance

VCLAX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

65.00%70.00%75.00%80.00%85.00%90.00%SeptemberOctoberNovemberDecember2025FebruaryMarch
87.55%
69.58%
VCLAX
BND

Key characteristics

Sharpe Ratio

VCLAX:

0.95

BND:

1.15

Sortino Ratio

VCLAX:

1.31

BND:

1.67

Omega Ratio

VCLAX:

1.19

BND:

1.20

Calmar Ratio

VCLAX:

0.64

BND:

0.44

Martin Ratio

VCLAX:

2.90

BND:

2.85

Ulcer Index

VCLAX:

1.26%

BND:

2.09%

Daily Std Dev

VCLAX:

3.85%

BND:

5.21%

Max Drawdown

VCLAX:

-16.25%

BND:

-18.84%

Current Drawdown

VCLAX:

-0.86%

BND:

-6.84%

Returns By Period

In the year-to-date period, VCLAX achieves a 0.98% return, which is significantly lower than BND's 2.77% return. Over the past 10 years, VCLAX has outperformed BND with an annualized return of 2.63%, while BND has yielded a comparatively lower 1.52% annualized return.


VCLAX

YTD

0.98%

1M

0.88%

6M

1.07%

1Y

3.18%

5Y*

0.56%

10Y*

2.63%

BND

YTD

2.77%

1M

2.16%

6M

0.92%

1Y

5.36%

5Y*

-0.67%

10Y*

1.52%

*Annualized

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VCLAX vs. BND - Expense Ratio Comparison

VCLAX has a 0.09% expense ratio, which is higher than BND's 0.03% 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%.


Expense ratio chart for VCLAX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%
Expense ratio chart for BND: current value at 0.03% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.03%

Risk-Adjusted Performance

VCLAX vs. BND — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCLAX
The Risk-Adjusted Performance Rank of VCLAX is 5555
Overall Rank
The Sharpe Ratio Rank of VCLAX is 5555
Sharpe Ratio Rank
The Sortino Ratio Rank of VCLAX is 5353
Sortino Ratio Rank
The Omega Ratio Rank of VCLAX is 6060
Omega Ratio Rank
The Calmar Ratio Rank of VCLAX is 5555
Calmar Ratio Rank
The Martin Ratio Rank of VCLAX is 5050
Martin Ratio Rank

BND
The Risk-Adjusted Performance Rank of BND is 4646
Overall Rank
The Sharpe Ratio Rank of BND is 5656
Sharpe Ratio Rank
The Sortino Ratio Rank of BND is 5656
Sortino Ratio Rank
The Omega Ratio Rank of BND is 5353
Omega Ratio Rank
The Calmar Ratio Rank of BND is 2727
Calmar Ratio Rank
The Martin Ratio Rank of BND is 3838
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

VCLAX vs. BND - 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 Total Bond Market ETF (BND). 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.


The chart of Sharpe ratio for VCLAX, currently valued at 0.95, compared to the broader market-1.000.001.002.003.004.000.951.15
The chart of Sortino ratio for VCLAX, currently valued at 1.31, compared to the broader market0.002.004.006.008.0010.001.311.67
The chart of Omega ratio for VCLAX, currently valued at 1.19, compared to the broader market1.002.003.001.191.20
The chart of Calmar ratio for VCLAX, currently valued at 0.64, compared to the broader market0.005.0010.0015.000.640.44
The chart of Martin ratio for VCLAX, currently valued at 2.89, compared to the broader market0.0020.0040.0060.0080.002.892.85
VCLAX
BND

The current VCLAX Sharpe Ratio is 0.95, which is comparable to the BND Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of VCLAX and BND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.004.00SeptemberOctoberNovemberDecember2025FebruaryMarch
0.95
1.15
VCLAX
BND

Dividends

VCLAX vs. BND - Dividend Comparison

VCLAX's dividend yield for the trailing twelve months is around 3.11%, less than BND's 3.64% yield.


TTM20242023202220212020201920182017201620152014
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
3.11%3.38%3.07%2.74%2.40%2.64%3.01%3.39%3.34%3.56%3.58%3.71%
BND
Vanguard Total Bond Market ETF
3.64%3.67%3.09%2.60%1.97%2.22%2.72%2.81%2.54%2.51%2.57%2.79%

Drawdowns

VCLAX vs. BND - Drawdown Comparison

The maximum VCLAX drawdown since its inception was -16.25%, smaller than the maximum BND drawdown of -18.84%. Use the drawdown chart below to compare losses from any high point for VCLAX and BND. For additional features, visit the drawdowns tool.


-10.00%-8.00%-6.00%-4.00%-2.00%0.00%SeptemberOctoberNovemberDecember2025FebruaryMarch
-0.86%
-6.84%
VCLAX
BND

Volatility

VCLAX vs. BND - Volatility Comparison

The current volatility for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) is 1.11%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.44%. This indicates that VCLAX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%SeptemberOctoberNovemberDecember2025FebruaryMarch
1.11%
1.44%
VCLAX
BND