VCLAX vs. FCTFX
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Fidelity California Municipal Income Fund (FCTFX).
VCLAX is managed by Vanguard. It was launched on Nov 12, 2001. FCTFX is managed by Fidelity. It was launched on Jul 7, 1984.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCLAX or FCTFX.
Performance
VCLAX vs. FCTFX - Performance Comparison
Returns By Period
The year-to-date returns for both investments are quite close, with VCLAX having a 2.41% return and FCTFX slightly higher at 2.46%. Over the past 10 years, VCLAX has outperformed FCTFX with an annualized return of 2.74%, while FCTFX has yielded a comparatively lower 2.23% annualized return.
VCLAX
2.41%
-0.23%
3.07%
7.91%
1.23%
2.74%
FCTFX
2.46%
-0.32%
2.95%
6.97%
1.00%
2.23%
Key characteristics
| VCLAX | FCTFX | |
|---|---|---|
| Sharpe Ratio | 2.08 | 1.92 |
| Sortino Ratio | 3.11 | 2.79 |
| Omega Ratio | 1.47 | 1.45 |
| Calmar Ratio | 0.92 | 0.89 |
| Martin Ratio | 8.39 | 7.37 |
| Ulcer Index | 0.97% | 0.90% |
| Daily Std Dev | 3.90% | 3.43% |
| Max Drawdown | -16.25% | -19.94% |
| Current Drawdown | -1.61% | -1.36% |
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VCLAX vs. FCTFX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than FCTFX's 0.45% expense ratio.
Correlation
The correlation between VCLAX and FCTFX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
VCLAX vs. FCTFX - 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 Fidelity California Municipal Income Fund (FCTFX). 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
VCLAX vs. FCTFX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.34%, more than FCTFX's 2.81% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.34% | 3.07% | 2.74% | 2.40% | 2.64% | 3.01% | 3.39% | 3.34% | 3.56% | 3.58% | 3.71% | 4.07% |
FCTFX Fidelity California Municipal Income Fund | 2.81% | 2.67% | 2.52% | 2.20% | 2.45% | 2.71% | 3.01% | 3.01% | 3.24% | 3.31% | 3.54% | 3.82% |
Drawdowns
VCLAX vs. FCTFX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -16.25%, smaller than the maximum FCTFX drawdown of -19.94%. Use the drawdown chart below to compare losses from any high point for VCLAX and FCTFX. For additional features, visit the drawdowns tool.
Volatility
VCLAX vs. FCTFX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Fidelity California Municipal Income Fund (FCTFX) have volatilities of 1.96% and 1.87%, 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.