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

Correlation

The correlation between VCLAX and FCTFX is -0.12. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -0.1

Performance

VCLAX vs. FCTFX - 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 Fidelity California Municipal Income Fund (FCTFX). The values are adjusted to include any dividend payments, if applicable.

120.00%125.00%130.00%135.00%NovemberDecember2025FebruaryMarchApril
123.46%
124.09%
VCLAX
FCTFX

Key characteristics

Sharpe Ratio

VCLAX:

0.11

FCTFX:

0.17

Sortino Ratio

VCLAX:

0.18

FCTFX:

0.25

Omega Ratio

VCLAX:

1.03

FCTFX:

1.04

Calmar Ratio

VCLAX:

0.10

FCTFX:

0.16

Martin Ratio

VCLAX:

0.39

FCTFX:

0.57

Ulcer Index

VCLAX:

1.68%

FCTFX:

1.60%

Daily Std Dev

VCLAX:

5.91%

FCTFX:

5.48%

Max Drawdown

VCLAX:

-16.25%

FCTFX:

-19.94%

Current Drawdown

VCLAX:

-4.52%

FCTFX:

-4.33%

Returns By Period

In the year-to-date period, VCLAX achieves a -2.75% return, which is significantly lower than FCTFX's -2.52% return. Over the past 10 years, VCLAX has outperformed FCTFX with an annualized return of 2.21%, while FCTFX has yielded a comparatively lower 1.88% annualized return.


VCLAX

YTD

-2.75%

1M

-2.19%

6M

-1.92%

1Y

0.75%

5Y*

0.77%

10Y*

2.21%

FCTFX

YTD

-2.52%

1M

-2.24%

6M

-1.81%

1Y

0.58%

5Y*

0.91%

10Y*

1.88%

*Annualized

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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.


Expense ratio chart for FCTFX: current value is 0.45%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
FCTFX: 0.45%
Expense ratio chart for VCLAX: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
VCLAX: 0.09%

Risk-Adjusted Performance

VCLAX vs. FCTFX — 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 3131
Overall Rank
The Sharpe Ratio Rank of VCLAX is 3232
Sharpe Ratio Rank
The Sortino Ratio Rank of VCLAX is 2828
Sortino Ratio Rank
The Omega Ratio Rank of VCLAX is 3030
Omega Ratio Rank
The Calmar Ratio Rank of VCLAX is 3434
Calmar Ratio Rank
The Martin Ratio Rank of VCLAX is 3232
Martin Ratio Rank

FCTFX
The Risk-Adjusted Performance Rank of FCTFX is 3333
Overall Rank
The Sharpe Ratio Rank of FCTFX is 3333
Sharpe Ratio Rank
The Sortino Ratio Rank of FCTFX is 2929
Sortino Ratio Rank
The Omega Ratio Rank of FCTFX is 3232
Omega Ratio Rank
The Calmar Ratio Rank of FCTFX is 3636
Calmar Ratio Rank
The Martin Ratio Rank of FCTFX is 3535
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. 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.


The chart of Sharpe ratio for VCLAX, currently valued at 0.19, compared to the broader market-1.000.001.002.003.00
VCLAX: 0.19
FCTFX: 0.17
The chart of Sortino ratio for VCLAX, currently valued at 0.28, compared to the broader market-2.000.002.004.006.008.00
VCLAX: 0.28
FCTFX: 0.25
The chart of Omega ratio for VCLAX, currently valued at 1.05, compared to the broader market0.501.001.502.002.503.00
VCLAX: 1.05
FCTFX: 1.04
The chart of Calmar ratio for VCLAX, currently valued at 0.17, compared to the broader market0.002.004.006.008.0010.00
VCLAX: 0.17
FCTFX: 0.16
The chart of Martin ratio for VCLAX, currently valued at 0.66, compared to the broader market0.0010.0020.0030.0040.0050.00
VCLAX: 0.66
FCTFX: 0.57

The current VCLAX Sharpe Ratio is 0.11, which is lower than the FCTFX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of VCLAX and FCTFX, 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 Ratio0.001.002.003.00NovemberDecember2025FebruaryMarchApril
0.19
0.17
VCLAX
FCTFX

Dividends

VCLAX vs. FCTFX - Dividend Comparison

VCLAX's dividend yield for the trailing twelve months is around 3.55%, more than FCTFX's 2.94% yield.


TTM20242023202220212020201920182017201620152014
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
3.55%3.38%3.07%2.74%2.40%2.64%3.01%3.39%3.34%3.56%3.58%3.71%
FCTFX
Fidelity California Municipal Income Fund
2.94%2.84%2.67%2.51%2.66%2.79%2.84%3.02%3.53%3.24%3.31%3.54%

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.


-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%0.00%NovemberDecember2025FebruaryMarchApril
-4.52%
-4.33%
VCLAX
FCTFX

Volatility

VCLAX vs. FCTFX - Volatility Comparison

Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 4.60% compared to Fidelity California Municipal Income Fund (FCTFX) at 4.26%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than FCTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%NovemberDecember2025FebruaryMarchApril
4.60%
4.26%
VCLAX
FCTFX