VCLAX vs. NPV
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Nuveen Virginia Quality Municipal Income Fund (NPV).
VCLAX is managed by Vanguard. It was launched on Nov 12, 2001. NPV is an actively managed fund by Nuveen. It was launched on Mar 18, 1993.
Performance
VCLAX vs. NPV - Performance Comparison
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VCLAX vs. NPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | -0.99% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
NPV Nuveen Virginia Quality Municipal Income Fund | 4.12% | -5.91% | 24.61% | 0.42% | -31.53% | 10.93% | 13.15% | 29.60% | -4.42% | 3.20% |
Returns By Period
In the year-to-date period, VCLAX achieves a -0.99% return, which is significantly lower than NPV's 4.12% return. Both investments have delivered pretty close results over the past 10 years, with VCLAX having a 2.49% annualized return and NPV not far behind at 2.40%.
VCLAX
- 1D
- 0.27%
- 1M
- -3.17%
- YTD
- -0.99%
- 6M
- 0.88%
- 1Y
- 4.08%
- 3Y*
- 3.71%
- 5Y*
- 1.18%
- 10Y*
- 2.49%
NPV
- 1D
- 1.34%
- 1M
- -2.61%
- YTD
- 4.12%
- 6M
- 1.08%
- 1Y
- 2.00%
- 3Y*
- 5.94%
- 5Y*
- -1.81%
- 10Y*
- 2.40%
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VCLAX vs. NPV - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than NPV's 1.51% expense ratio.
Return for Risk
VCLAX vs. NPV — Risk / Return Rank
VCLAX
NPV
VCLAX vs. NPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.
| VCLAX | NPV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.90 | 0.22 | +0.68 |
Sortino ratioReturn per unit of downside risk | 1.22 | 0.36 | +0.87 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.05 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.16 | +0.83 |
Martin ratioReturn relative to average drawdown | 3.00 | 0.37 | +2.62 |
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
| VCLAX | NPV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | 0.22 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | -0.13 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.18 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.28 | +0.64 |
Correlation
The correlation between VCLAX and NPV is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VCLAX vs. NPV - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.63%, less than NPV's 7.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.63% | 4.41% | 3.95% | 3.07% | 2.74% | 2.60% | 3.28% | 3.24% | 3.41% | 3.32% | 3.56% | 3.58% |
NPV Nuveen Virginia Quality Municipal Income Fund | 7.19% | 7.55% | 5.63% | 3.89% | 5.08% | 3.42% | 3.49% | 3.58% | 4.62% | 4.40% | 4.87% | 5.25% |
Drawdowns
VCLAX vs. NPV - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for VCLAX and NPV.
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Drawdown Indicators
| VCLAX | NPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -44.25% | +28.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.34% | -9.07% | +3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -44.25% | +28.53% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -44.25% | +28.53% |
Current DrawdownCurrent decline from peak | -3.17% | -17.90% | +14.73% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -10.15% | +7.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 3.77% | -2.02% |
Volatility
VCLAX vs. NPV - Volatility Comparison
The current volatility for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) is 1.26%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 2.43%. This indicates that VCLAX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | NPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 2.43% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 5.20% | -3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.44% | 9.05% | -3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 13.52% | -9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.54% | 13.19% | -8.65% |