VCLAX vs. VBTLX
VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VCLAX is a Municipal Bonds fund managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VCLAX returned 2.33%/yr vs 1.30%/yr for VBTLX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. VCLAX charges 0.09%/yr vs 0.04%/yr for VBTLX.
Performance
VCLAX vs. VBTLX - Performance Comparison
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Returns By Period
In the year-to-date period, VCLAX achieves a 0.41% return, which is significantly higher than VBTLX's -0.70% return. Over the past 10 years, VCLAX has outperformed VBTLX with an annualized return of 2.33%, while VBTLX has yielded a comparatively lower 1.30% annualized return.
VCLAX
- 1D
- -0.26%
- 1M
- -2.25%
- 6M
- -0.23%
- YTD
- 0.41%
- 1Y
- 6.21%
- 3Y*
- 4.05%
- 5Y*
- 0.92%
- 10Y*
- 2.33%
- ALL TIME*
- 3.75%
VBTLX
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -0.93%
- YTD
- -0.70%
- 1Y
- 1.67%
- 3Y*
- 3.69%
- 5Y*
- -0.45%
- 10Y*
- 1.30%
- ALL TIME*
- 3.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VCLAX vs. VBTLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 0.41% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | -0.70% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Correlation
The correlation between VCLAX and VBTLX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.58 |
The correlation between VCLAX and VBTLX has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.
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Return for Risk
VCLAX vs. VBTLX — Risk / Return Rank
VCLAX
VBTLX
VCLAX vs. VBTLX - 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 Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VCLAX | VBTLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.13 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 0.99 | +1.12 |
| Martin ratioReturn relative to average drawdown | 7.23 | 2.48 | +4.76 |
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Drawdowns
VCLAX vs. VBTLX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, smaller than the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VCLAX and VBTLX.
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Drawdown Indicators
| VCLAX | VBTLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -18.81% | +3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.89% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -4.86% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -18.14% | +2.42% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -18.81% | +3.09% |
Current DrawdownCurrent decline from peak | -2.25% | -3.27% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -2.67% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.15% | -0.15% |
Volatility
VCLAX vs. VBTLX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 1.06% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 0.96%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.96% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 2.97% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.82% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 6.01% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 4.98% | -0.42% |
VCLAX vs. VBTLX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is higher than VBTLX's 0.04% 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
VCLAX vs. VBTLX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.37%, less than VBTLX's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.72% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.37% | 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
VCLAX and VBTLX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (1.06%) compared to VBTLX (0.96%). In terms of maximum drawdown, VCLAX dropped -15.72% vs VBTLX's -18.81%.
VCLAX currently has the higher Sharpe Ratio (2.23 vs 0.75), 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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