VCLAX vs. VCAIX
VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCLAX returned 2.55%/yr vs 2.22%/yr for VCAIX. Their correlation of 0.91 suggests significant overlap in exposure. VCLAX charges 0.09%/yr vs 0.17%/yr for VCAIX.
Performance
VCLAX vs. VCAIX - Performance Comparison
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Returns By Period
In the year-to-date period, VCLAX achieves a 1.96% return, which is significantly higher than VCAIX's 1.22% return. Over the past 10 years, VCLAX has outperformed VCAIX with an annualized return of 2.55%, while VCAIX has yielded a comparatively lower 2.22% annualized return.
VCLAX
- 1D
- 0.09%
- 1M
- 1.99%
- YTD
- 1.96%
- 6M
- 2.45%
- 1Y
- 8.22%
- 3Y*
- 4.86%
- 5Y*
- 1.42%
- 10Y*
- 2.55%
VCAIX
- 1D
- 0.09%
- 1M
- 1.32%
- YTD
- 1.22%
- 6M
- 1.57%
- 1Y
- 6.38%
- 3Y*
- 4.37%
- 5Y*
- 1.62%
- 10Y*
- 2.22%
VCLAX vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 1.96% | 4.97% | 2.77% | 7.60% | -9.99% | 1.50% | 5.68% | 8.91% | 0.76% | 6.93% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 1.22% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 1.19% | 4.83% |
Correlation
The correlation between VCLAX and VCAIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.91 |
The correlation between VCLAX and VCAIX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
VCLAX vs. VCAIX — Risk / Return Rank
VCLAX
VCAIX
VCLAX vs. VCAIX - 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 California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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 | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.75 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.15 | +0.26 |
| Martin ratioReturn relative to average drawdown | 8.56 | 6.84 | +1.72 |
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Drawdowns
VCLAX vs. VCAIX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for VCLAX and VCAIX.
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Drawdown Indicators
| VCLAX | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -11.22% | -4.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.98% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -6.55% | -4.25% | -2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -11.22% | -4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -11.22% | -4.50% |
Current DrawdownCurrent decline from peak | -0.29% | -0.92% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -1.36% | -0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.94% | +0.02% |
Volatility
VCLAX vs. VCAIX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) has a higher volatility of 0.83% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.59%. This indicates that VCLAX's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.59% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.78% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 2.23% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.57% | 3.24% | +1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 3.42% | +1.14% |
VCLAX vs. VCAIX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than VCAIX's 0.17% expense ratio. Despite the difference, 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. VCAIX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.59%, more than VCAIX's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.09% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.59% | 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 VCAIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLAX has higher volatility (0.83%) compared to VCAIX (0.59%). In terms of maximum drawdown, VCLAX dropped -15.72% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (2.87 vs 2.65), 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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