VCLAX vs. VCITX
VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VCLAX returned 2.33%/yr vs 2.24%/yr for VCITX. Their 1.00 correlation means they have historically moved very closely together. VCLAX charges 0.09%/yr vs 0.14%/yr for VCITX.
Performance
VCLAX vs. VCITX - 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 VCITX's 0.38% return. Both investments have delivered pretty close results over the past 10 years, with VCLAX having a 2.33% annualized return and VCITX not far behind at 2.24%.
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%
VCITX
- 1D
- -0.26%
- 1M
- -2.25%
- 6M
- -0.25%
- YTD
- 0.38%
- 1Y
- 6.16%
- 3Y*
- 3.97%
- 5Y*
- 0.85%
- 10Y*
- 2.24%
- ALL TIME*
- 4.53%
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. VCITX - 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% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 0.38% | 4.90% | 2.66% | 7.51% | -10.06% | 1.46% | 5.60% | 8.81% | 0.67% | 6.82% |
Correlation
The correlation between VCLAX and VCITX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 1.00 |
The correlation between VCLAX and VCITX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VCLAX vs. VCITX — Risk / Return Rank
VCLAX
VCITX
VCLAX vs. VCITX - 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 Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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 | VCITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.52 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.10 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.23 | 7.17 | +0.07 |
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Drawdowns
VCLAX vs. VCITX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, smaller than the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for VCLAX and VCITX.
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Drawdown Indicators
| VCLAX | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -22.71% | +6.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -3.43% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -5.62% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -15.79% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -15.79% | +0.07% |
Current DrawdownCurrent decline from peak | -2.25% | -2.25% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -2.57% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.00% | 0.00% |
Volatility
VCLAX vs. VCITX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) have volatilities of 1.06% and 1.06%, 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.
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Volatility by Period
| VCLAX | VCITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.06% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 2.61% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.24% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 4.59% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 4.56% | 0.00% |
VCLAX vs. VCITX - Expense Ratio Comparison
VCLAX has a 0.09% expense ratio, which is lower than VCITX's 0.14% 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. VCITX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.37%, more than VCITX's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.32% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
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
With a correlation of 1.00, VCLAX and VCITX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VCITX has higher volatility (1.06%) compared to VCLAX (1.06%). In terms of maximum drawdown, VCLAX dropped -15.72% vs VCITX's -22.71%.
VCLAX currently has the higher Sharpe Ratio (2.23 vs 2.22), 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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