VCLAX vs. VWALX
Compare and contrast key facts about Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX).
VCLAX is managed by Vanguard. It was launched on Nov 12, 2001. VWALX is managed by Vanguard. It was launched on Nov 12, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VCLAX or VWALX.
Performance
VCLAX vs. VWALX - Performance Comparison
Returns By Period
In the year-to-date period, VCLAX achieves a 2.41% return, which is significantly lower than VWALX's 3.81% return. Over the past 10 years, VCLAX has underperformed VWALX with an annualized return of 2.74%, while VWALX has yielded a comparatively higher 3.24% annualized return.
VCLAX
2.41%
-0.23%
3.07%
7.91%
1.23%
2.74%
VWALX
3.81%
-0.23%
3.37%
9.80%
1.67%
3.24%
Key characteristics
| VCLAX | VWALX | |
|---|---|---|
| Sharpe Ratio | 2.08 | 2.47 |
| Sortino Ratio | 3.11 | 3.69 |
| Omega Ratio | 1.47 | 1.59 |
| Calmar Ratio | 0.92 | 1.00 |
| Martin Ratio | 8.39 | 11.57 |
| Ulcer Index | 0.97% | 0.87% |
| Daily Std Dev | 3.90% | 4.11% |
| Max Drawdown | -16.25% | -17.74% |
| Current Drawdown | -1.61% | -1.36% |
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VCLAX vs. VWALX - Expense Ratio Comparison
Both VCLAX and VWALX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Correlation
The correlation between VCLAX and VWALX is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
VCLAX vs. VWALX - 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 Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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.
Dividends
VCLAX vs. VWALX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.34%, less than VWALX's 3.76% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLAX Vanguard California Long-Term Tax-Exempt Fund Admiral Shares | 3.34% | 3.07% | 2.74% | 2.40% | 2.64% | 3.01% | 3.39% | 3.34% | 3.56% | 3.58% | 3.71% | 4.07% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 3.76% | 3.59% | 3.44% | 2.93% | 3.16% | 3.44% | 3.84% | 3.77% | 3.88% | 3.75% | 3.83% | 4.19% |
Drawdowns
VCLAX vs. VWALX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -16.25%, smaller than the maximum VWALX drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for VCLAX and VWALX. For additional features, visit the drawdowns tool.
Volatility
VCLAX vs. VWALX - Volatility Comparison
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 1.96% and 2.00%, 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.