VCLAX vs. VWALX
VCLAX (Vanguard California Long-Term Tax-Exempt Fund Admiral Shares) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both mutual funds - VCLAX is a Municipal Bonds fund managed by Vanguard, while VWALX is a High Yield Muni fund actively managed by Vanguard. Over the past 10 years, VCLAX returned 2.55%/yr vs 3.07%/yr for VWALX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
VCLAX vs. VWALX - Performance Comparison
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Returns By Period
In the year-to-date period, VCLAX achieves a 1.96% return, which is significantly lower than VWALX's 2.52% return. Over the past 10 years, VCLAX has underperformed VWALX with an annualized return of 2.55%, while VWALX has yielded a comparatively higher 3.07% 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%
VWALX
- 1D
- 0.09%
- 1M
- 2.07%
- YTD
- 2.52%
- 6M
- 2.98%
- 1Y
- 8.54%
- 3Y*
- 5.52%
- 5Y*
- 1.61%
- 10Y*
- 3.07%
VCLAX vs. VWALX - 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.52% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between VCLAX and VWALX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.92 |
The correlation between VCLAX and VWALX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
VCLAX vs. VWALX — Risk / Return Rank
VCLAX
VWALX
VCLAX vs. VWALX - 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 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.
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 | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.69 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.81 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.56 | 10.24 | -1.68 |
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Drawdowns
VCLAX vs. VWALX - Drawdown Comparison
The maximum VCLAX drawdown since its inception was -15.72%, smaller than the maximum VWALX drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for VCLAX and VWALX.
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Drawdown Indicators
| VCLAX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.72% | -17.24% | +1.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -3.05% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -6.55% | -7.10% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -15.72% | -17.24% | +1.52% |
Max Drawdown (10Y)Largest decline over 10 years | -15.72% | -17.24% | +1.52% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -2.16% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.84% | +0.12% |
Volatility
VCLAX vs. VWALX - Volatility Comparison
The current volatility for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) is 0.83%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 0.88%. This indicates that VCLAX experiences smaller price fluctuations and is considered to be less risky than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLAX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.88% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 2.39% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 3.23% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.57% | 4.81% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 4.64% | -0.08% |
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%.
Dividends
VCLAX vs. VWALX - Dividend Comparison
VCLAX's dividend yield for the trailing twelve months is around 3.59%, less than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
With a correlation of 0.91, VCLAX and VWALX 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.
VWALX has higher volatility (0.88%) compared to VCLAX (0.83%). In terms of maximum drawdown, VCLAX dropped -15.72% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.65 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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