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VCLAX vs. VWALX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

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.


-0.50.00.51.00.9

Performance

VCLAX vs. VWALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). The values are adjusted to include any dividend payments, if applicable.

0.00%1.00%2.00%3.00%4.00%JulyAugustSeptemberOctoberNovemberDecember
0.99%
1.06%
VCLAX
VWALX

Key characteristics

Sharpe Ratio

VCLAX:

0.50

VWALX:

0.82

Sortino Ratio

VCLAX:

0.70

VWALX:

1.13

Omega Ratio

VCLAX:

1.10

VWALX:

1.17

Calmar Ratio

VCLAX:

0.33

VWALX:

0.52

Martin Ratio

VCLAX:

1.82

VWALX:

3.48

Ulcer Index

VCLAX:

1.03%

VWALX:

0.95%

Daily Std Dev

VCLAX:

3.77%

VWALX:

4.02%

Max Drawdown

VCLAX:

-16.25%

VWALX:

-17.74%

Current Drawdown

VCLAX:

-2.63%

VWALX:

-2.66%

Returns By Period

In the year-to-date period, VCLAX achieves a 1.35% return, which is significantly lower than VWALX's 2.68% return. Over the past 10 years, VCLAX has underperformed VWALX with an annualized return of 2.57%, while VWALX has yielded a comparatively higher 3.05% annualized return.


VCLAX

YTD

1.35%

1M

-1.04%

6M

0.99%

1Y

1.88%

5Y*

0.93%

10Y*

2.57%

VWALX

YTD

2.68%

1M

-0.99%

6M

1.06%

1Y

3.20%

5Y*

1.43%

10Y*

3.05%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


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%.


VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
Expense ratio chart for VCLAX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%
Expense ratio chart for VWALX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%

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.


Sharpe ratio
The chart of Sharpe ratio for VCLAX, currently valued at 0.50, compared to the broader market-1.000.001.002.003.004.000.500.80
The chart of Sortino ratio for VCLAX, currently valued at 0.70, compared to the broader market-2.000.002.004.006.008.0010.000.701.10
The chart of Omega ratio for VCLAX, currently valued at 1.10, compared to the broader market0.501.001.502.002.503.003.501.101.17
The chart of Calmar ratio for VCLAX, currently valued at 0.33, compared to the broader market0.002.004.006.008.0010.0012.0014.000.330.51
The chart of Martin ratio for VCLAX, currently valued at 1.82, compared to the broader market0.0020.0040.0060.001.823.32
VCLAX
VWALX

The current VCLAX Sharpe Ratio is 0.50, which is lower than the VWALX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of VCLAX and VWALX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.501.001.502.002.503.003.504.00JulyAugustSeptemberOctoberNovemberDecember
0.50
0.80
VCLAX
VWALX

Dividends

VCLAX vs. VWALX - Dividend Comparison

VCLAX's dividend yield for the trailing twelve months is around 3.10%, less than VWALX's 3.83% yield.


TTM20232022202120202019201820172016201520142013
VCLAX
Vanguard California Long-Term Tax-Exempt Fund Admiral Shares
3.10%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
3.83%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.


-4.00%-3.00%-2.00%-1.00%0.00%JulyAugustSeptemberOctoberNovemberDecember
-2.63%
-2.66%
VCLAX
VWALX

Volatility

VCLAX vs. VWALX - Volatility Comparison

The current volatility for Vanguard California Long-Term Tax-Exempt Fund Admiral Shares (VCLAX) is 1.29%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 1.56%. 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.


0.50%1.00%1.50%2.00%JulyAugustSeptemberOctoberNovemberDecember
1.29%
1.56%
VCLAX
VWALX
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Disclaimer

The information contained herein does not constitute investment advice and made available for educational purposes only. Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling.

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