VCRM vs. CALI
Compare and contrast key facts about Vanguard Core Tax-Exempt Bond ETF (VCRM) and iShares Short-Term California Muni Active ETF (CALI).
VCRM and CALI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VCRM is a passively managed fund by Vanguard that tracks the performance of the S&P Broad AMT-Free Municipal Bond Index. It was launched on Nov 21, 2024. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007. Both VCRM and CALI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VCRM vs. CALI - Performance Comparison
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VCRM vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 0.34% | 4.91% | -0.58% |
CALI iShares Short-Term California Muni Active ETF | 0.37% | 3.28% | 0.14% |
Returns By Period
In the year-to-date period, VCRM achieves a 0.34% return, which is significantly lower than CALI's 0.37% return.
VCRM
- 1D
- 0.30%
- 1M
- -1.55%
- YTD
- 0.34%
- 6M
- 1.86%
- 1Y
- 4.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- 0.07%
- 1M
- -0.32%
- YTD
- 0.37%
- 6M
- 0.85%
- 1Y
- 2.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VCRM vs. CALI - Expense Ratio Comparison
VCRM has a 0.12% expense ratio, which is higher than CALI's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VCRM vs. CALI — Risk / Return Rank
VCRM
CALI
VCRM vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and iShares Short-Term California Muni Active ETF (CALI). 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.
| VCRM | CALI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.20 | 2.52 | -1.32 |
Sortino ratioReturn per unit of downside risk | 1.53 | 3.29 | -1.76 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.63 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 3.63 | -2.01 |
Martin ratioReturn relative to average drawdown | 4.63 | 15.71 | -11.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCRM | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 2.52 | -1.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 2.78 | -1.92 |
Correlation
The correlation between VCRM and CALI is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VCRM vs. CALI - Dividend Comparison
VCRM's dividend yield for the trailing twelve months is around 3.59%, more than CALI's 2.55% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.59% | 3.42% | 0.40% | 0.00% |
CALI iShares Short-Term California Muni Active ETF | 2.55% | 2.62% | 3.14% | 1.37% |
Drawdowns
VCRM vs. CALI - Drawdown Comparison
The maximum VCRM drawdown since its inception was -4.12%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VCRM and CALI.
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Drawdown Indicators
| VCRM | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -0.78% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -0.78% | -2.44% |
Current DrawdownCurrent decline from peak | -1.83% | -0.38% | -1.45% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -0.08% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.18% | +0.95% |
Volatility
VCRM vs. CALI - Volatility Comparison
Vanguard Core Tax-Exempt Bond ETF (VCRM) has a higher volatility of 1.49% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that VCRM's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCRM | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 0.34% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 0.52% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 1.09% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 1.13% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 1.13% | +2.87% |