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VCV vs. VCITX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

Performance

VCV vs. VCITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California Value Municipal Income Trust (VCV) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). The values are adjusted to include any dividend payments, if applicable.

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VCV vs. VCITX - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
VCV
Invesco California Value Municipal Income Trust
-4.55%9.44%18.62%7.91%-28.40%9.65%7.85%18.63%-5.27%9.01%
VCITX
Vanguard California Long-Term Tax-Exempt Fund Investor Shares
-1.00%4.90%2.66%7.51%-10.06%1.46%5.60%8.81%0.67%6.82%

Returns By Period

In the year-to-date period, VCV achieves a -4.55% return, which is significantly lower than VCITX's -1.00% return. Both investments have delivered pretty close results over the past 10 years, with VCV having a 2.39% annualized return and VCITX not far ahead at 2.40%.


VCV

1D
0.48%
1M
-7.22%
YTD
-4.55%
6M
2.12%
1Y
5.80%
3Y*
7.22%
5Y*
1.34%
10Y*
2.39%

VCITX

1D
0.27%
1M
-3.17%
YTD
-1.00%
6M
0.86%
1Y
4.03%
3Y*
3.63%
5Y*
1.10%
10Y*
2.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Return for Risk

VCV vs. VCITX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCV
VCV Risk / Return Rank: 5252
Overall Rank
VCV Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VCV Sortino Ratio Rank: 4747
Sortino Ratio Rank
VCV Omega Ratio Rank: 4848
Omega Ratio Rank
VCV Calmar Ratio Rank: 5353
Calmar Ratio Rank
VCV Martin Ratio Rank: 5656
Martin Ratio Rank

VCITX
VCITX Risk / Return Rank: 4343
Overall Rank
VCITX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VCITX Sortino Ratio Rank: 3939
Sortino Ratio Rank
VCITX Omega Ratio Rank: 6565
Omega Ratio Rank
VCITX Calmar Ratio Rank: 3737
Calmar Ratio Rank
VCITX Martin Ratio Rank: 2828
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VCV vs. VCITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California Value Municipal Income Trust (VCV) 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.


VCVVCITXDifference

Sharpe ratio

Return per unit of total volatility

0.43

0.89

-0.46

Sortino ratio

Return per unit of downside risk

0.67

1.21

-0.54

Omega ratio

Gain probability vs. loss probability

1.10

1.24

-0.14

Calmar ratio

Return relative to maximum drawdown

0.47

0.97

-0.50

Martin ratio

Return relative to average drawdown

1.38

2.95

-1.57

VCV vs. VCITX - Sharpe Ratio Comparison

The current VCV Sharpe Ratio is 0.43, which is lower than the VCITX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of VCV and VCITX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


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Sharpe Ratios by Period


VCVVCITXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.43

0.89

-0.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.25

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.53

-0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

1.01

-0.67

Correlation

The correlation between VCV and VCITX is 0.24, 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

VCV vs. VCITX - Dividend Comparison

VCV's dividend yield for the trailing twelve months is around 7.43%, more than VCITX's 3.58% yield.


TTM20252024202320222021202020192018201720162015
VCV
Invesco California Value Municipal Income Trust
7.43%6.96%5.76%4.16%5.46%4.09%4.07%4.43%5.46%5.10%5.86%5.98%
VCITX
Vanguard California Long-Term Tax-Exempt Fund Investor Shares
3.58%4.34%3.85%2.99%2.66%2.56%3.21%3.16%3.32%3.22%3.45%3.50%

Drawdowns

VCV vs. VCITX - Drawdown Comparison

The maximum VCV drawdown since its inception was -59.02%, which is greater than VCITX's maximum drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for VCV and VCITX.


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Drawdown Indicators


VCVVCITXDifference

Max Drawdown

Largest peak-to-trough decline

-59.02%

-22.71%

-36.31%

Max Drawdown (1Y)

Largest decline over 1 year

-11.70%

-5.34%

-6.36%

Max Drawdown (5Y)

Largest decline over 5 years

-38.55%

-15.79%

-22.76%

Max Drawdown (10Y)

Largest decline over 10 years

-38.55%

-15.79%

-22.76%

Current Drawdown

Current decline from peak

-7.22%

-3.17%

-4.05%

Average Drawdown

Average peak-to-trough decline

-8.59%

-2.58%

-6.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.99%

1.76%

+2.23%

Volatility

VCV vs. VCITX - Volatility Comparison

Invesco California Value Municipal Income Trust (VCV) has a higher volatility of 2.69% compared to Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) at 1.26%. This indicates that VCV's price experiences larger fluctuations and is considered to be riskier than VCITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


VCVVCITXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.69%

1.26%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

7.76%

1.96%

+5.80%

Volatility (1Y)

Calculated over the trailing 1-year period

13.54%

5.43%

+8.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.90%

4.51%

+8.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.82%

4.54%

+9.28%