VCV vs. VCITX
Compare and contrast key facts about Invesco California Value Municipal Income Trust (VCV) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX).
VCITX is managed by Vanguard. It was launched on Apr 7, 1986.
Performance
VCV vs. VCITX - Performance Comparison
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VCV vs. VCITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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%
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Return for Risk
VCV vs. VCITX — Risk / Return Rank
VCV
VCITX
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.
| VCV | VCITX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.43 | 0.89 | -0.46 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.21 | -0.54 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.47 | 0.97 | -0.50 |
Martin ratioReturn relative to average drawdown | 1.38 | 2.95 | -1.57 |
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
| VCV | VCITX | Difference | |
|---|---|---|---|
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.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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
| VCV | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -7.22% | -3.17% | -4.05% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -2.58% | -6.01% |
Ulcer IndexDepth 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
| VCV | VCITX | Difference | |
|---|---|---|---|
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% |