VMLTX vs. CCSTX
VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) and CCSTX (Capital Group California Short-Term Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, VMLTX returned 2.08%/yr vs 1.21%/yr for CCSTX. A 0.55 correlation means they provide meaningful diversification when combined. VMLTX charges 0.17%/yr vs 0.30%/yr for CCSTX.
Performance
VMLTX vs. CCSTX - Performance Comparison
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Returns By Period
In the year-to-date period, VMLTX achieves a 1.01% return, which is significantly higher than CCSTX's 0.78% return. Over the past 10 years, VMLTX has outperformed CCSTX with an annualized return of 2.08%, while CCSTX has yielded a comparatively lower 1.21% annualized return.
VMLTX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 3.98%
- 3Y*
- 4.14%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
CCSTX
- 1D
- 0.00%
- 1M
- 0.59%
- YTD
- 0.78%
- 6M
- 0.99%
- 1Y
- 3.28%
- 3Y*
- 2.97%
- 5Y*
- 1.24%
- 10Y*
- 1.21%
VMLTX vs. CCSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 1.01% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
CCSTX Capital Group California Short-Term Municipal Fund | 0.78% | 4.09% | 2.05% | 2.50% | -2.91% | -0.15% | 2.35% | 3.02% | 1.41% | 1.20% |
Correlation
The correlation between VMLTX and CCSTX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010 | 0.55 |
The correlation between VMLTX and CCSTX shifts across timeframes, from 0.48 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMLTX vs. CCSTX — Risk / Return Rank
VMLTX
CCSTX
VMLTX vs. CCSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) and Capital Group California Short-Term Municipal Fund (CCSTX). 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.
| VMLTX | CCSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.93 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.80 | -0.19 |
| Martin ratioReturn relative to average drawdown | 8.49 | 7.65 | +0.84 |
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Drawdowns
VMLTX vs. CCSTX - Drawdown Comparison
The maximum VMLTX drawdown since its inception was -6.41%, which is greater than CCSTX's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for VMLTX and CCSTX.
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Drawdown Indicators
| VMLTX | CCSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -5.09% | -1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -1.17% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -1.79% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -5.08% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -5.09% | -1.32% |
Current DrawdownCurrent decline from peak | -0.40% | -0.38% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -0.88% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.43% | +0.04% |
Volatility
VMLTX vs. CCSTX - Volatility Comparison
Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) has a higher volatility of 0.37% compared to Capital Group California Short-Term Municipal Fund (CCSTX) at 0.29%. This indicates that VMLTX's price experiences larger fluctuations and is considered to be riskier than CCSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLTX | CCSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 0.29% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.13% | 0.90% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.49% | 1.14% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.86% | 1.56% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 1.57% | +0.36% |
VMLTX vs. CCSTX - Expense Ratio Comparison
VMLTX has a 0.17% expense ratio, which is lower than CCSTX's 0.30% expense ratio.
Dividends
VMLTX vs. CCSTX - Dividend Comparison
VMLTX's dividend yield for the trailing twelve months is around 3.07%, more than CCSTX's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCSTX Capital Group California Short-Term Municipal Fund | 2.33% | 2.30% | 2.13% | 1.54% | 0.72% | 1.02% | 1.45% | 1.40% | 1.30% | 0.90% | 0.00% | 0.00% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.07% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
Frequently Asked Questions
VMLTX and CCSTX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMLTX has higher volatility (0.37%) compared to CCSTX (0.29%). In terms of maximum drawdown, VMLTX dropped -6.41% vs CCSTX's -5.09%.
CCSTX currently has the higher Sharpe Ratio (2.90 vs 2.68), 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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