VTEB vs. CALI
Compare and contrast key facts about Vanguard Tax-Exempt Bond ETF (VTEB) and iShares Short-Term California Muni Active ETF (CALI).
VTEB and CALI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015. 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 VTEB 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
VTEB vs. CALI - Performance Comparison
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VTEB vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 3.06% |
CALI iShares Short-Term California Muni Active ETF | 0.37% | 3.28% | 2.84% | 1.97% |
Returns By Period
In the year-to-date period, VTEB achieves a 0.09% return, which is significantly lower than CALI's 0.37% return.
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
CALI
- 1D
- 0.07%
- 1M
- -0.32%
- YTD
- 0.37%
- 6M
- 0.85%
- 1Y
- 2.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VTEB vs. CALI - Expense Ratio Comparison
VTEB has a 0.05% expense ratio, which is lower than CALI's 0.08% expense ratio. Despite the difference, 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
VTEB vs. CALI — Risk / Return Rank
VTEB
CALI
VTEB vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) 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.
| VTEB | CALI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 2.52 | -1.54 |
Sortino ratioReturn per unit of downside risk | 1.25 | 3.29 | -2.04 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.63 | -0.40 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 3.63 | -2.38 |
Martin ratioReturn relative to average drawdown | 3.69 | 15.71 | -12.02 |
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
| VTEB | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 2.52 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 2.78 | -2.33 |
Correlation
The correlation between VTEB and CALI is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VTEB vs. CALI - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.37%, more than CALI's 2.55% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
CALI iShares Short-Term California Muni Active ETF | 2.55% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VTEB vs. CALI - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VTEB and CALI.
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Drawdown Indicators
| VTEB | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -0.78% | -16.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.45% | -0.78% | -2.67% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | — | — |
Current DrawdownCurrent decline from peak | -1.86% | -0.38% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -0.08% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.18% | +0.99% |
Volatility
VTEB vs. CALI - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) has a higher volatility of 1.37% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that VTEB'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
| VTEB | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.34% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 0.52% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 1.09% | +2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 1.13% | +2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 1.13% | +4.12% |