VTEB vs. VCITX
Compare and contrast key facts about Vanguard Tax-Exempt Bond ETF (VTEB) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX).
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. VCITX is managed by Vanguard. It was launched on Apr 7, 1986.
Performance
VTEB vs. VCITX - Performance Comparison
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VTEB vs. VCITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 0.27% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | -0.47% | 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, VTEB achieves a 0.27% return, which is significantly higher than VCITX's -0.47% return. Over the past 10 years, VTEB has underperformed VCITX with an annualized return of 2.11%, while VCITX has yielded a comparatively higher 2.46% annualized return.
VTEB
- 1D
- 0.18%
- 1M
- -0.90%
- YTD
- 0.27%
- 6M
- 1.73%
- 1Y
- 4.40%
- 3Y*
- 2.82%
- 5Y*
- 0.92%
- 10Y*
- 2.11%
VCITX
- 1D
- 0.18%
- 1M
- -1.73%
- YTD
- -0.47%
- 6M
- 1.31%
- 1Y
- 4.12%
- 3Y*
- 3.81%
- 5Y*
- 1.19%
- 10Y*
- 2.46%
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VTEB vs. VCITX - Expense Ratio Comparison
VTEB has a 0.05% expense ratio, which is lower than VCITX's 0.17% 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. VCITX — Risk / Return Rank
VTEB
VCITX
VTEB vs. VCITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) 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.
| VTEB | VCITX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | 0.77 | +0.34 |
Sortino ratioReturn per unit of downside risk | 1.40 | 1.04 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.19 | 0.86 | +0.33 |
Martin ratioReturn relative to average drawdown | 3.48 | 2.58 | +0.91 |
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 | VCITX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 0.77 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.27 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.54 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 1.01 | -0.56 |
Correlation
The correlation between VTEB and VCITX is 0.69, 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. VCITX - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.36%, less than VCITX's 3.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.56% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Drawdowns
VTEB vs. VCITX - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for VTEB and VCITX.
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Drawdown Indicators
| VTEB | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -22.71% | +5.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.45% | -5.34% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -15.79% | +3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -15.79% | -1.21% |
Current DrawdownCurrent decline from peak | -1.68% | -2.66% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -2.58% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 1.78% | -0.60% |
Volatility
VTEB vs. VCITX - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) has a higher volatility of 1.39% compared to Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) at 1.27%. This indicates that VTEB'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
| VTEB | VCITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 1.27% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 1.96% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 5.38% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 4.52% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 4.54% | +0.71% |