VTEC vs. CALI

Last updated Apr 15, 2026

VTEC (Vanguard California Tax-Exempt Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds — VTEC tracks the S&P California AMT-Free Municipal Bond Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, VTEC returned 6.41% vs 3.10% for CALI. At 0.39, their price movements are largely independent. Both charge a 0.08% expense ratio.

Performance

VTEC vs. CALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Tax-Exempt Bond ETF (VTEC) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEC achieves a 0.56% return, which is significantly higher than CALI's 0.44% return.

VTEC

• 1D: 0.05%
• 1M: 0.15%
• YTD: 0.56%
• 6M: 1.71%
• 1Y: 6.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: -0.01%
• 1M: -0.16%
• YTD: 0.44%
• 6M: 0.85%
• 1Y: 3.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTEC vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VTEC Vanguard California Tax-Exempt Bond ETF	0.56%	3.98%	1.42%
CALI iShares Short-Term California Muni Active ETF	0.44%	3.28%	2.86%

Correlation

The correlation between VTEC and CALI is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.39

Return for Risk

VTEC vs. CALI — Risk / Return Rank

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

VTEC

VTEC Risk / Return Rank: 51
VTEC Sharpe Ratio Rank: 55
VTEC Sortino Ratio Rank: 58
VTEC Omega Ratio Rank: 69
VTEC Calmar Ratio Rank: 33
VTEC Martin Ratio Rank: 41

CALI

CALI Risk / Return Rank: 92
CALI Sharpe Ratio Rank: 94
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 84
CALI Martin Ratio Rank: 92

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.

VTEC vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) 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.

	VTEC	CALI	Difference
Sharpe ratio Return per unit of total volatility	2.15	3.65	-1.50
Sortino ratio Return per unit of downside risk	3.09	5.45	-2.37
Omega ratio Gain probability vs. loss probability	1.45	1.88	-0.42
Calmar ratio Return relative to maximum drawdown	2.32	5.11	-2.79
Martin ratio Return relative to average drawdown	9.73	26.50	-16.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTEC vs. CALI - Sharpe Ratio Comparison

The current VTEC Sharpe Ratio is 2.15, which is lower than the CALI Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VTEC and CALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VTEC	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	3.65	-1.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	2.78	-2.07

Drawdowns

VTEC vs. CALI - Drawdown Comparison

The maximum VTEC drawdown since its inception was -4.50%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VTEC and CALI.

Drawdown Indicators

	VTEC	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-0.78%	-3.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-0.67%	-2.18%
Current Drawdown Current decline from peak	-1.23%	-0.31%	-0.92%
Average Drawdown Average peak-to-trough decline	-1.11%	-0.08%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.13%	+0.55%

Volatility

VTEC vs. CALI - Volatility Comparison

Vanguard California Tax-Exempt Bond ETF (VTEC) has a higher volatility of 1.28% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.33%. This indicates that VTEC'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.

Volatility by Period

	VTEC	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	0.33%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	0.51%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	0.86%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	1.12%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	1.12%	+2.70%

VTEC vs. CALI - Expense Ratio Comparison

Both VTEC and CALI have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VTEC vs. CALI - Dividend Comparison

VTEC's dividend yield for the trailing twelve months is around 3.16%, more than CALI's 2.55% yield.

	TTM	2025	2024	2023
VTEC Vanguard California Tax-Exempt Bond ETF	3.16%	3.13%	2.54%	0.00%
CALI iShares Short-Term California Muni Active ETF	2.55%	2.62%	3.14%	1.37%