VTEC vs. CALI
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 4.35% vs 2.20% for CALI. Their 0.42 correlation means their historical movements had little consistent relationship. Both charge a 0.08% expense ratio.
Performance
VTEC vs. CALI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTEC achieves a -0.07% return, which is significantly lower than CALI's 1.01% return.
VTEC
- 1D
- -0.07%
- 1M
- -1.73%
- 6M
- -0.76%
- YTD
- -0.07%
- 1Y
- 4.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.14%
CALI
- 1D
- -0.02%
- 1M
- -0.12%
- 6M
- 0.64%
- YTD
- 1.01%
- 1Y
- 2.20%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.18M | $5.68M | $5.47M | |
| $29.98M | $33.04M | $31.95M |
VTEC vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEC Vanguard California Tax-Exempt Bond ETF | -0.07% | 3.98% | 1.48% |
CALI iShares Short-Term California Muni Active ETF | 1.01% | 3.28% | 2.88% |
Correlation
The correlation between VTEC and CALI is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | 0.42 |
The correlation between VTEC and CALI shifts across timeframes, from 0.42 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTEC vs. CALI — Risk / Return Rank
VTEC
CALI
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.
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.
| VTEC | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.72 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.49 | -1.71 |
| Martin ratioReturn relative to average drawdown | 5.53 | 17.64 | -12.11 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| VTEC | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.50% | -0.78% | -3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -0.67% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.78% | — |
Current DrawdownCurrent decline from peak | -1.85% | -0.13% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -0.08% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.13% | +0.79% |
Volatility
VTEC vs. CALI - Volatility Comparison
Vanguard California Tax-Exempt Bond ETF (VTEC) has a higher volatility of 0.85% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.19%. 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.
Loading charts...
Volatility by Period
| VTEC | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.19% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 0.53% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 0.72% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 1.09% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.69% | 1.09% | +2.60% |
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 3.19%, more than CALI's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.33% | 2.62% | 3.14% | 1.37% |
VTEC Vanguard California Tax-Exempt Bond ETF | 2.95% | 3.13% | 2.54% | 0.00% |
Frequently Asked Questions
VTEC and CALI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEC has higher volatility (0.85%) compared to CALI (0.19%). In terms of maximum drawdown, VTEC dropped -4.50% vs CALI's -0.78%.
On 1-year performance, VTEC leads with 4.35% vs 2.20% for CALI. Both ETFs have the same 0.08% expense ratio. On volatility, CALI has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VTEC has performed better with a 4.35% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEC and CALI have the same expense ratio: 0.08% per year.
VTEC has the higher dividend yield at 2.95%, compared with 2.33% for CALI.
VTEC tracks S&P California AMT-Free Municipal Bond Index, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: Vanguard and iShares.
CALI currently has the higher Sharpe Ratio (3.23 vs 1.88), 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.
Find the right allocation for VTEC and CALI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer