VTEC vs. DCIBX

Last updated Jun 3, 2026

VTEC (Vanguard California Tax-Exempt Bond ETF) and DCIBX (DFA California Intermediate-Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past year, VTEC returned 6.75% vs 4.95% for DCIBX. A 0.68 correlation means they provide meaningful diversification when combined. VTEC charges 0.08%/yr vs 0.20%/yr for DCIBX.

Performance

VTEC vs. DCIBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Tax-Exempt Bond ETF (VTEC) and DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEC achieves a 1.03% return, which is significantly higher than DCIBX's 0.83% return.

VTEC

• 1D: 0.16%
• 1M: 0.57%
• YTD: 1.03%
• 6M: 1.43%
• 1Y: 6.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCIBX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.83%
• 6M: 1.25%
• 1Y: 4.95%
• 3Y*: 3.04%
• 5Y*: 1.07%
• 10Y*: 1.35%

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

VTEC vs. DCIBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VTEC Vanguard California Tax-Exempt Bond ETF	1.03%	3.98%	1.42%
DCIBX DFA California Intermediate-Term Municipal Bond Portfolio	0.83%	3.70%	1.57%

Correlation

The correlation between VTEC and DCIBX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.68

The correlation between VTEC and DCIBX has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

VTEC vs. DCIBX — Risk / Return Rank

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

VTEC

VTEC Risk / Return Rank: 65
VTEC Sharpe Ratio Rank: 72
VTEC Sortino Ratio Rank: 79
VTEC Omega Ratio Rank: 84
VTEC Calmar Ratio Rank: 45
VTEC Martin Ratio Rank: 46

DCIBX

DCIBX Risk / Return Rank: 73
DCIBX Sharpe Ratio Rank: 90
DCIBX Sortino Ratio Rank: 93
DCIBX Omega Ratio Rank: 96
DCIBX Calmar Ratio Rank: 49
DCIBX Martin Ratio Rank: 39

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. DCIBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) and DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX). 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	DCIBX	Difference
Sharpe ratio Return per unit of total volatility	2.41	3.01	-0.60
Sortino ratio Return per unit of downside risk	3.56	4.70	-1.13
Omega ratio Gain probability vs. loss probability	1.52	1.86	-0.34
Calmar ratio Return relative to maximum drawdown	2.28	2.70	-0.43
Martin ratio Return relative to average drawdown	7.60	8.45	-0.85
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. DCIBX - Sharpe Ratio Comparison

The current VTEC Sharpe Ratio is 2.41, which is comparable to the DCIBX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of VTEC and DCIBX, 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	DCIBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	3.01	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.75	-0.02

Drawdowns

VTEC vs. DCIBX - Drawdown Comparison

The maximum VTEC drawdown since its inception was -4.50%, smaller than the maximum DCIBX drawdown of -7.97%. Use the drawdown chart below to compare losses from any high point for VTEC and DCIBX.

Drawdown Indicators

	VTEC	DCIBX	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-7.97%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-1.80%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-7.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-7.97%	—
Current Drawdown Current decline from peak	-0.77%	-0.82%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.12%	-1.29%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.57%	+0.28%

Volatility

VTEC vs. DCIBX - Volatility Comparison

Vanguard California Tax-Exempt Bond ETF (VTEC) has a higher volatility of 0.86% compared to DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX) at 0.51%. This indicates that VTEC's price experiences larger fluctuations and is considered to be riskier than DCIBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEC	DCIBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.51%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	1.24%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	1.63%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	2.19%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	2.36%	+1.40%

VTEC vs. DCIBX - Expense Ratio Comparison

VTEC has a 0.08% expense ratio, which is lower than DCIBX's 0.20% 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%.

Dividends

VTEC vs. DCIBX - Dividend Comparison

VTEC's dividend yield for the trailing twelve months is around 3.16%, more than DCIBX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCIBX DFA California Intermediate-Term Municipal Bond Portfolio	2.59%	2.44%	2.06%	1.69%	1.15%	1.05%	1.34%	1.46%	1.44%	1.32%	1.44%	1.61%
VTEC Vanguard California Tax-Exempt Bond ETF	3.16%	3.13%	2.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTEC and DCIBX in my portfolio?

VTEC and DCIBX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTEC or DCIBX?

VTEC has higher volatility (0.86%) compared to DCIBX (0.51%). In terms of maximum drawdown, VTEC dropped -4.50% vs DCIBX's -7.97%.

Which has better risk-adjusted returns?

DCIBX currently has the higher Sharpe Ratio (3.01 vs 2.41), 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.