VTEC vs. VOO

Last updated Apr 16, 2026

VTEC (Vanguard California Tax-Exempt Bond ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds — VTEC is a Municipal Bonds fund tracking the S&P California AMT-Free Municipal Bond Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, VTEC returned 6.38% vs 31.79% for VOO. At 0.16, their price movements are largely independent. VTEC charges 0.08%/yr vs 0.03%/yr for VOO.

Performance

VTEC vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard California Tax-Exempt Bond ETF (VTEC) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEC achieves a 0.46% return, which is significantly lower than VOO's 2.93% return.

VTEC

• 1D: -0.10%
• 1M: -0.01%
• YTD: 0.46%
• 6M: 1.50%
• 1Y: 6.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: 0.80%
• 1M: 4.92%
• YTD: 2.93%
• 6M: 5.87%
• 1Y: 31.79%
• 3Y*: 20.91%
• 5Y*: 12.49%
• 10Y*: 14.85%

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

VTEC vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VTEC Vanguard California Tax-Exempt Bond ETF	0.46%	3.98%	1.42%
VOO Vanguard S&P 500 ETF	2.93%	17.82%	21.00%

Correlation

The correlation between VTEC and VOO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.16

Return for Risk

VTEC vs. VOO — Risk / Return Rank

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

VTEC

VTEC Risk / Return Rank: 54
VTEC Sharpe Ratio Rank: 56
VTEC Sortino Ratio Rank: 59
VTEC Omega Ratio Rank: 70
VTEC Calmar Ratio Rank: 39
VTEC Martin Ratio Rank: 48

VOO

VOO Risk / Return Rank: 67
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 58
VOO Martin Ratio Rank: 73

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.13	2.42	-0.29
Sortino ratio Return per unit of downside risk	3.07	3.35	-0.28
Omega ratio Gain probability vs. loss probability	1.45	1.45	0.00
Calmar ratio Return relative to maximum drawdown	2.66	3.68	-1.02
Martin ratio Return relative to average drawdown	11.06	16.70	-5.64
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. VOO - Sharpe Ratio Comparison

The current VTEC Sharpe Ratio is 2.13, which is comparable to the VOO Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VTEC and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.42	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.86	-0.16

Drawdowns

VTEC vs. VOO - Drawdown Comparison

The maximum VTEC drawdown since its inception was -4.50%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VTEC and VOO.

Drawdown Indicators

	VTEC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-4.50%	-33.99%	+29.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-8.90%	+6.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.33%	0.00%	-1.33%
Average Drawdown Average peak-to-trough decline	-1.11%	-3.72%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	1.96%	-1.27%

Volatility

VTEC vs. VOO - Volatility Comparison

The current volatility for Vanguard California Tax-Exempt Bond ETF (VTEC) is 1.28%, while Vanguard S&P 500 ETF (VOO) has a volatility of 5.55%. This indicates that VTEC experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	5.55%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	9.42%	-7.64%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	13.24%	-10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	16.85%	-13.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	18.00%	-14.18%

VTEC vs. VOO - Expense Ratio Comparison

VTEC has a 0.08% expense ratio, which is higher than VOO's 0.03% expense ratio. However, 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. VOO - Dividend Comparison

VTEC's dividend yield for the trailing twelve months is around 3.16%, more than VOO's 1.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.11%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%