VTEI vs. CALI
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and iShares Short-Term California Muni Active ETF (CALI).
VTEI and CALI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTEI is a passively managed fund by Vanguard that tracks the performance of the S&P Intermediate Term National AMT-Free Municipal Bond Index. It was launched on Jan 29, 2024. CALI is a passively managed fund by iShares that tracks the performance of the ICE AMT-Free California Municipal Index. It was launched on Oct 4, 2007. Both VTEI and CALI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VTEI vs. CALI - Performance Comparison
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VTEI vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
CALI iShares Short-Term California Muni Active ETF | 0.37% | 3.28% | 2.86% |
Returns By Period
In the year-to-date period, VTEI achieves a -0.10% return, which is significantly lower than CALI's 0.37% return.
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- 0.07%
- 1M
- -0.32%
- YTD
- 0.37%
- 6M
- 0.85%
- 1Y
- 2.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VTEI vs. CALI - Expense Ratio Comparison
Both VTEI 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%.
Return for Risk
VTEI vs. CALI — Risk / Return Rank
VTEI
CALI
VTEI vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) 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.
| VTEI | CALI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.24 | 2.52 | -1.28 |
Sortino ratioReturn per unit of downside risk | 1.56 | 3.29 | -1.73 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.63 | -0.32 |
Calmar ratioReturn relative to maximum drawdown | 1.37 | 3.63 | -2.26 |
Martin ratioReturn relative to average drawdown | 4.52 | 15.71 | -11.19 |
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
| VTEI | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 2.52 | -1.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 2.78 | -1.88 |
Correlation
The correlation between VTEI and CALI is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VTEI vs. CALI - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, more than CALI's 2.55% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% |
CALI iShares Short-Term California Muni Active ETF | 2.55% | 2.62% | 3.14% | 1.37% |
Drawdowns
VTEI vs. CALI - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VTEI and CALI.
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Drawdown Indicators
| VTEI | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -0.78% | -2.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -0.78% | -2.55% |
Current DrawdownCurrent decline from peak | -2.05% | -0.38% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -0.08% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.18% | +0.83% |
Volatility
VTEI vs. CALI - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a higher volatility of 1.14% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.34%. This indicates that VTEI'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.
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Volatility by Period
| VTEI | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.34% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 0.52% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 1.09% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.09% | 1.13% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 1.13% | +1.96% |