VTEI vs. VCAIX
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX).
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. VCAIX is managed by Vanguard. It was launched on Mar 4, 1994.
Performance
VTEI vs. VCAIX - Performance Comparison
Loading graphics...
VTEI vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.53% | 5.83% | 2.87% |
Returns By Period
In the year-to-date period, VTEI achieves a -0.10% return, which is significantly higher than VCAIX's -0.53% return.
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VCAIX
- 1D
- 0.18%
- 1M
- -2.39%
- YTD
- -0.53%
- 6M
- 0.94%
- 1Y
- 4.42%
- 3Y*
- 3.57%
- 5Y*
- 1.47%
- 10Y*
- 2.19%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
VTEI vs. VCAIX - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than VCAIX's 0.17% 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%.
Return for Risk
VTEI vs. VCAIX — Risk / Return Rank
VTEI
VCAIX
VTEI vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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 | VCAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.24 | 1.23 | +0.01 |
Sortino ratioReturn per unit of downside risk | 1.56 | 1.64 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.35 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.46 | -0.09 |
Martin ratioReturn relative to average drawdown | 4.52 | 5.50 | -0.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| VTEI | VCAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.23 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.46 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.30 | -0.40 |
Correlation
The correlation between VTEI and VCAIX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VTEI vs. VCAIX - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, which matches VCAIX's 3.08% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 3.08% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Drawdowns
VTEI vs. VCAIX - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum VCAIX drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for VTEI and VCAIX.
Loading graphics...
Drawdown Indicators
| VTEI | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -11.22% | +7.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -3.78% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.22% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.22% | — |
Current DrawdownCurrent decline from peak | -2.05% | -2.64% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -1.36% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.00% | +0.01% |
Volatility
VTEI vs. VCAIX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a higher volatility of 1.14% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.98%. This indicates that VTEI's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| VTEI | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.98% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 1.53% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 3.90% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.09% | 3.21% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 3.41% | -0.32% |