VWALX vs. VCADX

Last updated Jun 23, 2026

VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and VCADX (Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - VWALX is a High Yield Muni fund actively managed by Vanguard, while VCADX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VWALX returned 3.07%/yr vs 2.30%/yr for VCADX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

VWALX vs. VCADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWALX achieves a 2.52% return, which is significantly higher than VCADX's 1.24% return. Over the past 10 years, VWALX has outperformed VCADX with an annualized return of 3.07%, while VCADX has yielded a comparatively lower 2.30% annualized return.

VWALX

• 1D: 0.09%
• 1M: 2.07%
• YTD: 2.52%
• 6M: 2.98%
• 1Y: 8.54%
• 3Y*: 5.52%
• 5Y*: 1.61%
• 10Y*: 3.07%

VCADX

• 1D: 0.09%
• 1M: 1.32%
• YTD: 1.24%
• 6M: 1.60%
• 1Y: 6.44%
• 3Y*: 4.45%
• 5Y*: 1.70%
• 10Y*: 2.30%

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

VWALX vs. VCADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares	2.52%	5.06%	4.08%	8.45%	-11.69%	3.42%	5.49%	9.58%	1.38%	7.96%
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	1.24%	5.90%	2.24%	5.91%	-6.61%	0.46%	4.62%	7.04%	1.28%	4.94%

Correlation

The correlation between VWALX and VCADX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.88

The correlation between VWALX and VCADX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

VWALX vs. VCADX — Risk / Return Rank

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

VWALX

VWALX Risk / Return Rank: 77
VWALX Sharpe Ratio Rank: 88
VWALX Sortino Ratio Rank: 92
VWALX Omega Ratio Rank: 93
VWALX Calmar Ratio Rank: 59
VWALX Martin Ratio Rank: 54

VCADX

VCADX Risk / Return Rank: 70
VCADX Sharpe Ratio Rank: 92
VCADX Sortino Ratio Rank: 93
VCADX Omega Ratio Rank: 95
VCADX Calmar Ratio Rank: 36
VCADX Martin Ratio Rank: 32

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.

VWALX vs. VCADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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.

	VWALX	VCADX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.88	-0.23
Sortino ratio: Return per unit of downside risk	4.30	4.45	-0.15
Omega ratio: Gain probability vs. loss probability	1.69	1.76	-0.07
Calmar ratio: Return relative to maximum drawdown	2.81	2.17	+0.64
Martin ratio: Return relative to average drawdown	10.24	6.91	+3.33

VWALX vs. VCADX - Sharpe Ratio Comparison

The current VWALX Sharpe Ratio is 2.65, which is comparable to the VCADX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of VWALX and VCADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VWALX vs. VCADX - Drawdown Comparison

The maximum VWALX drawdown since its inception was -17.24%, which is greater than VCADX's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for VWALX and VCADX.

Drawdown Indicators

	VWALX	VCADX	Difference
Max Drawdown Largest peak-to-trough decline	-17.24%	-11.13%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.98%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-7.10%	-4.23%	-2.87%
Max Drawdown (5Y) Largest decline over 5 years	-17.24%	-11.13%	-6.11%
Max Drawdown (10Y) Largest decline over 10 years	-17.24%	-11.13%	-6.11%
Current Drawdown Current decline from peak	0.00%	-0.91%	+0.91%
Average Drawdown Average peak-to-trough decline	-2.16%	-1.50%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.93%	-0.09%

Volatility

VWALX vs. VCADX - Volatility Comparison

Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 0.88% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) at 0.59%. This indicates that VWALX's price experiences larger fluctuations and is considered to be riskier than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWALX	VCADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.59%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	1.78%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	2.24%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.81%	3.25%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	3.42%	+1.22%

VWALX vs. VCADX - Expense Ratio Comparison

Both VWALX and VCADX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VWALX vs. VCADX - Dividend Comparison

VWALX's dividend yield for the trailing twelve months is around 4.12%, more than VCADX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares	3.14%	3.82%	3.35%	2.57%	2.36%	1.77%	2.28%	2.72%	2.71%	2.66%	2.76%	2.86%
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares	4.12%	5.04%	4.47%	3.59%	3.44%	3.04%	3.40%	4.03%	3.85%	3.77%	3.86%	3.75%

Frequently Asked Questions

Can I hold both VWALX and VCADX in my portfolio?

VWALX and VCADX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWALX or VCADX?

VWALX has higher volatility (0.88%) compared to VCADX (0.59%). In terms of maximum drawdown, VWALX dropped -17.24% vs VCADX's -11.13%.

Which has better risk-adjusted returns?

VCADX currently has the higher Sharpe Ratio (2.88 vs 2.65), 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.