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Vanguard Limited-Term Tax-Exempt Fund Investor Sha...
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Fund Info

ISIN

US9229077048

CUSIP

922907704

Issuer

Vanguard

Inception Date

Aug 31, 1987

Min. Investment

$3,000

Asset Class

Bond

Expense Ratio

VMLTX has an expense ratio of 0.17%, which is considered low.


Share Price Chart


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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


Performance

Performance Chart


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Returns By Period

Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) returned 0.55% year-to-date (YTD) and 2.96% over the past 12 months. Over the past 10 years, VMLTX returned 1.67% annually, underperforming the S&P 500 benchmark at 10.46%.


VMLTX

YTD

0.55%

1M

0.37%

6M

0.67%

1Y

2.96%

5Y*

1.65%

10Y*

1.67%

^GSPC (Benchmark)

YTD

-3.77%

1M

7.44%

6M

-5.60%

1Y

8.37%

5Y*

14.12%

10Y*

10.46%

*Annualized

Monthly Returns

The table below presents the monthly returns of VMLTX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20250.52%0.71%-0.30%-0.46%0.09%0.55%
2024-0.06%0.22%0.04%-0.32%-0.05%0.79%0.79%0.89%0.61%-0.58%0.70%-0.39%2.64%
20231.48%-1.30%1.32%-0.19%-0.47%0.57%0.19%-0.18%-1.01%0.02%2.50%1.24%4.19%
2022-1.35%-0.26%-1.45%-1.09%0.96%-0.24%1.15%-1.06%-1.63%-0.22%1.99%0.26%-2.97%
20210.29%-0.50%0.20%0.28%0.11%0.02%0.36%-0.09%-0.35%-0.09%0.18%0.00%0.42%
20200.78%0.40%-1.72%-0.22%1.88%0.58%0.77%0.04%0.13%-0.14%0.48%0.29%3.31%
20190.63%0.33%0.53%0.16%0.62%0.43%0.53%0.42%-0.39%0.24%0.14%0.24%3.96%
2018-0.13%-0.05%-0.04%-0.13%0.52%0.33%0.25%0.07%-0.30%-0.11%0.62%0.54%1.57%
20170.59%0.49%0.04%0.40%0.58%-0.24%0.49%0.49%-0.33%-0.05%-0.78%0.33%2.02%
20160.67%0.21%-0.23%0.31%-0.14%0.67%0.22%-0.05%-0.24%-0.14%-1.70%0.31%-0.14%
20150.85%-0.42%-0.04%-0.05%-0.24%0.13%0.31%0.04%0.40%0.30%-0.06%0.13%1.33%
20140.60%0.49%-0.50%0.32%0.42%-0.04%0.14%0.32%-0.05%0.22%0.04%-0.14%1.81%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 88, VMLTX is among the top 12% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of VMLTX is 8888
Overall Rank
The Sharpe Ratio Rank of VMLTX is 8787
Sharpe Ratio Rank
The Sortino Ratio Rank of VMLTX is 8585
Sortino Ratio Rank
The Omega Ratio Rank of VMLTX is 8989
Omega Ratio Rank
The Calmar Ratio Rank of VMLTX is 9090
Calmar Ratio Rank
The Martin Ratio Rank of VMLTX is 8888
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.


The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Vanguard Limited-Term Tax-Exempt Fund Investor Shares Sharpe ratios as of May 11, 2025 (values are recalculated daily):

  • 1-Year: 1.26
  • 5-Year: 0.97
  • 10-Year: 0.90
  • All Time: 1.99

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of Vanguard Limited-Term Tax-Exempt Fund Investor Shares compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.


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Dividends

Dividend History

Vanguard Limited-Term Tax-Exempt Fund Investor Shares provided a 2.64% dividend yield over the last twelve months, with an annual payout of $0.29 per share. The fund has been increasing its distributions for 3 consecutive years.


1.50%2.00%2.50%$0.00$0.05$0.10$0.15$0.20$0.25$0.30$0.3520142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$0.29$0.30$0.25$0.17$0.14$0.18$0.21$0.20$0.17$0.17$0.17$0.18

Dividend yield

2.64%2.79%2.30%1.57%1.23%1.63%1.87%1.82%1.55%1.53%1.51%1.61%

Monthly Dividends

The table displays the monthly dividend distributions for Vanguard Limited-Term Tax-Exempt Fund Investor Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.03$0.03$0.03$0.00$0.00$0.08
2024$0.02$0.02$0.02$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.30
2023$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.25
2022$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.02$0.02$0.02$0.02$0.02$0.17
2021$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.14
2020$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.01$0.01$0.01$0.18
2019$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.21
2018$0.02$0.01$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.20
2017$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.02$0.17
2016$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.17
2015$0.01$0.01$0.02$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.01$0.17
2014$0.02$0.01$0.02$0.02$0.02$0.02$0.02$0.02$0.01$0.01$0.01$0.02$0.18

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.


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Worst Drawdowns

The table below displays the maximum drawdowns of the Vanguard Limited-Term Tax-Exempt Fund Investor Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Vanguard Limited-Term Tax-Exempt Fund Investor Shares was 6.41%, occurring on Mar 20, 2020. Recovery took 70 trading sessions.

The current Vanguard Limited-Term Tax-Exempt Fund Investor Shares drawdown is 0.82%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-6.41%Mar 10, 20209Mar 20, 202070Jun 30, 202079
-5.68%Aug 6, 2021308Oct 25, 2022286Dec 14, 2023594
-3.22%Sep 12, 200825Oct 16, 200855Jan 6, 200980
-2.58%Mar 12, 200444May 13, 2004113Oct 25, 2004157
-2.52%Feb 3, 199444Apr 5, 1994215Jan 31, 1995259

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.


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