AITFX vs. VMLTX
AITFX (Invesco Limited Term Municipal Income Fund) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, AITFX returned 2.08%/yr vs 2.08%/yr for VMLTX. A 0.66 correlation means they provide meaningful diversification when combined. AITFX charges 0.33%/yr vs 0.17%/yr for VMLTX.
Performance
AITFX vs. VMLTX - Performance Comparison
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Returns By Period
In the year-to-date period, AITFX achieves a 1.34% return, which is significantly higher than VMLTX's 1.01% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: AITFX at 2.08% and VMLTX at 2.08%.
AITFX
- 1D
- -0.09%
- 1M
- 0.76%
- YTD
- 1.34%
- 6M
- 1.74%
- 1Y
- 4.85%
- 3Y*
- 3.96%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
VMLTX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 3.98%
- 3Y*
- 4.14%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
AITFX vs. VMLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 1.34% | 5.47% | 2.88% | 3.67% | -2.62% | 0.57% | 3.73% | 4.35% | 1.13% | 2.69% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 1.01% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
Correlation
The correlation between AITFX and VMLTX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.66 |
The correlation between AITFX and VMLTX shifts across timeframes, from 0.66 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AITFX vs. VMLTX — Risk / Return Rank
AITFX
VMLTX
AITFX vs. VMLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term Municipal Income Fund (AITFX) and Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX). 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.
| AITFX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.98 | 1.86 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.61 | +0.41 |
| Martin ratioReturn relative to average drawdown | 11.42 | 8.49 | +2.93 |
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Drawdowns
AITFX vs. VMLTX - Drawdown Comparison
The maximum AITFX drawdown since its inception was -7.17%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for AITFX and VMLTX.
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Drawdown Indicators
| AITFX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.17% | -6.41% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -1.53% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -2.63% | -2.02% | -0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -5.69% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -7.17% | -6.41% | -0.76% |
Current DrawdownCurrent decline from peak | -0.18% | -0.40% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -0.48% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.47% | -0.04% |
Volatility
AITFX vs. VMLTX - Volatility Comparison
Invesco Limited Term Municipal Income Fund (AITFX) has a higher volatility of 0.49% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.37%. This indicates that AITFX's price experiences larger fluctuations and is considered to be riskier than VMLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AITFX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.37% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 1.13% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 1.49% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 1.86% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.19% | 1.93% | +0.26% |
AITFX vs. VMLTX - Expense Ratio Comparison
AITFX has a 0.33% expense ratio, which is higher than VMLTX's 0.17% expense ratio.
Dividends
AITFX vs. VMLTX - Dividend Comparison
AITFX's dividend yield for the trailing twelve months is around 3.63%, more than VMLTX's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 3.63% | 4.82% | 3.93% | 2.67% | 1.80% | 1.44% | 2.07% | 2.48% | 2.28% | 1.95% | 1.93% | 2.51% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.07% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
Frequently Asked Questions
AITFX and VMLTX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AITFX has higher volatility (0.49%) compared to VMLTX (0.37%). In terms of maximum drawdown, AITFX dropped -7.17% vs VMLTX's -6.41%.
AITFX currently has the higher Sharpe Ratio (2.98 vs 2.68), 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.
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