BATEX vs. VWLUX

Last updated Jun 23, 2026

BATEX (BlackRock Allocation Target Shares Series E Portfolio) and VWLUX (Vanguard Long-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - BATEX is a High Yield Muni fund managed by BlackRock, while VWLUX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, BATEX returned 3.02%/yr vs 2.65%/yr for VWLUX. Their correlation of 0.80 suggests significant overlap in exposure. BATEX charges 0.11%/yr vs 0.09%/yr for VWLUX.

Performance

BATEX vs. VWLUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Allocation Target Shares Series E Portfolio (BATEX) and Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BATEX achieves a 3.14% return, which is significantly higher than VWLUX's 2.16% return. Over the past 10 years, BATEX has outperformed VWLUX with an annualized return of 3.02%, while VWLUX has yielded a comparatively lower 2.65% annualized return.

BATEX

• 1D: 0.10%
• 1M: 2.44%
• YTD: 3.14%
• 6M: 3.68%
• 1Y: 7.94%
• 3Y*: 4.86%
• 5Y*: 0.73%
• 10Y*: 3.02%

VWLUX

• 1D: 0.18%
• 1M: 2.00%
• YTD: 2.16%
• 6M: 2.58%
• 1Y: 8.17%
• 3Y*: 4.74%
• 5Y*: 1.33%
• 10Y*: 2.65%

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

BATEX vs. VWLUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BATEX BlackRock Allocation Target Shares Series E Portfolio	3.14%	3.22%	4.74%	6.45%	-14.23%	8.28%	5.77%	10.92%	1.75%	8.76%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	2.16%	4.90%	2.54%	7.65%	-10.35%	1.89%	6.29%	8.87%	0.99%	6.56%

Correlation

The correlation between BATEX and VWLUX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 5, 2014	0.80

The correlation between BATEX and VWLUX has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

BATEX vs. VWLUX — Risk / Return Rank

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

BATEX

BATEX Risk / Return Rank: 59
BATEX Sharpe Ratio Rank: 57
BATEX Sortino Ratio Rank: 73
BATEX Omega Ratio Rank: 80
BATEX Calmar Ratio Rank: 48
BATEX Martin Ratio Rank: 36

VWLUX

VWLUX Risk / Return Rank: 75
VWLUX Sharpe Ratio Rank: 88
VWLUX Sortino Ratio Rank: 92
VWLUX Omega Ratio Rank: 93
VWLUX Calmar Ratio Rank: 53
VWLUX Martin Ratio Rank: 49

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.

BATEX vs. VWLUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Allocation Target Shares Series E Portfolio (BATEX) and Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX). 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.

	BATEX	VWLUX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.68	-0.62
Sortino ratio: Return per unit of downside risk	3.25	4.28	-1.03
Omega ratio: Gain probability vs. loss probability	1.48	1.67	-0.20
Calmar ratio: Return relative to maximum drawdown	2.54	2.66	-0.12
Martin ratio: Return relative to average drawdown	7.59	9.49	-1.91

BATEX vs. VWLUX - Sharpe Ratio Comparison

The current BATEX Sharpe Ratio is 2.05, which is comparable to the VWLUX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of BATEX and VWLUX, 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

BATEX vs. VWLUX - Drawdown Comparison

The maximum BATEX drawdown since its inception was -19.90%, which is greater than VWLUX's maximum drawdown of -15.94%. Use the drawdown chart below to compare losses from any high point for BATEX and VWLUX.

Drawdown Indicators

	BATEX	VWLUX	Difference
Max Drawdown Largest peak-to-trough decline	-19.90%	-15.94%	-3.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-3.09%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-8.30%	-6.90%	-1.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-15.94%	-3.96%
Max Drawdown (10Y) Largest decline over 10 years	-19.90%	-15.94%	-3.96%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.01%	-2.08%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.86%	+0.19%

Volatility

BATEX vs. VWLUX - Volatility Comparison

BlackRock Allocation Target Shares Series E Portfolio (BATEX) has a higher volatility of 1.01% compared to Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) at 0.90%. This indicates that BATEX's price experiences larger fluctuations and is considered to be riskier than VWLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BATEX	VWLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	0.90%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.33%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.89%	3.07%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	4.60%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	4.51%	+1.38%

BATEX vs. VWLUX - Expense Ratio Comparison

BATEX has a 0.11% expense ratio, which is higher than VWLUX's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BATEX vs. VWLUX - Dividend Comparison

BATEX's dividend yield for the trailing twelve months is around 5.05%, more than VWLUX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BATEX BlackRock Allocation Target Shares Series E Portfolio	5.05%	5.01%	3.74%	2.98%	5.41%	3.29%	3.50%	3.80%	4.75%	2.88%	0.98%	0.13%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	3.76%	4.61%	4.08%	3.17%	3.00%	2.70%	3.32%	3.91%	3.58%	3.80%	4.09%	3.87%

Frequently Asked Questions

Can I hold both BATEX and VWLUX in my portfolio?

BATEX and VWLUX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BATEX or VWLUX?

BATEX has higher volatility (1.01%) compared to VWLUX (0.90%). In terms of maximum drawdown, BATEX dropped -19.90% vs VWLUX's -15.94%.

Which has better risk-adjusted returns?

VWLUX currently has the higher Sharpe Ratio (2.67 vs 2.05), 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.