GSMIX vs. VWIUX

Last updated Jun 4, 2026

GSMIX (Goldman Sachs Dynamic Municipal Income Fund) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, GSMIX returned 2.50%/yr vs 2.48%/yr for VWIUX. Their correlation of 0.84 suggests significant overlap in exposure. GSMIX charges 0.73%/yr vs 0.09%/yr for VWIUX.

Performance

GSMIX vs. VWIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic Municipal Income Fund (GSMIX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSMIX achieves a 1.66% return, which is significantly higher than VWIUX's 1.33% return. Both investments have delivered pretty close results over the past 10 years, with GSMIX having a 2.50% annualized return and VWIUX not far behind at 2.48%.

GSMIX

• 1D: 0.13%
• 1M: 0.69%
• YTD: 1.66%
• 6M: 2.03%
• 1Y: 6.30%
• 3Y*: 4.28%
• 5Y*: 1.04%
• 10Y*: 2.50%

VWIUX

• 1D: 0.15%
• 1M: 0.65%
• YTD: 1.33%
• 6M: 1.76%
• 1Y: 6.98%
• 3Y*: 4.56%
• 5Y*: 1.72%
• 10Y*: 2.48%

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

GSMIX vs. VWIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSMIX Goldman Sachs Dynamic Municipal Income Fund	1.66%	4.12%	3.03%	6.41%	-9.77%	2.80%	3.57%	7.49%	2.83%	5.55%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.33%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	1.34%	4.65%

Correlation

The correlation between GSMIX and VWIUX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001	0.84

The correlation between GSMIX and VWIUX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

GSMIX vs. VWIUX — Risk / Return Rank

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

GSMIX

GSMIX Risk / Return Rank: 69
GSMIX Sharpe Ratio Rank: 82
GSMIX Sortino Ratio Rank: 89
GSMIX Omega Ratio Rank: 90
GSMIX Calmar Ratio Rank: 45
GSMIX Martin Ratio Rank: 41

VWIUX

VWIUX Risk / Return Rank: 70
VWIUX Sharpe Ratio Rank: 90
VWIUX Sortino Ratio Rank: 94
VWIUX Omega Ratio Rank: 96
VWIUX Calmar Ratio Rank: 38
VWIUX Martin Ratio Rank: 35

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.

GSMIX vs. VWIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic Municipal Income Fund (GSMIX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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.

	GSMIX	VWIUX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.99	-0.34
Sortino ratio: Return per unit of downside risk	4.29	4.79	-0.50
Omega ratio: Gain probability vs. loss probability	1.64	1.81	-0.16
Calmar ratio: Return relative to maximum drawdown	2.56	2.34	+0.21
Martin ratio: Return relative to average drawdown	8.71	7.81	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSMIX vs. VWIUX - Sharpe Ratio Comparison

The current GSMIX Sharpe Ratio is 2.65, which is comparable to the VWIUX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of GSMIX and VWIUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSMIX	VWIUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.99	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.53	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.72	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.13	-0.17

Drawdowns

GSMIX vs. VWIUX - Drawdown Comparison

The maximum GSMIX drawdown since its inception was -15.43%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for GSMIX and VWIUX.

Drawdown Indicators

	GSMIX	VWIUX	Difference
Max Drawdown Largest peak-to-trough decline	-15.43%	-11.38%	-4.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-2.99%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-5.37%	-4.40%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-11.38%	-2.95%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-11.38%	-2.95%
Current Drawdown Current decline from peak	-0.28%	-0.87%	+0.59%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.44%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.90%	-0.18%

Volatility

GSMIX vs. VWIUX - Volatility Comparison

Goldman Sachs Dynamic Municipal Income Fund (GSMIX) and Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) have volatilities of 0.86% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSMIX	VWIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.88%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.87%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	2.35%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	3.27%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	3.43%	+0.49%

GSMIX vs. VWIUX - Expense Ratio Comparison

GSMIX has a 0.73% expense ratio, which is higher than VWIUX's 0.09% expense ratio.

Dividends

GSMIX vs. VWIUX - Dividend Comparison

GSMIX's dividend yield for the trailing twelve months is around 3.49%, more than VWIUX's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSMIX Goldman Sachs Dynamic Municipal Income Fund	3.49%	4.32%	3.31%	2.82%	1.86%	1.92%	2.11%	2.57%	2.79%	2.99%	3.35%	3.43%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	3.33%	4.06%	3.63%	2.78%	2.51%	1.89%	2.40%	2.88%	2.89%	2.82%	2.91%	2.96%

Frequently Asked Questions

Can I hold both GSMIX and VWIUX in my portfolio?

With a correlation of 0.90, GSMIX and VWIUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GSMIX or VWIUX?

VWIUX has higher volatility (0.88%) compared to GSMIX (0.86%). In terms of maximum drawdown, GSMIX dropped -15.43% vs VWIUX's -11.38%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.99 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.