TFI vs. VWIUX
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. TFI is passively managed, while VWIUX is actively managed. Over the past 10 years, TFI returned 1.28%/yr vs 2.21%/yr for VWIUX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TFI charges 0.23%/yr vs 0.09%/yr for VWIUX.
Performance
TFI vs. VWIUX - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a 0.12% return, which is significantly higher than VWIUX's -0.15% return. Over the past 10 years, TFI has underperformed VWIUX with an annualized return of 1.28%, while VWIUX has yielded a comparatively higher 2.21% annualized return.
TFI
- 1D
- 0.15%
- 1M
- -1.67%
- 6M
- -0.52%
- YTD
- 0.12%
- 1Y
- 4.14%
- 3Y*
- 2.68%
- 5Y*
- -0.43%
- 10Y*
- 1.28%
- ALL TIME*
- 2.96%
VWIUX
- 1D
- -0.07%
- 1M
- -1.88%
- 6M
- -1.06%
- YTD
- -0.15%
- 1Y
- 4.05%
- 3Y*
- 3.88%
- 5Y*
- 1.27%
- 10Y*
- 2.21%
- ALL TIME*
- 3.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.53M | $23.31M | $20.62M | |
| $0.00 | $0.00 | $0.00 |
TFI vs. VWIUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 0.12% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.15% | 5.99% | 2.34% | 5.90% | -6.83% | 0.81% | 5.23% | 7.10% | 1.34% | 4.65% |
Correlation
The correlation between TFI and VWIUX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2007 | 0.60 |
The correlation between TFI and VWIUX shifts across timeframes, from 0.60 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TFI vs. VWIUX — Risk / Return Rank
TFI
VWIUX
TFI vs. VWIUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.
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.
| TFI | VWIUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.43 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 1.46 | +0.03 |
| Martin ratioReturn relative to average drawdown | 4.44 | 4.27 | +0.17 |
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Drawdowns
TFI vs. VWIUX - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for TFI and VWIUX.
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Drawdown Indicators
| TFI | VWIUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -11.38% | -4.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.99% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.65% | -4.00% | -1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | -11.38% | -3.88% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | -11.38% | -4.11% |
Current DrawdownCurrent decline from peak | -2.26% | -2.32% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -1.44% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.02% | -0.09% |
Volatility
TFI vs. VWIUX - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.87% compared to Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) at 0.79%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFI | VWIUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.79% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 2.02% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 2.45% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.32% | 3.29% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 3.43% | +1.56% |
TFI vs. VWIUX - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is higher than VWIUX'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
TFI vs. VWIUX - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.58%, more than VWIUX's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.58% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.13% | 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
TFI and VWIUX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFI has higher volatility (0.87%) compared to VWIUX (0.79%). In terms of maximum drawdown, TFI dropped -15.49% vs VWIUX's -11.38%.
VWIUX currently has the higher Sharpe Ratio (1.81 vs 1.49), 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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