VFWAX vs. VMLTX
VFWAX (Vanguard FTSE All-World ex-US Index Fund Admiral Shares) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both mutual funds - VFWAX is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while VMLTX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VFWAX returned 9.63%/yr vs 2.01%/yr for VMLTX. Their -0.00 correlation means they have often moved in opposite directions in the past. VFWAX charges 0.11%/yr vs 0.17%/yr for VMLTX.
Performance
VFWAX vs. VMLTX - Performance Comparison
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Returns By Period
In the year-to-date period, VFWAX achieves a 13.59% return, which is significantly higher than VMLTX's 0.54% return. Over the past 10 years, VFWAX has outperformed VMLTX with an annualized return of 9.63%, while VMLTX has yielded a comparatively lower 2.01% annualized return.
VFWAX
- 1D
- 0.08%
- 1M
- 0.43%
- 6M
- 7.12%
- YTD
- 13.59%
- 1Y
- 28.92%
- 3Y*
- 17.59%
- 5Y*
- 9.19%
- 10Y*
- 9.63%
- ALL TIME*
- 8.06%
VMLTX
- 1D
- -0.09%
- 1M
- -0.82%
- 6M
- -0.16%
- YTD
- 0.54%
- 1Y
- 2.31%
- 3Y*
- 3.91%
- 5Y*
- 1.94%
- 10Y*
- 2.01%
- ALL TIME*
- 3.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VFWAX vs. VMLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 13.59% | 32.32% | 5.43% | 15.55% | -15.51% | 8.08% | 11.34% | 21.53% | -13.97% | 27.20% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 0.54% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
Correlation
The correlation between VFWAX and VMLTX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011 | -0.00 |
The correlation between VFWAX and VMLTX shifts across timeframes, from -0.00 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VFWAX vs. VMLTX — Risk / Return Rank
VFWAX
VMLTX
VFWAX vs. VMLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) 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.
| VFWAX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.45 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.64 | +0.88 |
| Martin ratioReturn relative to average drawdown | 9.34 | 5.03 | +4.31 |
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Drawdowns
VFWAX vs. VMLTX - Drawdown Comparison
The maximum VFWAX drawdown since its inception was -34.93%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VFWAX and VMLTX.
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Drawdown Indicators
| VFWAX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.93% | -6.41% | -28.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -1.53% | -9.81% |
Max Drawdown (3Y)Largest decline over 3 years | -13.25% | -2.02% | -11.23% |
Max Drawdown (5Y)Largest decline over 5 years | -29.20% | -5.69% | -23.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.93% | -6.41% | -28.52% |
Current DrawdownCurrent decline from peak | -2.38% | -0.87% | -1.51% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -0.48% | -6.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 0.50% | +2.55% |
Volatility
VFWAX vs. VMLTX - Volatility Comparison
Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) has a higher volatility of 5.30% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.47%. This indicates that VFWAX'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
| VFWAX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 0.47% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 1.22% | +13.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.18% | 1.56% | +14.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.51% | 1.88% | +13.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 1.94% | +14.04% |
VFWAX vs. VMLTX - Expense Ratio Comparison
VFWAX has a 0.11% expense ratio, which is lower than VMLTX's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VFWAX vs. VMLTX - Dividend Comparison
VFWAX's dividend yield for the trailing twelve months is around 2.51%, less than VMLTX's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 2.51% | 3.05% | 3.20% | 3.28% | 3.07% | 3.03% | 1.97% | 3.07% | 3.24% | 2.67% | 2.96% | 2.95% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 2.86% | 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
VFWAX and VMLTX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFWAX has higher volatility (5.30%) compared to VMLTX (0.47%). In terms of maximum drawdown, VFWAX dropped -34.93% vs VMLTX's -6.41%.
VFWAX currently has the higher Sharpe Ratio (1.77 vs 1.65), 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.
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