VGIAX vs. VMLTX

Last updated Jun 25, 2026

VGIAX (Vanguard Growth and Income Fund Admiral Shares) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both mutual funds - VGIAX is a Large Cap Blend Equities fund actively managed by Vanguard, while VMLTX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VGIAX returned 15.37%/yr vs 2.08%/yr for VMLTX. At a correlation of -0.07, they often move in opposite directions. VGIAX charges 0.28%/yr vs 0.17%/yr for VMLTX.

Performance

VGIAX vs. VMLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth and Income Fund Admiral Shares (VGIAX) and Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIAX achieves a 7.30% return, which is significantly higher than VMLTX's 1.01% return. Over the past 10 years, VGIAX has outperformed VMLTX with an annualized return of 15.37%, while VMLTX has yielded a comparatively lower 2.08% annualized return.

VGIAX

• 1D: -1.69%
• 1M: -0.42%
• YTD: 7.30%
• 6M: 5.84%
• 1Y: 22.55%
• 3Y*: 21.27%
• 5Y*: 13.28%
• 10Y*: 15.37%

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%

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

VGIAX vs. VMLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGIAX Vanguard Growth and Income Fund Admiral Shares	7.30%	19.26%	25.84%	24.83%	-17.18%	28.86%	18.04%	29.77%	-4.61%	19.87%
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 VGIAX and VMLTX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 14, 2001	-0.07

The correlation between VGIAX and VMLTX shifts across timeframes, from -0.07 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VGIAX vs. VMLTX — Risk / Return Rank

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

VGIAX

VGIAX Risk / Return Rank: 46
VGIAX Sharpe Ratio Rank: 44
VGIAX Sortino Ratio Rank: 40
VGIAX Omega Ratio Rank: 42
VGIAX Calmar Ratio Rank: 47
VGIAX Martin Ratio Rank: 58

VMLTX

VMLTX Risk / Return Rank: 75
VMLTX Sharpe Ratio Rank: 89
VMLTX Sortino Ratio Rank: 96
VMLTX Omega Ratio Rank: 97
VMLTX Calmar Ratio Rank: 52
VMLTX Martin Ratio Rank: 43

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.

VGIAX vs. VMLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth and Income Fund Admiral Shares (VGIAX) 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.

	VGIAX	VMLTX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.68	-0.87
Sortino ratio: Return per unit of downside risk	2.45	4.88	-2.43
Omega ratio: Gain probability vs. loss probability	1.32	1.86	-0.54
Calmar ratio: Return relative to maximum drawdown	2.49	2.61	-0.12
Martin ratio: Return relative to average drawdown	10.90	8.48	+2.42

VGIAX vs. VMLTX - Sharpe Ratio Comparison

The current VGIAX Sharpe Ratio is 1.81, which is lower than the VMLTX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of VGIAX and VMLTX, 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

VGIAX vs. VMLTX - Drawdown Comparison

The maximum VGIAX drawdown since its inception was -56.85%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VGIAX and VMLTX.

Drawdown Indicators

	VGIAX	VMLTX	Difference
Max Drawdown Largest peak-to-trough decline	-56.85%	-6.41%	-50.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-1.53%	-8.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-2.02%	-17.64%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-5.69%	-17.61%
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	-6.41%	-27.92%
Current Drawdown Current decline from peak	-2.87%	-0.40%	-2.47%
Average Drawdown Average peak-to-trough decline	-9.32%	-0.48%	-8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.47%	+1.75%

Volatility

VGIAX vs. VMLTX - Volatility Comparison

Vanguard Growth and Income Fund Admiral Shares (VGIAX) has a higher volatility of 5.55% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.37%. This indicates that VGIAX'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.

Volatility by Period

	VGIAX	VMLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	0.37%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	1.13%	+9.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	1.49%	+11.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	1.86%	+15.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	1.93%	+16.31%

VGIAX vs. VMLTX - Expense Ratio Comparison

VGIAX has a 0.28% expense ratio, which is higher than VMLTX's 0.17% expense ratio.

Dividends

VGIAX vs. VMLTX - Dividend Comparison

VGIAX's dividend yield for the trailing twelve months is around 10.00%, more than VMLTX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGIAX Vanguard Growth and Income Fund Admiral Shares	10.00%	10.72%	11.67%	8.70%	9.81%	15.28%	6.63%	4.19%	8.05%	5.06%	7.01%	7.72%
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

Can I hold both VGIAX and VMLTX in my portfolio?

VGIAX and VMLTX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGIAX or VMLTX?

VGIAX has higher volatility (5.55%) compared to VMLTX (0.37%). In terms of maximum drawdown, VGIAX dropped -56.85% vs VMLTX's -6.41%.

Which has better risk-adjusted returns?

VMLTX currently has the higher Sharpe Ratio (2.68 vs 1.81), 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.