VGIAX vs. VMLTX
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 managed by Vanguard, while VMLTX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VGIAX returned 15.41%/yr vs 2.13%/yr for VMLTX. At a correlation of -0.07, they often move in opposite directions. VGIAX charges 0.22%/yr vs 0.17%/yr for VMLTX.
Performance
VGIAX vs. VMLTX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VGIAX achieves a 10.47% 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 15.41%, while VMLTX has yielded a comparatively lower 2.13% annualized return.
VGIAX
- 1D
- 0.06%
- 1M
- 5.79%
- YTD
- 10.47%
- 6M
- 10.77%
- 1Y
- 28.81%
- 3Y*
- 23.19%
- 5Y*
- 14.27%
- 10Y*
- 15.41%
VMLTX
- 1D
- 0.09%
- 1M
- 0.35%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 4.36%
- 3Y*
- 4.24%
- 5Y*
- 2.12%
- 10Y*
- 2.13%
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 | 10.47% | 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 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 15, 2001 | -0.07 |
The correlation between VGIAX and VMLTX shifts across timeframes, from -0.07 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGIAX vs. VMLTX — Risk / Return Rank
VGIAX
VMLTX
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.
| VGIAX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.96 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 2.86 | +0.19 |
| Martin ratioReturn relative to average drawdown | 13.76 | 9.49 | +4.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VGIAX | VMLTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.93 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 1.14 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 1.10 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 1.93 | -1.45 |
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.
Loading charts...
Drawdown Indicators
| VGIAX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | 0.00% | -0.40% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -9.34% | -0.48% | -8.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 0.46% | +1.69% |
Volatility
VGIAX vs. VMLTX - Volatility Comparison
Vanguard Growth and Income Fund Admiral Shares (VGIAX) has a higher volatility of 3.03% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.46%. 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.
Loading charts...
Volatility by Period
| VGIAX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.03% | 0.46% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 9.47% | 1.14% | +8.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 1.49% | +11.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 1.86% | +15.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 1.93% | +16.28% |
VGIAX vs. VMLTX - Expense Ratio Comparison
VGIAX has a 0.22% expense ratio, which is higher than VMLTX's 0.17% 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
VGIAX vs. VMLTX - Dividend Comparison
VGIAX's dividend yield for the trailing twelve months is around 9.71%, 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 | 9.71% | 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
VGIAX and VMLTX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGIAX has higher volatility (3.03%) compared to VMLTX (0.46%). In terms of maximum drawdown, VGIAX dropped -56.85% vs VMLTX's -6.41%.
VMLTX currently has the higher Sharpe Ratio (2.93 vs 2.37), 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.
Find the right allocation for VGIAX and VMLTX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer