VMATX vs. SCMB
Compare and contrast key facts about Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Schwab Municipal Bond ETF (SCMB).
VMATX is managed by Vanguard. It was launched on Dec 9, 1998. SCMB is a passively managed fund by Charles Schwab that tracks the performance of the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. It was launched on Oct 11, 2022.
Performance
VMATX vs. SCMB - Performance Comparison
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VMATX vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | -0.89% | 4.96% | 2.53% | 7.19% | 2.94% |
SCMB Schwab Municipal Bond ETF | -0.51% | 3.78% | 0.91% | 5.86% | 3.05% |
Returns By Period
In the year-to-date period, VMATX achieves a -0.89% return, which is significantly lower than SCMB's -0.51% return.
VMATX
- 1D
- 0.20%
- 1M
- -3.10%
- YTD
- -0.89%
- 6M
- 0.91%
- 1Y
- 4.36%
- 3Y*
- 3.54%
- 5Y*
- 0.92%
- 10Y*
- 2.32%
SCMB
- 1D
- 0.24%
- 1M
- -2.42%
- YTD
- -0.51%
- 6M
- 1.25%
- 1Y
- 3.88%
- 3Y*
- 2.44%
- 5Y*
- —
- 10Y*
- —
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VMATX vs. SCMB - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is higher than SCMB's 0.03% 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%.
Return for Risk
VMATX vs. SCMB — Risk / Return Rank
VMATX
SCMB
VMATX vs. SCMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Schwab Municipal Bond ETF (SCMB). 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.
| VMATX | SCMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.95 | 0.94 | 0.00 |
Sortino ratioReturn per unit of downside risk | 1.30 | 1.22 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.05 | +0.02 |
Martin ratioReturn relative to average drawdown | 3.54 | 2.98 | +0.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMATX | SCMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 0.94 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 0.90 | +0.08 |
Correlation
The correlation between VMATX and SCMB is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VMATX vs. SCMB - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.65%, more than SCMB's 3.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.65% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
SCMB Schwab Municipal Bond ETF | 3.38% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VMATX vs. SCMB - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for VMATX and SCMB.
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Drawdown Indicators
| VMATX | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -6.13% | -9.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -3.79% | -1.57% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | — | — |
Current DrawdownCurrent decline from peak | -3.10% | -2.42% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -1.32% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 1.34% | +0.28% |
Volatility
VMATX vs. SCMB - Volatility Comparison
The current volatility for Vanguard Massachusetts Tax-Exempt Fund (VMATX) is 1.29%, while Schwab Municipal Bond ETF (SCMB) has a volatility of 1.47%. This indicates that VMATX experiences smaller price fluctuations and is considered to be less risky than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMATX | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.47% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 2.02% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.65% | 4.15% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 4.22% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 4.22% | +0.40% |