VMATX vs. VMLUX
VMATX (Vanguard Massachusetts Tax-Exempt Fund) and VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VMATX returned 2.15%/yr vs 2.03%/yr for VMLUX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. VMATX charges 0.13%/yr vs 0.09%/yr for VMLUX.
Performance
VMATX vs. VMLUX - Performance Comparison
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Returns By Period
In the year-to-date period, VMATX achieves a 0.24% return, which is significantly lower than VMLUX's 0.67% return. Over the past 10 years, VMATX has outperformed VMLUX with an annualized return of 2.15%, while VMLUX has yielded a comparatively lower 2.03% annualized return.
VMATX
- 1D
- -0.30%
- 1M
- -2.35%
- 6M
- -0.45%
- YTD
- 0.24%
- 1Y
- 5.86%
- 3Y*
- 3.84%
- 5Y*
- 0.61%
- 10Y*
- 2.15%
- ALL TIME*
- 3.80%
VMLUX
- 1D
- 0.00%
- 1M
- -0.73%
- 6M
- -0.04%
- YTD
- 0.67%
- 1Y
- 2.48%
- 3Y*
- 4.01%
- 5Y*
- 2.05%
- 10Y*
- 2.03%
- ALL TIME*
- 2.41%
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 |
VMATX vs. VMLUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 0.24% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 0.67% | 5.50% | 3.25% | 4.29% | -2.90% | 0.23% | 3.38% | 4.21% | 1.64% | 2.13% |
Correlation
The correlation between VMATX and VMLUX is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001 | 0.74 |
The correlation between VMATX and VMLUX has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
VMATX vs. VMLUX — Risk / Return Rank
VMATX
VMLUX
VMATX vs. VMLUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). 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.
| VMATX | VMLUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.56 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.98 | +0.10 |
| Martin ratioReturn relative to average drawdown | 6.98 | 6.21 | +0.77 |
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Drawdowns
VMATX vs. VMLUX - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VMATX and VMLUX.
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Drawdown Indicators
| VMATX | VMLUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -6.41% | -9.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -1.53% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -2.02% | -3.90% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | -5.60% | -10.31% |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | -6.41% | -9.50% |
Current DrawdownCurrent decline from peak | -2.35% | -0.75% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -0.54% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.49% | +0.49% |
Volatility
VMATX vs. VMLUX - Volatility Comparison
Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a higher volatility of 1.00% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.47%. This indicates that VMATX's price experiences larger fluctuations and is considered to be riskier than VMLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMATX | VMLUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.47% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 1.23% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 1.57% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.69% | 1.89% | +2.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 1.94% | +2.71% |
VMATX vs. VMLUX - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is higher than VMLUX'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
VMATX vs. VMLUX - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.40%, more than VMLUX's 2.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.40% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 2.93% | 3.85% | 3.38% | 2.39% | 1.64% | 1.04% | 1.70% | 2.10% | 1.89% | 1.65% | 1.62% | 1.58% |
Frequently Asked Questions
VMATX and VMLUX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMATX has higher volatility (1.00%) compared to VMLUX (0.47%). In terms of maximum drawdown, VMATX dropped -15.91% vs VMLUX's -6.41%.
VMATX currently has the higher Sharpe Ratio (2.11 vs 1.94), 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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