VMATX vs. VPAIX

Last updated Jun 24, 2026

VMATX (Vanguard Massachusetts Tax-Exempt Fund) and VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VMATX returned 2.33%/yr vs 2.62%/yr for VPAIX. Their correlation of 0.92 suggests significant overlap in exposure. VMATX charges 0.13%/yr vs 0.17%/yr for VPAIX.

Performance

VMATX vs. VPAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMATX achieves a 1.93% return, which is significantly higher than VPAIX's 1.83% return. Over the past 10 years, VMATX has underperformed VPAIX with an annualized return of 2.33%, while VPAIX has yielded a comparatively higher 2.62% annualized return.

VMATX

• 1D: 0.00%
• 1M: 1.81%
• YTD: 1.93%
• 6M: 2.34%
• 1Y: 7.98%
• 3Y*: 4.54%
• 5Y*: 1.13%
• 10Y*: 2.33%

VPAIX

• 1D: 0.00%
• 1M: 1.81%
• YTD: 1.83%
• 6M: 2.33%
• 1Y: 8.06%
• 3Y*: 4.65%
• 5Y*: 1.33%
• 10Y*: 2.62%

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

VMATX vs. VPAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMATX Vanguard Massachusetts Tax-Exempt Fund	1.93%	4.96%	2.53%	7.19%	-10.79%	1.65%	6.47%	8.93%	0.47%	6.02%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	1.83%	5.27%	2.59%	7.25%	-10.20%	1.97%	5.86%	9.05%	1.11%	6.61%

Correlation

The correlation between VMATX and VPAIX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 9, 1998	0.92

The correlation between VMATX and VPAIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

VMATX vs. VPAIX — Risk / Return Rank

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

VMATX

VMATX Risk / Return Rank: 72
VMATX Sharpe Ratio Rank: 87
VMATX Sortino Ratio Rank: 90
VMATX Omega Ratio Rank: 92
VMATX Calmar Ratio Rank: 47
VMATX Martin Ratio Rank: 44

VPAIX

VPAIX Risk / Return Rank: 76
VPAIX Sharpe Ratio Rank: 90
VPAIX Sortino Ratio Rank: 93
VPAIX Omega Ratio Rank: 94
VPAIX Calmar Ratio Rank: 53
VPAIX Martin Ratio Rank: 49

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.

VMATX vs. VPAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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	VPAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.77	-0.15
Sortino ratio: Return per unit of downside risk	4.07	4.45	-0.38
Omega ratio: Gain probability vs. loss probability	1.65	1.71	-0.06
Calmar ratio: Return relative to maximum drawdown	2.50	2.68	-0.19
Martin ratio: Return relative to average drawdown	8.80	9.57	-0.76

VMATX vs. VPAIX - Sharpe Ratio Comparison

The current VMATX Sharpe Ratio is 2.62, which is comparable to the VPAIX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of VMATX and VPAIX, 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

VMATX vs. VPAIX - Drawdown Comparison

The maximum VMATX drawdown since its inception was -15.91%, smaller than the maximum VPAIX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for VMATX and VPAIX.

Drawdown Indicators

	VMATX	VPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.91%	-19.51%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-3.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-6.68%	-7.01%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-15.91%	-15.76%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-15.91%	-15.76%	-0.15%
Current Drawdown Current decline from peak	-0.35%	-0.17%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.10%	-2.15%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.87%	+0.06%

Volatility

VMATX vs. VPAIX - Volatility Comparison

The current volatility for Vanguard Massachusetts Tax-Exempt Fund (VMATX) is 0.79%, while Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a volatility of 0.86%. This indicates that VMATX experiences smaller price fluctuations and is considered to be less risky than VPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMATX	VPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.86%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	2.30%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	3.00%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	4.50%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	4.41%	+0.24%

VMATX vs. VPAIX - Expense Ratio Comparison

VMATX has a 0.13% expense ratio, which is lower than VPAIX'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

VMATX vs. VPAIX - Dividend Comparison

VMATX's dividend yield for the trailing twelve months is around 3.61%, less than VPAIX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMATX Vanguard Massachusetts Tax-Exempt Fund	3.61%	4.46%	3.98%	3.06%	2.69%	2.26%	3.22%	3.63%	3.07%	2.91%	3.55%	3.22%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	3.65%	4.48%	4.04%	3.25%	3.12%	2.45%	3.16%	3.70%	3.91%	3.93%	4.10%	3.92%

Frequently Asked Questions

Can I hold both VMATX and VPAIX in my portfolio?

VMATX and VPAIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMATX or VPAIX?

VPAIX has higher volatility (0.86%) compared to VMATX (0.79%). In terms of maximum drawdown, VMATX dropped -15.91% vs VPAIX's -19.51%.

Which has better risk-adjusted returns?

VPAIX currently has the higher Sharpe Ratio (2.77 vs 2.62), 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.