VMATX vs. VWLTX
Compare and contrast key facts about Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX).
VMATX is managed by Vanguard. It was launched on Dec 9, 1998. VWLTX is managed by Vanguard. It was launched on Sep 1, 1977.
Performance
VMATX vs. VWLTX - Performance Comparison
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VMATX vs. VWLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | -0.50% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | -0.41% | 4.80% | 2.44% | 7.56% | -10.43% | 1.83% | 6.21% | 8.77% | 0.89% | 6.45% |
Returns By Period
In the year-to-date period, VMATX achieves a -0.50% return, which is significantly lower than VWLTX's -0.41% return. Over the past 10 years, VMATX has underperformed VWLTX with an annualized return of 2.36%, while VWLTX has yielded a comparatively higher 2.53% annualized return.
VMATX
- 1D
- 0.40%
- 1M
- -2.43%
- YTD
- -0.50%
- 6M
- 1.21%
- 1Y
- 4.36%
- 3Y*
- 3.67%
- 5Y*
- 0.98%
- 10Y*
- 2.36%
VWLTX
- 1D
- 0.37%
- 1M
- -2.28%
- YTD
- -0.41%
- 6M
- 1.18%
- 1Y
- 4.00%
- 3Y*
- 3.72%
- 5Y*
- 1.10%
- 10Y*
- 2.53%
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VMATX vs. VWLTX - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is lower than VWLTX'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%.
Return for Risk
VMATX vs. VWLTX — Risk / Return Rank
VMATX
VWLTX
VMATX vs. VWLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX). 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 | VWLTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.82 | +0.04 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.12 | +0.06 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 0.99 | +0.08 |
Martin ratioReturn relative to average drawdown | 3.52 | 3.09 | +0.43 |
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 | VWLTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.82 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.24 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.57 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.53 | +0.46 |
Correlation
The correlation between VMATX and VWLTX is 0.92, 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. VWLTX - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.64%, less than VWLTX's 3.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.64% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.70% | 4.51% | 3.98% | 3.09% | 2.91% | 2.65% | 3.24% | 3.82% | 3.49% | 3.70% | 3.98% | 3.79% |
Drawdowns
VMATX vs. VWLTX - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, smaller than the maximum VWLTX drawdown of -49.97%. Use the drawdown chart below to compare losses from any high point for VMATX and VWLTX.
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Drawdown Indicators
| VMATX | VWLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -49.97% | +34.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -5.36% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | -16.01% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | -16.01% | +0.10% |
Current DrawdownCurrent decline from peak | -2.72% | -2.54% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -10.21% | +8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.72% | -0.09% |
Volatility
VMATX vs. VWLTX - Volatility Comparison
Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a higher volatility of 1.39% compared to Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) at 1.24%. This indicates that VMATX's price experiences larger fluctuations and is considered to be riskier than VWLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMATX | VWLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 1.24% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 1.90% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.66% | 5.43% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 4.55% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 4.49% | +0.14% |