VMLTX vs. DFCMX
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) and DFA California Short Term Municipal Bond Portfolio (DFCMX).
VMLTX is managed by Vanguard. It was launched on Aug 31, 1987. DFCMX is managed by Dimensional Fund Advisors LP. It was launched on Apr 1, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VMLTX or DFCMX.
Key characteristics
| VMLTX | DFCMX | |
|---|---|---|
| YTD Return | 2.52% | 2.47% |
| 1Y Return | 5.59% | 3.44% |
| 3Y Return (Ann) | 1.23% | 1.45% |
| 5Y Return (Ann) | 1.66% | 1.04% |
| 10Y Return (Ann) | 1.65% | 0.98% |
| Sharpe Ratio | 3.60 | 5.06 |
| Sortino Ratio | 6.55 | 11.04 |
| Omega Ratio | 2.07 | 4.23 |
| Calmar Ratio | 2.59 | 35.86 |
| Martin Ratio | 18.25 | 117.67 |
| Ulcer Index | 0.31% | 0.03% |
| Daily Std Dev | 1.58% | 0.70% |
| Max Drawdown | -6.41% | -2.20% |
| Current Drawdown | -0.49% | 0.00% |
Correlation
The correlation between VMLTX and DFCMX is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
VMLTX vs. DFCMX - Performance Comparison
The year-to-date returns for both stocks are quite close, with VMLTX having a 2.52% return and DFCMX slightly lower at 2.47%. Over the past 10 years, VMLTX has outperformed DFCMX with an annualized return of 1.65%, while DFCMX has yielded a comparatively lower 0.98% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VMLTX vs. DFCMX - Expense Ratio Comparison
VMLTX has a 0.17% expense ratio, which is lower than DFCMX's 0.19% 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%.
Risk-Adjusted Performance
VMLTX vs. DFCMX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). 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.
Dividends
VMLTX vs. DFCMX - Dividend Comparison
VMLTX's dividend yield for the trailing twelve months is around 2.72%, more than DFCMX's 2.50% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 2.72% | 2.30% | 1.56% | 1.63% | 1.62% | 1.86% | 1.81% | 1.54% | 1.53% | 1.51% | 1.61% | 1.67% |
DFCMX DFA California Short Term Municipal Bond Portfolio | 2.50% | 1.90% | 0.71% | 0.36% | 0.87% | 1.17% | 1.04% | 0.87% | 0.86% | 0.82% | 0.80% | 0.85% |
Drawdowns
VMLTX vs. DFCMX - Drawdown Comparison
The maximum VMLTX drawdown since its inception was -6.41%, which is greater than DFCMX's maximum drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for VMLTX and DFCMX. For additional features, visit the drawdowns tool.
Volatility
VMLTX vs. DFCMX - Volatility Comparison
Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) has a higher volatility of 0.48% compared to DFA California Short Term Municipal Bond Portfolio (DFCMX) at 0.18%. This indicates that VMLTX's price experiences larger fluctuations and is considered to be riskier than DFCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.