VMLTX vs. MUC
VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, VMLTX returned 2.09%/yr vs 1.15%/yr for MUC. At a 0.24 correlation, their price movements are largely independent. VMLTX charges 0.17%/yr vs 2.14%/yr for MUC.
Performance
VMLTX vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, VMLTX achieves a 1.19% return, which is significantly lower than MUC's 7.11% return. Over the past 10 years, VMLTX has outperformed MUC with an annualized return of 2.09%, while MUC has yielded a comparatively lower 1.15% annualized return.
VMLTX
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.91%
- YTD
- 1.19%
- 1Y
- 3.60%
- 3Y*
- 4.13%
- 5Y*
- 2.11%
- 10Y*
- 2.09%
MUC
- 1D
- 0.46%
- 1M
- 3.12%
- 6M
- 4.54%
- YTD
- 7.11%
- 1Y
- 13.17%
- 3Y*
- 6.32%
- 5Y*
- -2.44%
- 10Y*
- 1.15%
VMLTX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 1.19% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
MUC BlackRock MuniHoldings California Quality Fund | 7.11% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between VMLTX and MUC is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.24 |
The correlation between VMLTX and MUC shifts across timeframes, from 0.24 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMLTX vs. MUC — Risk / Return Rank
VMLTX
MUC
VMLTX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| VMLTX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.31 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.03 | +0.34 |
| Martin ratioReturn relative to average drawdown | 7.63 | 8.58 | -0.95 |
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Drawdowns
VMLTX vs. MUC - Drawdown Comparison
The maximum VMLTX drawdown since its inception was -6.41%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for VMLTX and MUC.
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Drawdown Indicators
| VMLTX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -48.97% | +42.56% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -6.53% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -14.51% | +12.49% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -38.29% | +32.60% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -38.29% | +31.88% |
Current DrawdownCurrent decline from peak | -0.23% | -14.05% | +13.82% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -9.92% | +9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.56% | -1.09% |
Volatility
VMLTX vs. MUC - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) is 0.43%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.66%. This indicates that VMLTX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLTX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 1.66% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 6.21% | -5.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 8.19% | -6.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.87% | 11.50% | -9.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 11.88% | -9.95% |
VMLTX vs. MUC - Expense Ratio Comparison
VMLTX has a 0.17% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
VMLTX vs. MUC - Dividend Comparison
VMLTX's dividend yield for the trailing twelve months is around 3.09%, less than MUC's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUC BlackRock MuniHoldings California Quality Fund | 5.83% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.09% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
Frequently Asked Questions
VMLTX and MUC have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (1.66%) compared to VMLTX (0.43%). In terms of maximum drawdown, VMLTX dropped -6.41% vs MUC's -48.97%.
VMLTX currently has the higher Sharpe Ratio (2.42 vs 1.62), 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.
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