VMLTX vs. VWIUX
VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VMLTX returned 2.08%/yr vs 2.36%/yr for VWIUX. A 0.77 correlation means they provide meaningful diversification when combined. VMLTX charges 0.17%/yr vs 0.09%/yr for VWIUX.
Performance
VMLTX vs. VWIUX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VMLTX achieves a 1.01% return, which is significantly lower than VWIUX's 1.26% return. Over the past 10 years, VMLTX has underperformed VWIUX with an annualized return of 2.08%, while VWIUX has yielded a comparatively higher 2.36% annualized return.
VMLTX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 3.98%
- 3Y*
- 4.14%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
VWIUX
- 1D
- -0.07%
- 1M
- 1.24%
- YTD
- 1.26%
- 6M
- 1.69%
- 1Y
- 6.35%
- 3Y*
- 4.43%
- 5Y*
- 1.72%
- 10Y*
- 2.36%
VMLTX vs. VWIUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 1.01% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 1.26% | 5.99% | 2.34% | 5.90% | -6.83% | 0.81% | 5.23% | 7.10% | 1.34% | 4.65% |
Correlation
The correlation between VMLTX and VWIUX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001 | 0.77 |
The correlation between VMLTX and VWIUX shifts across timeframes, from 0.74 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VMLTX vs. VWIUX — Risk / Return Rank
VMLTX
VWIUX
VMLTX vs. VWIUX - 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 Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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 | VWIUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.74 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.18 | +0.43 |
| Martin ratioReturn relative to average drawdown | 8.49 | 7.07 | +1.42 |
Loading charts...
Drawdowns
VMLTX vs. VWIUX - Drawdown Comparison
The maximum VMLTX drawdown since its inception was -6.41%, smaller than the maximum VWIUX drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for VMLTX and VWIUX.
Loading charts...
Drawdown Indicators
| VMLTX | VWIUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -11.38% | +4.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -2.99% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -4.40% | +2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -11.38% | +5.69% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -11.38% | +4.97% |
Current DrawdownCurrent decline from peak | -0.40% | -0.95% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -1.44% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.92% | -0.45% |
Volatility
VMLTX vs. VWIUX - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) is 0.37%, while Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) has a volatility of 0.63%. This indicates that VMLTX experiences smaller price fluctuations and is considered to be less risky than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VMLTX | VWIUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 0.63% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.13% | 1.86% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.49% | 2.35% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.86% | 3.27% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 3.43% | -1.50% |
VMLTX vs. VWIUX - Expense Ratio Comparison
VMLTX has a 0.17% expense ratio, which is higher than VWIUX'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
VMLTX vs. VWIUX - Dividend Comparison
VMLTX's dividend yield for the trailing twelve months is around 3.07%, less than VWIUX's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.07% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.33% | 4.06% | 3.63% | 2.78% | 2.51% | 1.89% | 2.40% | 2.88% | 2.89% | 2.82% | 2.91% | 2.96% |
Frequently Asked Questions
VMLTX and VWIUX 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.
VWIUX has higher volatility (0.63%) compared to VMLTX (0.37%). In terms of maximum drawdown, VMLTX dropped -6.41% vs VWIUX's -11.38%.
VWIUX currently has the higher Sharpe Ratio (2.79 vs 2.68), 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.
Find the right allocation for VMLTX and VWIUX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer