VMLUX vs. BND
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Total Bond Market ETF (BND).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007.
Performance
VMLUX vs. BND - Performance Comparison
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VMLUX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | -0.12% | 5.50% | 3.25% | 4.29% | -2.90% | 0.23% | 3.38% | 4.21% | 1.64% | 2.13% |
BND Vanguard Total Bond Market ETF | 0.05% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.12% return, which is significantly lower than BND's 0.05% return. Over the past 10 years, VMLUX has outperformed BND with an annualized return of 2.06%, while BND has yielded a comparatively lower 1.67% annualized return.
VMLUX
- 1D
- 0.00%
- 1M
- -1.53%
- YTD
- -0.12%
- 6M
- 0.59%
- 1Y
- 3.86%
- 3Y*
- 3.78%
- 5Y*
- 2.05%
- 10Y*
- 2.06%
BND
- 1D
- 0.22%
- 1M
- -1.74%
- YTD
- 0.05%
- 6M
- 0.95%
- 1Y
- 4.24%
- 3Y*
- 3.59%
- 5Y*
- 0.24%
- 10Y*
- 1.67%
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VMLUX vs. BND - Expense Ratio Comparison
VMLUX has a 0.09% expense ratio, which is higher than BND's 0.03% 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%.
Return for Risk
VMLUX vs. BND — Risk / Return Rank
VMLUX
BND
VMLUX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Total Bond Market ETF (BND). 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.
| VMLUX | BND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.97 | 0.99 | +0.98 |
Sortino ratioReturn per unit of downside risk | 2.95 | 1.41 | +1.54 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.18 | +0.48 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.81 | +0.51 |
Martin ratioReturn relative to average drawdown | 10.14 | 4.98 | +5.16 |
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
| VMLUX | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 0.99 | +0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.04 | +1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | 0.30 | +0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 0.59 | +0.88 |
Correlation
The correlation between VMLUX and BND is 0.35, 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.
Dividends
VMLUX vs. BND - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, less than BND's 3.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 3.14% | 3.85% | 3.38% | 2.39% | 1.64% | 1.04% | 1.70% | 2.10% | 1.89% | 1.65% | 1.62% | 1.58% |
BND Vanguard Total Bond Market ETF | 3.91% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Drawdowns
VMLUX vs. BND - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for VMLUX and BND.
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Drawdown Indicators
| VMLUX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -18.58% | +12.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -2.44% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -17.91% | +12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -18.58% | +12.17% |
Current DrawdownCurrent decline from peak | -1.53% | -2.58% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -3.07% | +2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.89% | -0.43% |
Volatility
VMLUX vs. BND - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.50%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.63%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 1.63% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 2.52% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 4.30% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 6.00% | -4.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 5.52% | -3.60% |