VMLUX vs. DCARX
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and DFA California Municipal Real Return Portfolio (DCARX).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. DCARX is managed by Dimensional. It was launched on Oct 31, 2017.
Performance
VMLUX vs. DCARX - Performance Comparison
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VMLUX vs. DCARX - 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% | 0.47% |
DCARX DFA California Municipal Real Return Portfolio | 1.09% | 2.64% | 3.16% | 2.63% | -1.06% | 6.21% | 2.35% | 5.08% | -0.46% | 1.16% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.12% return, which is significantly lower than DCARX's 1.09% 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%
DCARX
- 1D
- 0.04%
- 1M
- 0.42%
- YTD
- 1.09%
- 6M
- 1.13%
- 1Y
- 2.59%
- 3Y*
- 2.55%
- 5Y*
- 2.70%
- 10Y*
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VMLUX vs. DCARX - Expense Ratio Comparison
VMLUX has a 0.09% expense ratio, which is lower than DCARX's 0.26% 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
VMLUX vs. DCARX — Risk / Return Rank
VMLUX
DCARX
VMLUX vs. DCARX - 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 DFA California Municipal Real Return Portfolio (DCARX). 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 | DCARX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.97 | 2.19 | -0.22 |
Sortino ratioReturn per unit of downside risk | 2.95 | 3.19 | -0.24 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.61 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.89 | -0.57 |
Martin ratioReturn relative to average drawdown | 10.14 | 11.77 | -1.63 |
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 | DCARX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 2.19 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 1.21 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 0.93 | +0.53 |
Correlation
The correlation between VMLUX and DCARX is 0.27, 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. DCARX - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, less than DCARX's 3.41% 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% |
DCARX DFA California Municipal Real Return Portfolio | 3.41% | 3.11% | 3.52% | 1.84% | 0.90% | 0.78% | 1.12% | 1.43% | 1.27% | 0.09% | 0.00% | 0.00% |
Drawdowns
VMLUX vs. DCARX - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum DCARX drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for VMLUX and DCARX.
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Drawdown Indicators
| VMLUX | DCARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -12.27% | +5.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -0.93% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -4.79% | -0.81% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | — | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.24% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -0.76% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.23% | +0.23% |
Volatility
VMLUX vs. DCARX - Volatility Comparison
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and DFA California Municipal Real Return Portfolio (DCARX) have volatilities of 0.50% and 0.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | DCARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.52% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 0.72% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 1.28% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 2.25% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 2.93% | -1.01% |