VMLUX vs. MIY
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and BlackRock MuniYield Michigan Quality Fund (MIY).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. MIY is an actively managed fund by BlackRock. It was launched on Oct 30, 1992.
Performance
VMLUX vs. MIY - Performance Comparison
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VMLUX vs. MIY - 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% |
MIY BlackRock MuniYield Michigan Quality Fund | 2.55% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 19.51% | -6.71% | 8.86% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.12% return, which is significantly lower than MIY's 2.55% return. Over the past 10 years, VMLUX has underperformed MIY with an annualized return of 2.06%, while MIY has yielded a comparatively higher 2.91% 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%
MIY
- 1D
- 1.54%
- 1M
- -5.15%
- YTD
- 2.55%
- 6M
- 8.25%
- 1Y
- 10.47%
- 3Y*
- 7.28%
- 5Y*
- 0.01%
- 10Y*
- 2.91%
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VMLUX vs. MIY - Expense Ratio Comparison
VMLUX has a 0.09% expense ratio, which is lower than MIY's 2.25% expense ratio.
Return for Risk
VMLUX vs. MIY — Risk / Return Rank
VMLUX
MIY
VMLUX vs. MIY - 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 BlackRock MuniYield Michigan Quality Fund (MIY). 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 | MIY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.97 | 0.93 | +1.04 |
Sortino ratioReturn per unit of downside risk | 2.95 | 1.38 | +1.57 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.18 | +0.48 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.39 | +0.93 |
Martin ratioReturn relative to average drawdown | 10.14 | 3.77 | +6.36 |
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 | MIY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 0.93 | +1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.00 | +1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | 0.25 | +0.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 0.36 | +1.10 |
Correlation
The correlation between VMLUX and MIY 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. MIY - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, less than MIY's 5.51% 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% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.51% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
Drawdowns
VMLUX vs. MIY - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for VMLUX and MIY.
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Drawdown Indicators
| VMLUX | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -42.19% | +35.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -8.12% | +6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -34.59% | +28.99% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -34.59% | +28.18% |
Current DrawdownCurrent decline from peak | -1.53% | -6.70% | +5.17% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -8.33% | +7.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 2.98% | -2.52% |
Volatility
VMLUX vs. MIY - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.50%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 4.61%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 4.61% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 8.67% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 11.34% | -9.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 11.43% | -9.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 11.83% | -9.91% |