VMLUX vs. NQP

Last updated Jun 4, 2026

VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) and NQP (Nuveen Pennsylvania Quality Municipal Income) are both Municipal Bonds funds. At a 0.27 correlation, their price movements are largely independent. VMLUX charges 0.09%/yr vs 1.27%/yr for NQP.

Performance

VMLUX vs. NQP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Nuveen Pennsylvania Quality Municipal Income (NQP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VMLUX

• 1D: 0.09%
• 1M: 0.36%
• YTD: 1.05%
• 6M: 1.41%
• 1Y: 4.44%
• 3Y*: 4.34%
• 5Y*: 2.21%
• 10Y*: 2.15%

NQP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VMLUX vs. NQP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	1.05%	5.50%	3.25%	4.29%	-2.90%	0.23%	3.38%	4.21%	1.64%	2.13%
NQP Nuveen Pennsylvania Quality Municipal Income	3.84%	15.46%	2.70%	7.44%	-21.95%	7.75%	7.08%	21.21%	-2.28%	5.96%

Correlation

The correlation between VMLUX and NQP is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001	0.27

The correlation between VMLUX and NQP shifts across timeframes, from 0.25 (1 year) to 0.50 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VMLUX vs. NQP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VMLUX

VMLUX Risk / Return Rank: 77
VMLUX Sharpe Ratio Rank: 90
VMLUX Sortino Ratio Rank: 96
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 57
VMLUX Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VMLUX vs. NQP - 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 Nuveen Pennsylvania Quality Municipal Income (NQP). 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	NQP	Difference
Sharpe ratio: Return per unit of total volatility	2.96	—	—
Sortino ratio: Return per unit of downside risk	5.48	—	—
Omega ratio: Gain probability vs. loss probability	1.98	—	—
Calmar ratio: Return relative to maximum drawdown	2.91	—	—
Martin ratio: Return relative to average drawdown	9.76	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VMLUX	NQP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	—	—

Drawdowns

Drawdown Indicators

	VMLUX	NQP	Difference
Max Drawdown Largest peak-to-trough decline	-6.41%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.41%	—	—
Current Drawdown Current decline from peak	-0.38%	—	—
Average Drawdown Average peak-to-trough decline	-0.54%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	VMLUX	NQP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.51%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.87%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.93%	—	—

VMLUX vs. NQP - Expense Ratio Comparison

VMLUX has a 0.09% expense ratio, which is lower than NQP's 1.27% expense ratio.

Dividends

VMLUX vs. NQP - Dividend Comparison

VMLUX's dividend yield for the trailing twelve months is around 3.16%, less than NQP's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NQP Nuveen Pennsylvania Quality Municipal Income	7.13%	7.87%	6.69%	3.07%	4.89%	4.51%	4.38%	4.23%	5.34%	5.34%	5.67%	6.10%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	3.16%	3.85%	3.38%	2.39%	1.64%	1.04%	1.70%	2.10%	1.89%	1.65%	1.62%	1.58%

Frequently Asked Questions

Can I hold both VMLUX and NQP in my portfolio?

VMLUX and NQP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.