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VMLUX vs. TFCYX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

VMLUX vs. TFCYX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX).

VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. TFCYX is managed by BlackRock. It was launched on Apr 21, 2016.

Performance

VMLUX vs. TFCYX - 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 SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). The values are adjusted to include any dividend payments, if applicable.

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VMLUX vs. TFCYX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMLUX
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares		-0.03%5.50%3.25%4.29%-2.90%0.23%3.38%4.21%1.64%2.13%
TFCYX
SEI Institutional Managed Trust Tax-Free Conservative Income Fund		0.32%2.71%3.24%2.77%0.72%0.10%0.46%1.40%1.25%0.69%

Returns By Period

In the year-to-date period, VMLUX achieves a -0.03% return, which is significantly lower than TFCYX's 0.32% return.

VMLUX

1D
0.09%
1M
-1.26%
YTD
-0.03%
6M
0.68%
1Y
3.86%
3Y*
3.81%
5Y*
2.07%
10Y*
2.07%

TFCYX

1D
0.00%
1M
0.00%
YTD
0.32%
6M
0.99%
1Y
2.34%
3Y*
2.75%
5Y*
1.95%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Vanguard Limited-Term Tax-Exempt Fund Admiral Shares

SEI Institutional Managed Trust Tax-Free Conservative Income Fund

Often compared with VMLUX:
VMLUX vs. VWIUXVMLUX vs. VWSUXVMLUX vs. VTEBVMLUX vs. VWALXVMLUX vs. VMATXVMLUX vs. JMSTVMLUX vs. VTEAX
Often compared with TFCYX:
TFCYX vs. NPVTFCYX vs. DMTFXTFCYX vs. NMTRXTFCYX vs. CBTAXTFCYX vs. NCATXTFCYX vs. COLTXTFCYX vs. FKTIX

VMLUX vs. TFCYX - Expense Ratio Comparison

VMLUX has a 0.09% expense ratio, which is lower than TFCYX's 0.13% 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%.

TFCYX
SEI Institutional Managed Trust Tax-Free Conservative Income Fund
VMLUX
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares

Return for Risk

VMLUX vs. TFCYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMLUX
VMLUX Risk / Return Rank: 9090
Overall Rank
VMLUX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
VMLUX Sortino Ratio Rank: 9090
Sortino Ratio Rank
VMLUX Omega Ratio Rank: 9696
Omega Ratio Rank
VMLUX Calmar Ratio Rank: 8787
Calmar Ratio Rank
VMLUX Martin Ratio Rank: 8989
Martin Ratio Rank
TFCYX
TFCYX Risk / Return Rank: 9999
Overall Rank
TFCYX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TFCYX Sortino Ratio Rank: 9999
Sortino Ratio Rank
TFCYX Omega Ratio Rank: 100100
Omega Ratio Rank
TFCYX Calmar Ratio Rank: 100100
Calmar Ratio Rank
TFCYX Martin Ratio Rank: 100100
Martin Ratio Rank
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. TFCYX - 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 SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX). 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.

VMLUXTFCYXDifference

Sharpe ratio

Return per unit of total volatility

1.77

3.20

-1.43

Sortino ratio

Return per unit of downside risk

2.55

9.75

-7.19

Omega ratio

Gain probability vs. loss probability

1.57

4.68

-3.11

Calmar ratio

Return relative to maximum drawdown

2.32

26.02

-23.70

Martin ratio

Return relative to average drawdown

9.94

69.86

-59.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMLUX vs. TFCYX - Sharpe Ratio Comparison

The current VMLUX Sharpe Ratio is 1.77, which is lower than the TFCYX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of VMLUX and TFCYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VMLUXTFCYXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

3.20

-1.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

1.61

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.08

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.47

1.61

-0.15

Correlation

The correlation between VMLUX and TFCYX is 0.28, 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. TFCYX - Dividend Comparison

VMLUX's dividend yield for the trailing twelve months is around 3.14%, more than TFCYX's 2.31% yield.

TTM20252024202320222021202020192018201720162015
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%
TFCYX
SEI Institutional Managed Trust Tax-Free Conservative Income Fund		2.31%2.68%3.19%2.63%0.72%0.00%0.46%1.39%1.24%0.68%0.00%0.00%

Drawdowns

VMLUX vs. TFCYX - Drawdown Comparison

The maximum VMLUX drawdown since its inception was -6.41%, which is greater than TFCYX's maximum drawdown of -1.10%. Use the drawdown chart below to compare losses from any high point for VMLUX and TFCYX.

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Drawdown Indicators

VMLUXTFCYXDifference

Max Drawdown

Largest peak-to-trough decline

-6.41%

-1.10%

-5.31%

Max Drawdown (1Y)

Largest decline over 1 year

-2.02%

-0.10%

-1.92%

Max Drawdown (5Y)

Largest decline over 5 years

-5.60%

-1.10%

-4.50%

Max Drawdown (10Y)

Largest decline over 10 years

-6.41%

—

—

Current Drawdown

Current decline from peak

-1.44%

-0.10%

-1.34%

Average Drawdown

Average peak-to-trough decline

-0.54%

-0.02%

-0.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.47%

0.04%

+0.43%

Volatility

VMLUX vs. TFCYX - Volatility Comparison

Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) has a higher volatility of 0.52% compared to SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) at 0.14%. This indicates that VMLUX's price experiences larger fluctuations and is considered to be riskier than TFCYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMLUXTFCYXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.52%

0.14%

+0.38%

Volatility (6M)

Calculated over the trailing 6-month period

1.03%

0.56%

+0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

2.34%

0.82%

+1.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.85%

1.21%

+0.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.92%

0.92%

+1.00%