VMLUX vs. VCRM
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Core Tax-Exempt Bond ETF (VCRM).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. VCRM is a passively managed fund by Vanguard that tracks the performance of the S&P Broad AMT-Free Municipal Bond Index. It was launched on Nov 21, 2024.
Performance
VMLUX vs. VCRM - Performance Comparison
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VMLUX vs. VCRM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | -0.03% | 5.50% | 0.64% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 0.34% | 4.91% | -0.58% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.03% return, which is significantly lower than VCRM's 0.34% 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%
VCRM
- 1D
- 0.30%
- 1M
- -1.55%
- YTD
- 0.34%
- 6M
- 1.86%
- 1Y
- 4.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VMLUX vs. VCRM - Expense Ratio Comparison
VMLUX has a 0.09% expense ratio, which is lower than VCRM's 0.12% 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. VCRM — Risk / Return Rank
VMLUX
VCRM
VMLUX vs. VCRM - 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 Core Tax-Exempt Bond ETF (VCRM). 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 | VCRM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.77 | 1.20 | +0.58 |
Sortino ratioReturn per unit of downside risk | 2.55 | 1.53 | +1.03 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.26 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.63 | +0.69 |
Martin ratioReturn relative to average drawdown | 9.94 | 4.63 | +5.31 |
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 | VCRM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.77 | 1.20 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.12 | — | — |
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 | 0.86 | +0.60 |
Correlation
The correlation between VMLUX and VCRM is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VMLUX vs. VCRM - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, less than VCRM's 3.59% 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% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.59% | 3.42% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VMLUX vs. VCRM - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, which is greater than VCRM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for VMLUX and VCRM.
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Drawdown Indicators
| VMLUX | VCRM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -4.12% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -3.22% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | — | — |
Current DrawdownCurrent decline from peak | -1.44% | -1.83% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -1.15% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.13% | -0.66% |
Volatility
VMLUX vs. VCRM - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.52%, while Vanguard Core Tax-Exempt Bond ETF (VCRM) has a volatility of 1.49%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than VCRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | VCRM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 1.49% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 2.07% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 4.02% | -1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 4.00% | -2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 4.00% | -2.08% |