VMLUX vs. VGSH
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Short-Term Treasury ETF (VGSH).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. VGSH is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Nov 19, 2009.
Performance
VMLUX vs. VGSH - Performance Comparison
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VMLUX vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 0.28% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.12% return, which is significantly lower than VGSH's 0.28% return. Over the past 10 years, VMLUX has outperformed VGSH with an annualized return of 2.06%, while VGSH has yielded a comparatively lower 1.74% 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%
VGSH
- 1D
- 0.09%
- 1M
- -0.49%
- YTD
- 0.28%
- 6M
- 1.37%
- 1Y
- 3.75%
- 3Y*
- 3.98%
- 5Y*
- 1.79%
- 10Y*
- 1.74%
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VMLUX vs. VGSH - Expense Ratio Comparison
VMLUX has a 0.09% expense ratio, which is higher than VGSH's 0.03% expense ratio. However, 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. VGSH — Risk / Return Rank
VMLUX
VGSH
VMLUX vs. VGSH - 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 Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.97 | 2.62 | -0.65 |
Sortino ratioReturn per unit of downside risk | 2.95 | 4.21 | -1.26 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.57 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 4.26 | -1.94 |
Martin ratioReturn relative to average drawdown | 10.14 | 16.28 | -6.14 |
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 | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 2.62 | -0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.92 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | 1.11 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 1.02 | +0.45 |
Correlation
The correlation between VMLUX and VGSH is 0.29, 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. VGSH - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, less than VGSH's 3.95% 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.95% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Drawdowns
VMLUX vs. VGSH - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for VMLUX and VGSH.
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Drawdown Indicators
| VMLUX | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -5.70% | -0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -0.88% | -1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -5.70% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -5.70% | -0.71% |
Current DrawdownCurrent decline from peak | -1.53% | -0.49% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -0.60% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.23% | +0.23% |
Volatility
VMLUX vs. VGSH - Volatility Comparison
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Short-Term Treasury ETF (VGSH) 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 | VGSH | 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% | 0.84% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 1.44% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 1.96% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 1.57% | +0.35% |