VMLUX vs. VITAX
VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) and VITAX (Vanguard Information Technology Index Fund Admiral Shares) are both mutual funds - VMLUX is a Municipal Bonds fund actively managed by Vanguard, while VITAX is a Technology Equities fund tracking the MSCI US Investable Market Information Technology 25/50 Index. VMLUX is actively managed, while VITAX is passively managed. Over the past 10 years, VMLUX returned 2.03%/yr vs 24.06%/yr for VITAX. Their -0.04 correlation means they have often moved in opposite directions in the past. Both charge a 0.09% expense ratio.
Performance
VMLUX vs. VITAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VMLUX achieves a 0.58% return, which is significantly lower than VITAX's 20.41% return. Over the past 10 years, VMLUX has underperformed VITAX with an annualized return of 2.03%, while VITAX has yielded a comparatively higher 24.06% annualized return.
VMLUX
- 1D
- -0.09%
- 1M
- -0.82%
- 6M
- -0.13%
- YTD
- 0.58%
- 1Y
- 2.39%
- 3Y*
- 4.01%
- 5Y*
- 2.03%
- 10Y*
- 2.03%
- ALL TIME*
- 2.41%
VITAX
- 1D
- -0.37%
- 1M
- -1.37%
- 6M
- 20.46%
- YTD
- 20.41%
- 1Y
- 34.82%
- 3Y*
- 26.49%
- 5Y*
- 17.82%
- 10Y*
- 24.06%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VMLUX vs. VITAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 0.58% | 5.50% | 3.25% | 4.29% | -2.90% | 0.23% | 3.38% | 4.21% | 1.64% | 2.13% |
VITAX Vanguard Information Technology Index Fund Admiral Shares | 20.41% | 21.78% | 29.26% | 52.69% | -29.67% | 30.36% | 45.93% | 48.72% | 2.51% | 37.07% |
Correlation
The correlation between VMLUX and VITAX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004 | -0.04 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VMLUX vs. VITAX — Risk / Return Rank
VMLUX
VITAX
VMLUX vs. VITAX - 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 Information Technology Index Fund Admiral Shares (VITAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VMLUX | VITAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.23 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.95 | -0.26 |
| Martin ratioReturn relative to average drawdown | 5.26 | 5.24 | +0.02 |
Loading charts...
Drawdowns
VMLUX vs. VITAX - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum VITAX drawdown of -54.81%. Use the drawdown chart below to compare losses from any high point for VMLUX and VITAX.
Loading charts...
Drawdown Indicators
| VMLUX | VITAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -54.81% | +48.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -16.38% | +14.85% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -27.38% | +25.36% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -35.10% | +29.50% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -35.10% | +28.69% |
Current DrawdownCurrent decline from peak | -0.84% | -9.91% | +9.07% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -8.01% | +7.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 6.08% | -5.59% |
Volatility
VMLUX vs. VITAX - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.47%, while Vanguard Information Technology Index Fund Admiral Shares (VITAX) has a volatility of 8.42%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than VITAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VMLUX | VITAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 8.42% | -7.95% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 20.17% | -18.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 24.34% | -22.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.89% | 26.03% | -24.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.94% | 25.12% | -23.18% |
VMLUX vs. VITAX - Expense Ratio Comparison
Both VMLUX and VITAX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VMLUX vs. VITAX - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 2.93%, more than VITAX's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VITAX Vanguard Information Technology Index Fund Admiral Shares | 0.38% | 0.40% | 0.60% | 0.65% | 0.91% | 0.63% | 0.82% | 1.11% | 1.29% | 0.99% | 1.31% | 1.28% |
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 2.93% | 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
VMLUX and VITAX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VITAX has higher volatility (8.42%) compared to VMLUX (0.47%). In terms of maximum drawdown, VMLUX dropped -6.41% vs VITAX's -54.81%.
VMLUX currently has the higher Sharpe Ratio (1.68 vs 1.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for VMLUX and VITAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer