VMLUX vs. VTCLX
VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - VMLUX is a Municipal Bonds fund managed by Vanguard, while VTCLX is a Large Cap Blend Equities fund managed by BlackRock. Over the past 10 years, VMLUX returned 2.15%/yr vs 15.47%/yr for VTCLX. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.09% expense ratio.
Performance
VMLUX vs. VTCLX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VMLUX achieves a 1.05% return, which is significantly lower than VTCLX's 11.31% return. Over the past 10 years, VMLUX has underperformed VTCLX with an annualized return of 2.15%, while VTCLX has yielded a comparatively higher 15.47% annualized return.
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%
VTCLX
- 1D
- 0.22%
- 1M
- 5.61%
- YTD
- 11.31%
- 6M
- 11.26%
- 1Y
- 28.29%
- 3Y*
- 22.21%
- 5Y*
- 13.46%
- 10Y*
- 15.47%
VMLUX vs. VTCLX - 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% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 11.31% | 17.44% | 23.76% | 26.62% | -19.07% | 26.87% | 21.08% | 31.47% | -4.98% | 22.40% |
Correlation
The correlation between VMLUX and VTCLX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | -0.06 |
The correlation between VMLUX and VTCLX shifts across timeframes, from -0.06 (all time) to 0.10 (3 years), reflecting how their relationship changes across market environments.
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. VTCLX — Risk / Return Rank
VMLUX
VTCLX
VMLUX vs. VTCLX - 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 Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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 | VTCLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.98 | 1.44 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 3.32 | -0.41 |
| Martin ratioReturn relative to average drawdown | 9.76 | 15.43 | -5.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VMLUX | VTCLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.96 | 2.43 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.18 | 0.79 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | 0.85 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.48 | 0.53 | +0.95 |
Drawdowns
VMLUX vs. VTCLX - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum VTCLX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VMLUX and VTCLX.
Loading charts...
Drawdown Indicators
| VMLUX | VTCLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -55.18% | +48.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -8.79% | +7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -19.01% | +16.99% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -24.98% | +19.38% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -34.56% | +28.15% |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -7.57% | +7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 1.89% | -1.43% |
Volatility
VMLUX vs. VTCLX - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.46%, while Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a volatility of 2.86%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VMLUX | VTCLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 2.86% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.15% | 9.09% | -7.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 12.01% | -10.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.87% | 17.22% | -15.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 18.28% | -16.35% |
VMLUX vs. VTCLX - Expense Ratio Comparison
Both VMLUX and VTCLX 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. VTCLX - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.16%, more than VTCLX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.85% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
Frequently Asked Questions
VMLUX and VTCLX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTCLX has higher volatility (2.86%) compared to VMLUX (0.46%). In terms of maximum drawdown, VMLUX dropped -6.41% vs VTCLX's -55.18%.
VMLUX currently has the higher Sharpe Ratio (2.96 vs 2.43), 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 VTCLX
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