VMLUX vs. VTEAX
Compare and contrast key facts about Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) and Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX).
VMLUX is managed by Vanguard. It was launched on Feb 12, 2001. VTEAX is managed by Vanguard. It was launched on Aug 25, 2015.
Performance
VMLUX vs. VTEAX - Performance Comparison
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VMLUX vs. VTEAX - 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% |
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | -0.49% | 3.67% | 1.63% | 6.39% | -8.21% | 1.43% | 4.97% | 7.45% | 0.99% | 4.94% |
Returns By Period
In the year-to-date period, VMLUX achieves a -0.12% return, which is significantly higher than VTEAX's -0.49% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VMLUX at 2.06% and VTEAX at 2.06%.
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%
VTEAX
- 1D
- 0.20%
- 1M
- -2.46%
- YTD
- -0.49%
- 6M
- 1.05%
- 1Y
- 3.84%
- 3Y*
- 2.77%
- 5Y*
- 0.85%
- 10Y*
- 2.06%
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VMLUX vs. VTEAX - Expense Ratio Comparison
Both VMLUX and VTEAX 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%.
Return for Risk
VMLUX vs. VTEAX — Risk / Return Rank
VMLUX
VTEAX
VMLUX vs. VTEAX - 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-Exempt Bond Index Fund Admiral Shares (VTEAX). 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 | VTEAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.97 | 0.95 | +1.02 |
Sortino ratioReturn per unit of downside risk | 2.95 | 1.25 | +1.70 |
Omega ratioGain probability vs. loss probability | 1.66 | 1.27 | +0.39 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 0.99 | +1.33 |
Martin ratioReturn relative to average drawdown | 10.14 | 3.27 | +6.86 |
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 | VTEAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 0.95 | +1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.24 | +0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | 0.57 | +0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.46 | 0.65 | +0.81 |
Correlation
The correlation between VMLUX and VTEAX is 0.70, 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. VTEAX - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 3.14%, more than VTEAX's 3.06% 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% |
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 3.06% | 3.26% | 3.36% | 2.98% | 2.05% | 1.60% | 1.97% | 2.27% | 2.24% | 1.95% | 1.67% | 0.59% |
Drawdowns
VMLUX vs. VTEAX - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum VTEAX drawdown of -12.75%. Use the drawdown chart below to compare losses from any high point for VMLUX and VTEAX.
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Drawdown Indicators
| VMLUX | VTEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -12.75% | +6.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -4.50% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -12.75% | +7.15% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -12.75% | +6.34% |
Current DrawdownCurrent decline from peak | -1.53% | -2.46% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -2.28% | +1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 1.36% | -0.90% |
Volatility
VMLUX vs. VTEAX - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.50%, while Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) has a volatility of 1.10%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than VTEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | VTEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 1.10% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 1.47% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 4.36% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.85% | 3.57% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 3.65% | -1.73% |