VMLUX vs. VWIUX
VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Both are actively managed. Over the past 10 years, VMLUX returned 2.03%/yr vs 2.21%/yr for VWIUX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.09% expense ratio.
Performance
VMLUX vs. VWIUX - Performance Comparison
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Returns By Period
In the year-to-date period, VMLUX achieves a 0.67% return, which is significantly higher than VWIUX's -0.07% return. Over the past 10 years, VMLUX has underperformed VWIUX with an annualized return of 2.03%, while VWIUX has yielded a comparatively higher 2.21% annualized return.
VMLUX
- 1D
- 0.00%
- 1M
- -0.73%
- 6M
- -0.04%
- YTD
- 0.67%
- 1Y
- 2.48%
- 3Y*
- 4.01%
- 5Y*
- 2.05%
- 10Y*
- 2.03%
- ALL TIME*
- 2.41%
VWIUX
- 1D
- -0.22%
- 1M
- -1.81%
- 6M
- -0.99%
- YTD
- -0.07%
- 1Y
- 4.13%
- 3Y*
- 3.83%
- 5Y*
- 1.28%
- 10Y*
- 2.21%
- ALL TIME*
- 3.36%
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. VWIUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 0.67% | 5.50% | 3.25% | 4.29% | -2.90% | 0.23% | 3.38% | 4.21% | 1.64% | 2.13% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | -0.07% | 5.99% | 2.34% | 5.90% | -6.83% | 0.81% | 5.23% | 7.10% | 1.34% | 4.65% |
Correlation
The correlation between VMLUX and VWIUX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001 | 0.77 |
The correlation between VMLUX and VWIUX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
VMLUX vs. VWIUX — Risk / Return Rank
VMLUX
VWIUX
VMLUX vs. VWIUX - 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 Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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 | VWIUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.48 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.64 | +0.34 |
| Martin ratioReturn relative to average drawdown | 6.21 | 4.84 | +1.38 |
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Drawdowns
VMLUX vs. VWIUX - Drawdown Comparison
The maximum VMLUX drawdown since its inception was -6.41%, smaller than the maximum VWIUX drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for VMLUX and VWIUX.
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Drawdown Indicators
| VMLUX | VWIUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.41% | -11.38% | +4.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.53% | -2.99% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -2.02% | -4.00% | +1.98% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -11.38% | +5.78% |
Max Drawdown (10Y)Largest decline over 10 years | -6.41% | -11.38% | +4.97% |
Current DrawdownCurrent decline from peak | -0.75% | -2.25% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -1.44% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 1.01% | -0.52% |
Volatility
VMLUX vs. VWIUX - Volatility Comparison
The current volatility for Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) is 0.47%, while Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) has a volatility of 0.79%. This indicates that VMLUX experiences smaller price fluctuations and is considered to be less risky than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMLUX | VWIUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.79% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 2.02% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 2.45% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.89% | 3.29% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.94% | 3.43% | -1.49% |
VMLUX vs. VWIUX - Expense Ratio Comparison
Both VMLUX and VWIUX 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. VWIUX - Dividend Comparison
VMLUX's dividend yield for the trailing twelve months is around 2.93%, less than VWIUX's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.12% | 4.06% | 3.63% | 2.78% | 2.51% | 1.89% | 2.40% | 2.88% | 2.89% | 2.82% | 2.91% | 2.96% |
Frequently Asked Questions
VMLUX and VWIUX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWIUX has higher volatility (0.79%) compared to VMLUX (0.47%). In terms of maximum drawdown, VMLUX dropped -6.41% vs VWIUX's -11.38%.
VWIUX currently has the higher Sharpe Ratio (2.00 vs 1.94), 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.
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