VNJTX vs. VWLTX

Last updated Jun 5, 2026

VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) and VWLTX (Vanguard Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VNJTX returned 3.07%/yr vs 2.61%/yr for VWLTX. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.17% expense ratio.

Performance

VNJTX vs. VWLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VNJTX having a 1.94% return and VWLTX slightly lower at 1.85%. Over the past 10 years, VNJTX has outperformed VWLTX with an annualized return of 3.07%, while VWLTX has yielded a comparatively lower 2.61% annualized return.

VNJTX

• 1D: 0.00%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.25%
• 1Y: 8.54%
• 3Y*: 4.75%
• 5Y*: 1.43%
• 10Y*: 3.07%

VWLTX

• 1D: -0.09%
• 1M: 0.78%
• YTD: 1.85%
• 6M: 2.26%
• 1Y: 7.99%
• 3Y*: 4.64%
• 5Y*: 1.20%
• 10Y*: 2.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VNJTX vs. VWLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	9.27%	1.53%	8.37%
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares	1.85%	4.80%	2.44%	7.56%	-10.43%	1.83%	6.21%	8.77%	0.89%	6.45%

Correlation

The correlation between VNJTX and VWLTX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 4, 1988	0.90

The correlation between VNJTX and VWLTX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

VNJTX vs. VWLTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VNJTX

VNJTX Risk / Return Rank: 77
VNJTX Sharpe Ratio Rank: 88
VNJTX Sortino Ratio Rank: 92
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 61
VNJTX Martin Ratio Rank: 53

VWLTX

VWLTX Risk / Return Rank: 72
VWLTX Sharpe Ratio Rank: 83
VWLTX Sortino Ratio Rank: 89
VWLTX Omega Ratio Rank: 91
VWLTX Calmar Ratio Rank: 50
VWLTX Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VNJTX vs. VWLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX). 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.

	VNJTX	VWLTX	Difference
Sharpe ratio: Return per unit of total volatility	2.90	2.71	+0.18
Sortino ratio: Return per unit of downside risk	4.60	4.35	+0.25
Omega ratio: Gain probability vs. loss probability	1.71	1.68	+0.03
Calmar ratio: Return relative to maximum drawdown	2.99	2.70	+0.29
Martin ratio: Return relative to average drawdown	10.74	9.64	+1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNJTX vs. VWLTX - Sharpe Ratio Comparison

The current VNJTX Sharpe Ratio is 2.90, which is comparable to the VWLTX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of VNJTX and VWLTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VNJTX	VWLTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.71	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.26	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.58	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.54	+0.72

Drawdowns

VNJTX vs. VWLTX - Drawdown Comparison

The maximum VNJTX drawdown since its inception was -15.71%, smaller than the maximum VWLTX drawdown of -49.97%. Use the drawdown chart below to compare losses from any high point for VNJTX and VWLTX.

Drawdown Indicators

	VNJTX	VWLTX	Difference
Max Drawdown Largest peak-to-trough decline	-15.71%	-49.97%	+34.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-3.09%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-6.88%	-6.92%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-15.71%	-16.01%	+0.30%
Max Drawdown (10Y) Largest decline over 10 years	-15.71%	-16.01%	+0.30%
Current Drawdown Current decline from peak	-0.23%	-0.34%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.86%	-10.18%	+8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.86%	-0.04%

Volatility

VNJTX vs. VWLTX - Volatility Comparison

The current volatility for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) is 1.14%, while Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) has a volatility of 1.26%. This indicates that VNJTX experiences smaller price fluctuations and is considered to be less risky than VWLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNJTX	VWLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.26%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.31%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	3.07%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	4.60%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	4.51%	+0.05%

VNJTX vs. VWLTX - Expense Ratio Comparison

Both VNJTX and VWLTX have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VNJTX vs. VWLTX - Dividend Comparison

VNJTX's dividend yield for the trailing twelve months is around 3.58%, less than VWLTX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares	3.69%	4.51%	3.98%	3.09%	2.91%	2.65%	3.24%	3.82%	3.49%	3.70%	3.98%	3.79%

Frequently Asked Questions

Can I hold both VNJTX and VWLTX in my portfolio?

VNJTX and VWLTX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNJTX or VWLTX?

VWLTX has higher volatility (1.26%) compared to VNJTX (1.14%). In terms of maximum drawdown, VNJTX dropped -15.71% vs VWLTX's -49.97%.

Which has better risk-adjusted returns?

VNJTX currently has the higher Sharpe Ratio (2.90 vs 2.71), 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.