VNYUX vs. VWLUX

Last updated Jun 3, 2026

VNYUX (Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares) and VWLUX (Vanguard Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VNYUX returned 2.52%/yr vs 2.68%/yr for VWLUX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

VNYUX vs. VWLUX - Performance Comparison

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

Returns By Period

In the year-to-date period, VNYUX achieves a 1.95% return, which is significantly higher than VWLUX's 1.69% return. Over the past 10 years, VNYUX has underperformed VWLUX with an annualized return of 2.52%, while VWLUX has yielded a comparatively higher 2.68% annualized return.

VNYUX

• 1D: 0.00%
• 1M: 0.59%
• YTD: 1.95%
• 6M: 2.37%
• 1Y: 8.51%
• 3Y*: 4.70%
• 5Y*: 1.26%
• 10Y*: 2.52%

VWLUX

• 1D: -0.09%
• 1M: 0.51%
• YTD: 1.69%
• 6M: 2.11%
• 1Y: 8.08%
• 3Y*: 4.67%
• 5Y*: 1.28%
• 10Y*: 2.68%

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

VNYUX vs. VWLUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares	1.95%	4.79%	2.58%	8.05%	-10.92%	2.09%	5.60%	8.71%	0.59%	5.89%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	1.69%	4.90%	2.54%	7.65%	-10.35%	1.89%	6.29%	8.87%	0.99%	6.56%

Correlation

The correlation between VNYUX and VWLUX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 15, 2001	0.92

The correlation between VNYUX and VWLUX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

VNYUX vs. VWLUX — Risk / Return Rank

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

VNYUX

VNYUX Risk / Return Rank: 69
VNYUX Sharpe Ratio Rank: 77
VNYUX Sortino Ratio Rank: 84
VNYUX Omega Ratio Rank: 86
VNYUX Calmar Ratio Rank: 50
VNYUX Martin Ratio Rank: 45

VWLUX

VWLUX Risk / Return Rank: 68
VWLUX Sharpe Ratio Rank: 76
VWLUX Sortino Ratio Rank: 85
VWLUX Omega Ratio Rank: 89
VWLUX Calmar Ratio Rank: 45
VWLUX Martin Ratio Rank: 43

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.

VNYUX vs. VWLUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX) and Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX). 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.

	VNYUX	VWLUX	Difference
Sharpe ratio Return per unit of total volatility	2.55	2.53	+0.02
Sortino ratio Return per unit of downside risk	3.99	4.04	-0.05
Omega ratio Gain probability vs. loss probability	1.60	1.63	-0.03
Calmar ratio Return relative to maximum drawdown	2.74	2.59	+0.14
Martin ratio Return relative to average drawdown	9.64	9.31	+0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNYUX vs. VWLUX - Sharpe Ratio Comparison

The current VNYUX Sharpe Ratio is 2.55, which is comparable to the VWLUX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VNYUX and VWLUX, 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

	VNYUX	VWLUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.53	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.28	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.60	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.99	-0.04

Drawdowns

VNYUX vs. VWLUX - Drawdown Comparison

The maximum VNYUX drawdown since its inception was -16.59%, roughly equal to the maximum VWLUX drawdown of -15.94%. Use the drawdown chart below to compare losses from any high point for VNYUX and VWLUX.

Drawdown Indicators

	VNYUX	VWLUX	Difference
Max Drawdown Largest peak-to-trough decline	-16.59%	-15.94%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-3.09%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.10%	-6.90%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-16.59%	-15.94%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-16.59%	-15.94%	-0.65%
Current Drawdown Current decline from peak	-0.42%	-0.50%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.09%	-2.09%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.86%	+0.01%

Volatility

VNYUX vs. VWLUX - Volatility Comparison

Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX) and Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) have volatilities of 1.27% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNYUX	VWLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.24%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.34%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	3.10%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.78%	4.60%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.61%	4.51%	+0.10%

VNYUX vs. VWLUX - Expense Ratio Comparison

Both VNYUX and VWLUX 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

VNYUX vs. VWLUX - Dividend Comparison

VNYUX's dividend yield for the trailing twelve months is around 3.70%, less than VWLUX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares	3.70%	4.50%	4.02%	2.89%	2.94%	2.82%	3.51%	3.61%	3.52%	3.73%	3.93%	3.44%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	3.78%	4.61%	4.08%	3.17%	3.00%	2.70%	3.32%	3.91%	3.58%	3.80%	4.09%	3.87%

Frequently Asked Questions

Can I hold both VNYUX and VWLUX in my portfolio?

With a correlation of 0.91, VNYUX and VWLUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VNYUX or VWLUX?

VNYUX has higher volatility (1.27%) compared to VWLUX (1.24%). In terms of maximum drawdown, VNYUX dropped -16.59% vs VWLUX's -15.94%.

Which has better risk-adjusted returns?

VNYUX currently has the higher Sharpe Ratio (2.55 vs 2.53), 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.