VONE vs. VMLUX

Last updated Jun 5, 2026

VONE (Vanguard Russell 1000 ETF) and VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) are both funds - VONE is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while VMLUX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VONE returned 15.24%/yr vs 2.15%/yr for VMLUX. At a correlation of -0.03, they often move in opposite directions. VONE charges 0.08%/yr vs 0.09%/yr for VMLUX.

Performance

VONE vs. VMLUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 ETF (VONE) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VONE achieves a 11.05% return, which is significantly higher than VMLUX's 1.05% return. Over the past 10 years, VONE has outperformed VMLUX with an annualized return of 15.24%, while VMLUX has yielded a comparatively lower 2.15% annualized return.

VONE

• 1D: 0.44%
• 1M: 4.62%
• YTD: 11.05%
• 6M: 10.88%
• 1Y: 27.69%
• 3Y*: 22.42%
• 5Y*: 13.18%
• 10Y*: 15.24%

VMLUX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.05%
• 6M: 1.41%
• 1Y: 4.35%
• 3Y*: 4.34%
• 5Y*: 2.21%
• 10Y*: 2.15%

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

VONE vs. VMLUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONE Vanguard Russell 1000 ETF	11.05%	17.21%	24.51%	26.41%	-19.14%	26.49%	20.95%	31.12%	-4.84%	21.55%
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%

Correlation

The correlation between VONE and VMLUX 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 Sep 23, 2010	-0.03

The correlation between VONE and VMLUX shifts across timeframes, from -0.03 (all time) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VONE vs. VMLUX — Risk / Return Rank

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

VONE

VONE Risk / Return Rank: 71
VONE Sharpe Ratio Rank: 72
VONE Sortino Ratio Rank: 72
VONE Omega Ratio Rank: 71
VONE Calmar Ratio Rank: 64
VONE Martin Ratio Rank: 77

VMLUX

VMLUX Risk / Return Rank: 77
VMLUX Sharpe Ratio Rank: 89
VMLUX Sortino Ratio Rank: 96
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 58
VMLUX Martin Ratio Rank: 47

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.

VONE vs. VMLUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 ETF (VONE) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). 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.

	VONE	VMLUX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.96	-0.63
Sortino ratio: Return per unit of downside risk	3.19	5.48	-2.29
Omega ratio: Gain probability vs. loss probability	1.42	1.98	-0.56
Calmar ratio: Return relative to maximum drawdown	3.14	2.91	+0.23
Martin ratio: Return relative to average drawdown	14.49	9.74	+4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VONE vs. VMLUX - Sharpe Ratio Comparison

The current VONE Sharpe Ratio is 2.32, which is comparable to the VMLUX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of VONE and VMLUX, 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

	VONE	VMLUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.96	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.18	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	1.12	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.48	-0.63

Drawdowns

VONE vs. VMLUX - Drawdown Comparison

The maximum VONE drawdown since its inception was -34.66%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VONE and VMLUX.

Drawdown Indicators

	VONE	VMLUX	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-6.41%	-28.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-1.53%	-7.32%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-2.02%	-17.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-5.60%	-19.52%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-6.41%	-28.25%
Current Drawdown Current decline from peak	-0.27%	-0.38%	+0.11%
Average Drawdown Average peak-to-trough decline	-3.91%	-0.54%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.46%	+1.46%

Volatility

VONE vs. VMLUX - Volatility Comparison

Vanguard Russell 1000 ETF (VONE) has a higher volatility of 2.77% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.46%. This indicates that VONE's price experiences larger fluctuations and is considered to be riskier than VMLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VONE	VMLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	0.46%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	1.14%	+7.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.97%	1.51%	+10.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	1.87%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	1.93%	+16.32%

VONE vs. VMLUX - Expense Ratio Comparison

VONE has a 0.08% expense ratio, which is lower than VMLUX's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VONE vs. VMLUX - Dividend Comparison

VONE's dividend yield for the trailing twelve months is around 0.99%, less than VMLUX's 3.16% 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%
VONE Vanguard Russell 1000 ETF	0.99%	1.07%	1.20%	1.40%	1.59%	1.16%	1.45%	1.65%	1.96%	1.69%	1.89%	1.89%

Frequently Asked Questions

Can I hold both VONE and VMLUX in my portfolio?

VONE and VMLUX 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.

Which is riskier, VONE or VMLUX?

VONE has higher volatility (2.77%) compared to VMLUX (0.46%). In terms of maximum drawdown, VONE dropped -34.66% vs VMLUX's -6.41%.

Which has better risk-adjusted returns?

VMLUX currently has the higher Sharpe Ratio (2.96 vs 2.32), 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.