VPAIX vs. DMREX
VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, VPAIX returned 2.73%/yr vs 2.88%/yr for DMREX. At a 0.27 correlation, their price movements are largely independent. VPAIX charges 0.17%/yr vs 0.24%/yr for DMREX.
Performance
VPAIX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, VPAIX achieves a 1.74% return, which is significantly lower than DMREX's 2.23% return. Over the past 10 years, VPAIX has underperformed DMREX with an annualized return of 2.73%, while DMREX has yielded a comparatively higher 2.88% annualized return.
VPAIX
- 1D
- 0.28%
- 1M
- 0.87%
- YTD
- 1.74%
- 6M
- 2.24%
- 1Y
- 8.59%
- 3Y*
- 4.78%
- 5Y*
- 1.30%
- 10Y*
- 2.73%
DMREX
- 1D
- 0.09%
- 1M
- 0.28%
- YTD
- 2.23%
- 6M
- 2.29%
- 1Y
- 3.60%
- 3Y*
- 3.40%
- 5Y*
- 2.55%
- 10Y*
- 2.88%
VPAIX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 1.74% | 5.27% | 2.59% | 7.25% | -10.20% | 1.97% | 5.86% | 9.05% | 1.11% | 6.61% |
DMREX DFA Municipal Real Return Portfolio | 2.23% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between VPAIX and DMREX is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015 | 0.27 |
Over the past year, the correlation between VPAIX and DMREX has dropped to 0.01 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
VPAIX vs. DMREX — Risk / Return Rank
VPAIX
DMREX
VPAIX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| VPAIX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 2.12 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 7.10 | -4.35 |
| Martin ratioReturn relative to average drawdown | 9.84 | 16.54 | -6.71 |
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
| VPAIX | DMREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.82 | 3.67 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 1.04 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.92 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.88 | +0.25 |
Drawdowns
VPAIX vs. DMREX - Drawdown Comparison
The maximum VPAIX drawdown since its inception was -19.51%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for VPAIX and DMREX.
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Drawdown Indicators
| VPAIX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -13.22% | -6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -0.51% | -2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -2.48% | -4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -15.76% | -5.33% | -10.43% |
Max Drawdown (10Y)Largest decline over 10 years | -15.76% | -13.22% | -2.54% |
Current DrawdownCurrent decline from peak | -0.26% | 0.00% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -0.88% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.22% | +0.64% |
Volatility
VPAIX vs. DMREX - Volatility Comparison
Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a higher volatility of 1.24% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.39%. This indicates that VPAIX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPAIX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 0.39% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 0.79% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 0.99% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 2.45% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 3.14% | +1.27% |
VPAIX vs. DMREX - Expense Ratio Comparison
VPAIX has a 0.17% expense ratio, which is lower than DMREX's 0.24% 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
VPAIX vs. DMREX - Dividend Comparison
VPAIX's dividend yield for the trailing twelve months is around 3.66%, more than DMREX's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.24% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 3.66% | 4.48% | 4.04% | 3.25% | 3.12% | 2.45% | 3.16% | 3.70% | 3.91% | 3.93% | 4.10% | 3.92% |
Frequently Asked Questions
VPAIX and DMREX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPAIX has higher volatility (1.24%) compared to DMREX (0.39%). In terms of maximum drawdown, VPAIX dropped -19.51% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (3.67 vs 2.82), 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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