VPAIX vs. VFIIX
Compare and contrast key facts about Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) and Vanguard GNMA Fund Investor Shares (VFIIX).
VPAIX is managed by Vanguard. It was launched on Apr 7, 1986. VFIIX is managed by Vanguard. It was launched on Jun 27, 1980.
Performance
VPAIX vs. VFIIX - Performance Comparison
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VPAIX vs. VFIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | -0.88% | 5.27% | 2.59% | 7.25% | -10.20% | 1.97% | 5.86% | 9.05% | 1.11% | 6.61% |
VFIIX Vanguard GNMA Fund Investor Shares | 0.07% | 7.73% | 1.07% | 5.17% | -10.81% | -1.24% | 3.73% | 5.84% | 0.89% | 1.88% |
Returns By Period
In the year-to-date period, VPAIX achieves a -0.88% return, which is significantly lower than VFIIX's 0.07% return. Over the past 10 years, VPAIX has outperformed VFIIX with an annualized return of 2.62%, while VFIIX has yielded a comparatively lower 1.30% annualized return.
VPAIX
- 1D
- 0.28%
- 1M
- -2.82%
- YTD
- -0.88%
- 6M
- 1.35%
- 1Y
- 4.37%
- 3Y*
- 3.71%
- 5Y*
- 1.13%
- 10Y*
- 2.62%
VFIIX
- 1D
- 0.43%
- 1M
- -2.08%
- YTD
- 0.07%
- 6M
- 1.42%
- 1Y
- 4.76%
- 3Y*
- 3.74%
- 5Y*
- 0.34%
- 10Y*
- 1.30%
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VPAIX vs. VFIIX - Expense Ratio Comparison
VPAIX has a 0.17% expense ratio, which is lower than VFIIX's 0.21% 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%.
Return for Risk
VPAIX vs. VFIIX — Risk / Return Rank
VPAIX
VFIIX
VPAIX vs. VFIIX - 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 Vanguard GNMA Fund Investor Shares (VFIIX). 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 | VFIIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.98 | 1.20 | -0.21 |
Sortino ratioReturn per unit of downside risk | 1.35 | 1.73 | -0.38 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 2.22 | -1.14 |
Martin ratioReturn relative to average drawdown | 3.33 | 6.13 | -2.79 |
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 | VFIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 1.20 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.06 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.28 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 0.64 | +0.49 |
Correlation
The correlation between VPAIX and VFIIX is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VPAIX vs. VFIIX - Dividend Comparison
VPAIX's dividend yield for the trailing twelve months is around 3.69%, more than VFIIX's 3.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 3.69% | 4.48% | 4.04% | 3.25% | 3.12% | 2.45% | 3.16% | 3.70% | 3.91% | 3.93% | 4.10% | 3.92% |
VFIIX Vanguard GNMA Fund Investor Shares | 3.36% | 3.62% | 3.58% | 3.23% | 2.34% | 0.63% | 1.87% | 2.76% | 2.90% | 2.64% | 3.01% | 2.84% |
Drawdowns
VPAIX vs. VFIIX - Drawdown Comparison
The maximum VPAIX drawdown since its inception was -19.51%, smaller than the maximum VFIIX drawdown of -25.80%. Use the drawdown chart below to compare losses from any high point for VPAIX and VFIIX.
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Drawdown Indicators
| VPAIX | VFIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -25.80% | +6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -2.60% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -15.76% | -15.87% | +0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -15.76% | -16.20% | +0.44% |
Current DrawdownCurrent decline from peak | -2.82% | -2.08% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.98% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 0.94% | +0.74% |
Volatility
VPAIX vs. VFIIX - Volatility Comparison
The current volatility for Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) is 1.17%, while Vanguard GNMA Fund Investor Shares (VFIIX) has a volatility of 1.64%. This indicates that VPAIX experiences smaller price fluctuations and is considered to be less risky than VFIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPAIX | VFIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.64% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.82% | 2.62% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.33% | 4.37% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 6.15% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.39% | 4.66% | -0.27% |