VPAIX vs. VMATX
VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) and VMATX (Vanguard Massachusetts Tax-Exempt Fund) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VPAIX returned 2.73%/yr vs 2.45%/yr for VMATX. Their correlation of 0.92 suggests significant overlap in exposure. VPAIX charges 0.17%/yr vs 0.13%/yr for VMATX.
Performance
VPAIX vs. VMATX - 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 VMATX's 1.83% return. Over the past 10 years, VPAIX has outperformed VMATX with an annualized return of 2.73%, while VMATX has yielded a comparatively lower 2.45% 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%
VMATX
- 1D
- 0.20%
- 1M
- 0.90%
- YTD
- 1.83%
- 6M
- 2.24%
- 1Y
- 8.65%
- 3Y*
- 4.64%
- 5Y*
- 1.11%
- 10Y*
- 2.45%
VPAIX vs. VMATX - 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 1.83% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
Correlation
The correlation between VPAIX and VMATX is 0.89, 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 | 0.89 |
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 Dec 10, 1998 | 0.92 |
The correlation between VPAIX and VMATX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
VPAIX vs. VMATX — Risk / Return Rank
VPAIX
VMATX
VPAIX vs. VMATX - 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 Massachusetts Tax-Exempt Fund (VMATX). 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 | VMATX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.66 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.60 | +0.15 |
| Martin ratioReturn relative to average drawdown | 9.84 | 9.23 | +0.60 |
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 | VMATX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.82 | 2.70 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.24 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.53 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 1.00 | +0.13 |
Drawdowns
VPAIX vs. VMATX - Drawdown Comparison
The maximum VPAIX drawdown since its inception was -19.51%, which is greater than VMATX's maximum drawdown of -15.91%. Use the drawdown chart below to compare losses from any high point for VPAIX and VMATX.
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Drawdown Indicators
| VPAIX | VMATX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -15.91% | -3.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.30% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -6.68% | -0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -15.76% | -15.91% | +0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -15.76% | -15.91% | +0.15% |
Current DrawdownCurrent decline from peak | -0.26% | -0.44% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -2.10% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.93% | -0.07% |
Volatility
VPAIX vs. VMATX - Volatility Comparison
Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX) have volatilities of 1.24% and 1.19%, 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.
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Volatility by Period
| VPAIX | VMATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.19% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 2.42% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 3.20% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 4.66% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 4.65% | -0.24% |
VPAIX vs. VMATX - Expense Ratio Comparison
VPAIX has a 0.17% expense ratio, which is higher than VMATX's 0.13% expense ratio. However, 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. VMATX - Dividend Comparison
VPAIX's dividend yield for the trailing twelve months is around 3.66%, more than VMATX's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.61% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
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 VMATX have a correlation of 0.89, 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 VMATX (1.19%). In terms of maximum drawdown, VPAIX dropped -19.51% vs VMATX's -15.91%.
VPAIX currently has the higher Sharpe Ratio (2.82 vs 2.70), 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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