VTCLX vs. VMLTX
VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both mutual funds - VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while VMLTX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, VTCLX returned 15.64%/yr vs 2.08%/yr for VMLTX. At a correlation of -0.07, they often move in opposite directions. VTCLX charges 0.05%/yr vs 0.17%/yr for VMLTX.
Performance
VTCLX vs. VMLTX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTCLX achieves a 9.59% return, which is significantly higher than VMLTX's 1.01% return. Over the past 10 years, VTCLX has outperformed VMLTX with an annualized return of 15.64%, while VMLTX has yielded a comparatively lower 2.08% annualized return.
VTCLX
- 1D
- -0.40%
- 1M
- 0.38%
- YTD
- 9.59%
- 6M
- 8.51%
- 1Y
- 25.09%
- 3Y*
- 20.96%
- 5Y*
- 12.76%
- 10Y*
- 15.64%
VMLTX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 3.98%
- 3Y*
- 4.14%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
VTCLX vs. VMLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 9.59% | 17.44% | 23.76% | 26.62% | -19.07% | 26.87% | 21.08% | 31.47% | -4.98% | 22.40% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 1.01% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
Correlation
The correlation between VTCLX and VMLTX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
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 Nov 12, 2001 | -0.07 |
The correlation between VTCLX and VMLTX shifts across timeframes, from -0.07 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTCLX vs. VMLTX — Risk / Return Rank
VTCLX
VMLTX
VTCLX vs. VMLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VTCLX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.86 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.61 | +0.39 |
| Martin ratioReturn relative to average drawdown | 13.52 | 8.49 | +5.03 |
Loading charts...
Drawdowns
VTCLX vs. VMLTX - Drawdown Comparison
The maximum VTCLX drawdown since its inception was -55.18%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VTCLX and VMLTX.
Loading charts...
Drawdown Indicators
| VTCLX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -6.41% | -48.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -1.53% | -7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -2.02% | -16.99% |
Max Drawdown (5Y)Largest decline over 5 years | -24.98% | -5.69% | -19.29% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -6.41% | -28.15% |
Current DrawdownCurrent decline from peak | -1.55% | -0.40% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -7.55% | -0.48% | -7.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.47% | +1.48% |
Volatility
VTCLX vs. VMLTX - Volatility Comparison
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a higher volatility of 4.68% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.37%. This indicates that VTCLX's price experiences larger fluctuations and is considered to be riskier than VMLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VTCLX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 0.37% | +4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.93% | 1.13% | +8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 1.49% | +11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.31% | 1.86% | +15.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 1.93% | +16.39% |
VTCLX vs. VMLTX - Expense Ratio Comparison
VTCLX has a 0.05% expense ratio, which is lower than VMLTX's 0.17% 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
VTCLX vs. VMLTX - Dividend Comparison
VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than VMLTX's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.07% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.91% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
Frequently Asked Questions
VTCLX and VMLTX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTCLX has higher volatility (4.68%) compared to VMLTX (0.37%). In terms of maximum drawdown, VTCLX dropped -55.18% vs VMLTX's -6.41%.
VMLTX currently has the higher Sharpe Ratio (2.68 vs 2.09), 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.
Find the right allocation for VTCLX and VMLTX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer