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VTEAX vs. VMLUX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

VTEAX vs. VMLUX - Performance Comparison

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

-1.00%0.00%1.00%2.00%3.00%JuneJulyAugustSeptemberOctoberNovember
2.63%
2.51%
VTEAX
VMLUX

Returns By Period

In the year-to-date period, VTEAX achieves a 1.75% return, which is significantly lower than VMLUX's 2.60% return.


VTEAX

YTD

1.75%

1M

-0.09%

6M

2.63%

1Y

5.89%

5Y (annualized)

1.19%

10Y (annualized)

N/A

VMLUX

YTD

2.60%

1M

-0.12%

6M

2.50%

1Y

4.89%

5Y (annualized)

1.63%

10Y (annualized)

1.69%

Key characteristics


VTEAXVMLUX
Sharpe Ratio1.982.93
Sortino Ratio2.904.93
Omega Ratio1.461.82
Calmar Ratio0.913.86
Martin Ratio7.4814.79
Ulcer Index0.82%0.33%
Daily Std Dev3.08%1.67%
Max Drawdown-12.74%-6.41%
Current Drawdown-1.22%-0.48%

Compare stocks, funds, or ETFs

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VTEAX vs. VMLUX - Expense Ratio Comparison

Both VTEAX and VMLUX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.


VTEAX
Vanguard Tax-Exempt Bond Index Fund Admiral Shares
Expense ratio chart for VTEAX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%
Expense ratio chart for VMLUX: current value at 0.09% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.09%

Correlation

-0.50.00.51.00.7

The correlation between VTEAX and VMLUX is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

VTEAX vs. VMLUX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) 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.


Sharpe ratio
The chart of Sharpe ratio for VTEAX, currently valued at 1.98, compared to the broader market0.002.004.001.982.93
The chart of Sortino ratio for VTEAX, currently valued at 2.90, compared to the broader market0.005.0010.002.904.93
The chart of Omega ratio for VTEAX, currently valued at 1.46, compared to the broader market1.002.003.004.001.461.82
The chart of Calmar ratio for VTEAX, currently valued at 0.91, compared to the broader market0.005.0010.0015.0020.0025.000.913.86
The chart of Martin ratio for VTEAX, currently valued at 7.48, compared to the broader market0.0020.0040.0060.0080.00100.007.4814.79
VTEAX
VMLUX

The current VTEAX Sharpe Ratio is 1.98, which is lower than the VMLUX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of VTEAX and VMLUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio1.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
1.98
2.93
VTEAX
VMLUX

Dividends

VTEAX vs. VMLUX - Dividend Comparison

VTEAX's dividend yield for the trailing twelve months is around 3.06%, more than VMLUX's 2.81% yield.


TTM20232022202120202019201820172016201520142013
VTEAX
Vanguard Tax-Exempt Bond Index Fund Admiral Shares
3.06%2.75%2.06%1.61%1.97%2.28%2.24%0.34%0.00%0.00%0.00%0.00%
VMLUX
Vanguard Limited-Term Tax-Exempt Fund Admiral Shares
2.81%2.39%1.64%1.29%1.70%1.96%1.90%1.66%1.64%1.59%1.68%1.75%

Drawdowns

VTEAX vs. VMLUX - Drawdown Comparison

The maximum VTEAX drawdown since its inception was -12.74%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VTEAX and VMLUX. For additional features, visit the drawdowns tool.


-5.00%-4.00%-3.00%-2.00%-1.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.22%
-0.48%
VTEAX
VMLUX

Volatility

VTEAX vs. VMLUX - Volatility Comparison

Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) has a higher volatility of 1.61% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.77%. This indicates that VTEAX'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.


0.50%1.00%1.50%JuneJulyAugustSeptemberOctoberNovember
1.61%
0.77%
VTEAX
VMLUX