VWALX vs. VMLUX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX).
VWALX is managed by Vanguard. It was launched on Nov 12, 2001. VMLUX is managed by Vanguard. It was launched on Feb 12, 2001.
Performance
VWALX vs. VMLUX - Performance Comparison
Loading graphics...
VWALX vs. VMLUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.26% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | -0.03% | 5.50% | 3.25% | 4.29% | -2.90% | 0.23% | 3.38% | 4.21% | 1.64% | 2.13% |
Returns By Period
In the year-to-date period, VWALX achieves a -0.26% return, which is significantly lower than VMLUX's -0.03% return. Over the past 10 years, VWALX has outperformed VMLUX with an annualized return of 3.08%, while VMLUX has yielded a comparatively lower 2.07% annualized return.
VWALX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.26%
- 6M
- 1.36%
- 1Y
- 4.06%
- 3Y*
- 4.63%
- 5Y*
- 1.55%
- 10Y*
- 3.08%
VMLUX
- 1D
- 0.09%
- 1M
- -1.26%
- YTD
- -0.03%
- 6M
- 0.68%
- 1Y
- 3.86%
- 3Y*
- 3.81%
- 5Y*
- 2.07%
- 10Y*
- 2.07%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
VWALX vs. VMLUX - Expense Ratio Comparison
Both VWALX 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%.
Return for Risk
VWALX vs. VMLUX — Risk / Return Rank
VWALX
VMLUX
VWALX vs. VMLUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) 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.
| VWALX | VMLUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 1.77 | -0.98 |
Sortino ratioReturn per unit of downside risk | 1.08 | 2.55 | -1.48 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.57 | -0.35 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 2.32 | -1.35 |
Martin ratioReturn relative to average drawdown | 3.01 | 9.94 | -6.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| VWALX | VMLUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 1.77 | -0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 1.12 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 1.08 | -0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 1.47 | -0.40 |
Correlation
The correlation between VWALX and VMLUX is 0.73, 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.
Dividends
VWALX vs. VMLUX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.14%, more than VMLUX's 3.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.14% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares | 3.14% | 3.85% | 3.38% | 2.39% | 1.64% | 1.04% | 1.70% | 2.10% | 1.89% | 1.65% | 1.62% | 1.58% |
Drawdowns
VWALX vs. VMLUX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VWALX and VMLUX.
Loading graphics...
Drawdown Indicators
| VWALX | VMLUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -6.41% | -10.83% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -2.02% | -3.61% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -5.60% | -11.64% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -6.41% | -10.83% |
Current DrawdownCurrent decline from peak | -2.50% | -1.44% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -0.54% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 0.47% | +1.34% |
Volatility
VWALX vs. VMLUX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 1.29% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.52%. This indicates that VWALX'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.
Loading graphics...
Volatility by Period
| VWALX | VMLUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 0.52% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 1.03% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 2.34% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 1.85% | +2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 1.92% | +2.70% |