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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VWALX or VMLUX.
Key characteristics
| VWALX | VMLUX | |
|---|---|---|
| YTD Return | 3.42% | 2.60% |
| 1Y Return | 11.14% | 5.39% |
| 3Y Return (Ann) | -0.35% | 1.32% |
| 5Y Return (Ann) | 1.71% | 1.66% |
| 10Y Return (Ann) | 3.20% | 1.70% |
| Sharpe Ratio | 2.68 | 3.25 |
| Sortino Ratio | 4.08 | 5.56 |
| Omega Ratio | 1.65 | 1.95 |
| Calmar Ratio | 0.96 | 3.17 |
| Martin Ratio | 13.39 | 17.20 |
| Ulcer Index | 0.84% | 0.32% |
| Daily Std Dev | 4.20% | 1.69% |
| Max Drawdown | -17.74% | -6.41% |
| Current Drawdown | -1.72% | -0.48% |
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.
Performance
VWALX vs. VMLUX - Performance Comparison
In the year-to-date period, VWALX achieves a 3.42% return, which is significantly higher than VMLUX's 2.60% return. Over the past 10 years, VWALX has outperformed VMLUX with an annualized return of 3.20%, while VMLUX has yielded a comparatively lower 1.70% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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%.
Risk-Adjusted Performance
VWALX vs. VMLUX - Risk-Adjusted Performance 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.
Dividends
VWALX vs. VMLUX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 3.78%, more than VMLUX's 2.81% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 3.78% | 3.59% | 3.44% | 2.93% | 3.16% | 3.44% | 3.84% | 3.77% | 3.88% | 3.75% | 3.83% | 4.19% |
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
VWALX vs. VMLUX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.74%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VWALX and VMLUX. For additional features, visit the drawdowns tool.
Volatility
VWALX vs. VMLUX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 2.02% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.75%. 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.