VWITX vs. DMREX
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, VWITX returned 2.38%/yr vs 2.89%/yr for DMREX. At a 0.29 correlation, their price movements are largely independent. VWITX charges 0.17%/yr vs 0.24%/yr for DMREX.
Performance
VWITX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, VWITX achieves a 1.23% return, which is significantly lower than DMREX's 2.33% return. Over the past 10 years, VWITX has underperformed DMREX with an annualized return of 2.38%, while DMREX has yielded a comparatively higher 2.89% annualized return.
VWITX
- 1D
- -0.07%
- 1M
- 0.49%
- YTD
- 1.23%
- 6M
- 1.72%
- 1Y
- 6.66%
- 3Y*
- 4.44%
- 5Y*
- 1.60%
- 10Y*
- 2.38%
DMREX
- 1D
- 0.09%
- 1M
- 0.37%
- YTD
- 2.33%
- 6M
- 2.38%
- 1Y
- 3.69%
- 3Y*
- 3.43%
- 5Y*
- 2.57%
- 10Y*
- 2.89%
VWITX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 1.23% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
DMREX DFA Municipal Real Return Portfolio | 2.33% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between VWITX and DMREX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015 | 0.29 |
Over the past year, the correlation between VWITX and DMREX has dropped to 0.01 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
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Return for Risk
VWITX vs. DMREX — Risk / Return Rank
VWITX
DMREX
VWITX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| VWITX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 2.15 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 7.28 | -5.00 |
| Martin ratioReturn relative to average drawdown | 7.58 | 16.98 | -9.40 |
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
| VWITX | DMREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 3.76 | -0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 1.05 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.93 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 0.89 | -0.12 |
Drawdowns
VWITX vs. DMREX - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for VWITX and DMREX.
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Drawdown Indicators
| VWITX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -13.22% | -15.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -0.51% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.42% | -2.48% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | -5.33% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | -13.22% | +1.76% |
Current DrawdownCurrent decline from peak | -0.97% | 0.00% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -3.58% | -0.88% | -2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.22% | +0.68% |
Volatility
VWITX vs. DMREX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) has a higher volatility of 0.88% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.39%. This indicates that VWITX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWITX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.39% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 0.79% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 0.99% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 2.45% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 3.14% | +0.28% |
VWITX vs. DMREX - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is lower than DMREX's 0.24% 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
VWITX vs. DMREX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.25%, which matches DMREX's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.24% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.25% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
VWITX and DMREX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWITX has higher volatility (0.88%) compared to DMREX (0.39%). In terms of maximum drawdown, VWITX dropped -29.13% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (3.76 vs 2.93), 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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