VWITX vs. VMLTX
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWITX returned 2.27%/yr vs 2.08%/yr for VMLTX. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.17% expense ratio.
Performance
VWITX vs. VMLTX - Performance Comparison
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Returns By Period
In the year-to-date period, VWITX achieves a 1.23% return, which is significantly higher than VMLTX's 1.01% return. Over the past 10 years, VWITX has outperformed VMLTX with an annualized return of 2.27%, while VMLTX has yielded a comparatively lower 2.08% annualized return.
VWITX
- 1D
- -0.07%
- 1M
- 1.23%
- YTD
- 1.23%
- 6M
- 1.65%
- 1Y
- 6.26%
- 3Y*
- 4.33%
- 5Y*
- 1.63%
- 10Y*
- 2.27%
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%
VWITX vs. VMLTX - 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% |
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 VWITX and VMLTX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 1987 | 0.74 |
The correlation between VWITX and VMLTX shifts across timeframes, from 0.74 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWITX vs. VMLTX — Risk / Return Rank
VWITX
VMLTX
VWITX vs. VMLTX - 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 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.
| VWITX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.86 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.61 | -0.45 |
| Martin ratioReturn relative to average drawdown | 6.95 | 8.49 | -1.54 |
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Drawdowns
VWITX vs. VMLTX - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VWITX and VMLTX.
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Drawdown Indicators
| VWITX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -6.41% | -22.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -1.53% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.42% | -2.02% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | -5.69% | -5.77% |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | -6.41% | -5.05% |
Current DrawdownCurrent decline from peak | -0.97% | -0.40% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -0.48% | -3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.47% | +0.46% |
Volatility
VWITX vs. VMLTX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) has a higher volatility of 0.63% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.37%. This indicates that VWITX'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.
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Volatility by Period
| VWITX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.37% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.13% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 1.49% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 1.86% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 1.93% | +1.49% |
VWITX vs. VMLTX - Expense Ratio Comparison
Both VWITX and VMLTX have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VWITX vs. VMLTX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.25%, more 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% |
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 VMLTX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWITX has higher volatility (0.63%) compared to VMLTX (0.37%). In terms of maximum drawdown, VWITX dropped -29.13% vs VMLTX's -6.41%.
VWITX currently has the higher Sharpe Ratio (2.77 vs 2.68), 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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