VWITX vs. VTEAX
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and VTEAX (Vanguard Tax-Exempt Bond Index Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWITX returned 2.27%/yr vs 2.04%/yr for VTEAX. Their correlation of 0.88 suggests significant overlap in exposure. VWITX charges 0.17%/yr vs 0.09%/yr for VTEAX.
Performance
VWITX vs. VTEAX - 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 VTEAX's 1.76% return. Over the past 10 years, VWITX has outperformed VTEAX with an annualized return of 2.27%, while VTEAX has yielded a comparatively lower 2.04% 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%
VTEAX
- 1D
- 0.00%
- 1M
- 1.63%
- YTD
- 1.76%
- 6M
- 1.96%
- 1Y
- 6.62%
- 3Y*
- 3.52%
- 5Y*
- 1.00%
- 10Y*
- 2.04%
VWITX vs. VTEAX - 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% |
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 1.76% | 3.67% | 1.63% | 6.39% | -8.21% | 1.43% | 4.97% | 7.45% | 0.99% | 4.94% |
Correlation
The correlation between VWITX and VTEAX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2015 | 0.88 |
The correlation between VWITX and VTEAX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
VWITX vs. VTEAX — Risk / Return Rank
VWITX
VTEAX
VWITX vs. VTEAX - 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 Tax-Exempt Bond Index Fund Admiral Shares (VTEAX). 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 | VTEAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.73 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.57 | -0.42 |
| Martin ratioReturn relative to average drawdown | 6.95 | 8.85 | -1.90 |
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Drawdowns
VWITX vs. VTEAX - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, which is greater than VTEAX's maximum drawdown of -12.75%. Use the drawdown chart below to compare losses from any high point for VWITX and VTEAX.
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Drawdown Indicators
| VWITX | VTEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -12.75% | -16.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -2.65% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.42% | -5.46% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | -12.75% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | -12.75% | +1.29% |
Current DrawdownCurrent decline from peak | -0.97% | -0.26% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -2.25% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.77% | +0.16% |
Volatility
VWITX vs. VTEAX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) have volatilities of 0.63% and 0.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWITX | VTEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.64% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.85% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 2.36% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 3.61% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 3.67% | -0.25% |
VWITX vs. VTEAX - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is higher than VTEAX's 0.09% expense ratio. However, 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. VTEAX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.25%, less than VTEAX's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 3.31% | 3.26% | 3.36% | 2.98% | 2.05% | 1.60% | 1.97% | 2.27% | 2.24% | 1.95% | 1.67% | 0.59% |
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 VTEAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEAX has higher volatility (0.64%) compared to VWITX (0.63%). In terms of maximum drawdown, VWITX dropped -29.13% vs VTEAX's -12.75%.
VTEAX currently has the higher Sharpe Ratio (2.89 vs 2.77), 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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