VWIUX vs. GSMIX
VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and GSMIX (Goldman Sachs Dynamic Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, VWIUX returned 2.37%/yr vs 2.37%/yr for GSMIX. Their correlation of 0.84 suggests significant overlap in exposure. VWIUX charges 0.09%/yr vs 0.73%/yr for GSMIX.
Performance
VWIUX vs. GSMIX - Performance Comparison
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Returns By Period
In the year-to-date period, VWIUX achieves a 1.33% return, which is significantly lower than GSMIX's 1.79% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VWIUX at 2.37% and GSMIX at 2.37%.
VWIUX
- 1D
- 0.07%
- 1M
- 0.94%
- YTD
- 1.33%
- 6M
- 1.76%
- 1Y
- 6.50%
- 3Y*
- 4.46%
- 5Y*
- 1.75%
- 10Y*
- 2.37%
GSMIX
- 1D
- 0.07%
- 1M
- 1.02%
- YTD
- 1.79%
- 6M
- 2.16%
- 1Y
- 6.08%
- 3Y*
- 4.14%
- 5Y*
- 1.03%
- 10Y*
- 2.37%
VWIUX vs. GSMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 1.33% | 5.99% | 2.34% | 5.90% | -6.83% | 0.81% | 5.23% | 7.10% | 1.34% | 4.65% |
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 1.79% | 4.12% | 3.03% | 6.41% | -9.77% | 2.80% | 3.57% | 7.49% | 2.83% | 5.55% |
Correlation
The correlation between VWIUX and GSMIX is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001 | 0.84 |
The correlation between VWIUX and GSMIX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
VWIUX vs. GSMIX — Risk / Return Rank
VWIUX
GSMIX
VWIUX vs. GSMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and Goldman Sachs Dynamic Municipal Income Fund (GSMIX). 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.
| VWIUX | GSMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.63 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.50 | -0.31 |
| Martin ratioReturn relative to average drawdown | 7.04 | 8.47 | -1.42 |
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Drawdowns
VWIUX vs. GSMIX - Drawdown Comparison
The maximum VWIUX drawdown since its inception was -11.38%, smaller than the maximum GSMIX drawdown of -15.43%. Use the drawdown chart below to compare losses from any high point for VWIUX and GSMIX.
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Drawdown Indicators
| VWIUX | GSMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.38% | -15.43% | +4.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -2.46% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -4.40% | -5.37% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -11.38% | -14.33% | +2.95% |
Max Drawdown (10Y)Largest decline over 10 years | -11.38% | -14.33% | +2.95% |
Current DrawdownCurrent decline from peak | -0.87% | -0.15% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -2.39% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.72% | +0.21% |
Volatility
VWIUX vs. GSMIX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and Goldman Sachs Dynamic Municipal Income Fund (GSMIX) 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
| VWIUX | GSMIX | 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% | 1.75% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 2.36% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 3.67% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 3.91% | -0.49% |
VWIUX vs. GSMIX - Expense Ratio Comparison
VWIUX has a 0.09% expense ratio, which is lower than GSMIX's 0.73% expense ratio.
Dividends
VWIUX vs. GSMIX - Dividend Comparison
VWIUX's dividend yield for the trailing twelve months is around 3.33%, less than GSMIX's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSMIX Goldman Sachs Dynamic Municipal Income Fund | 3.49% | 4.32% | 3.31% | 2.82% | 1.86% | 1.92% | 2.11% | 2.57% | 2.79% | 2.99% | 3.35% | 3.43% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.33% | 4.06% | 3.63% | 2.78% | 2.51% | 1.89% | 2.40% | 2.88% | 2.89% | 2.82% | 2.91% | 2.96% |
Frequently Asked Questions
VWIUX and GSMIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSMIX has higher volatility (0.64%) compared to VWIUX (0.63%). In terms of maximum drawdown, VWIUX dropped -11.38% vs GSMIX's -15.43%.
VWIUX currently has the higher Sharpe Ratio (2.79 vs 2.60), 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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