VWIUX vs. TFI

Last updated Jun 5, 2026

VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) are both Municipal Bonds funds. Over the past 10 years, VWIUX returned 2.47%/yr vs 1.53%/yr for TFI. A 0.60 correlation means they provide meaningful diversification when combined. VWIUX charges 0.09%/yr vs 0.23%/yr for TFI.

Performance

VWIUX vs. TFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VWIUX having a 1.26% return and TFI slightly higher at 1.29%. Over the past 10 years, VWIUX has outperformed TFI with an annualized return of 2.47%, while TFI has yielded a comparatively lower 1.53% annualized return.

VWIUX

• 1D: -0.07%
• 1M: 0.50%
• YTD: 1.26%
• 6M: 1.76%
• 1Y: 6.74%
• 3Y*: 4.53%
• 5Y*: 1.69%
• 10Y*: 2.47%

TFI

• 1D: 0.10%
• 1M: 0.77%
• YTD: 1.29%
• 6M: 1.72%
• 1Y: 6.58%
• 3Y*: 2.97%
• 5Y*: -0.05%
• 10Y*: 1.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VWIUX vs. TFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.26%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	1.34%	4.65%
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	1.29%	3.62%	-0.01%	5.62%	-10.17%	0.25%	5.82%	7.41%	0.52%	5.50%

Correlation

The correlation between VWIUX and TFI is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 14, 2007	0.60

The correlation between VWIUX and TFI shifts across timeframes, from 0.60 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VWIUX vs. TFI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VWIUX

VWIUX Risk / Return Rank: 70
VWIUX Sharpe Ratio Rank: 89
VWIUX Sortino Ratio Rank: 93
VWIUX Omega Ratio Rank: 95
VWIUX Calmar Ratio Rank: 37
VWIUX Martin Ratio Rank: 35

TFI

TFI Risk / Return Rank: 66
TFI Sharpe Ratio Rank: 73
TFI Sortino Ratio Rank: 77
TFI Omega Ratio Rank: 83
TFI Calmar Ratio Rank: 49
TFI Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VWIUX vs. TFI - 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 SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI). 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.

	VWIUX	TFI	Difference
Sharpe ratio: Return per unit of total volatility	2.95	2.35	+0.60
Sortino ratio: Return per unit of downside risk	4.73	3.40	+1.33
Omega ratio: Gain probability vs. loss probability	1.79	1.50	+0.30
Calmar ratio: Return relative to maximum drawdown	2.32	2.37	-0.05
Martin ratio: Return relative to average drawdown	7.71	7.79	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWIUX vs. TFI - Sharpe Ratio Comparison

The current VWIUX Sharpe Ratio is 2.95, which is comparable to the TFI Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of VWIUX and TFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VWIUX	TFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	2.35	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.01	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.31	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.51	+0.61

Drawdowns

VWIUX vs. TFI - Drawdown Comparison

The maximum VWIUX drawdown since its inception was -11.38%, smaller than the maximum TFI drawdown of -15.49%. Use the drawdown chart below to compare losses from any high point for VWIUX and TFI.

Drawdown Indicators

	VWIUX	TFI	Difference
Max Drawdown Largest peak-to-trough decline	-11.38%	-15.49%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-2.79%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-4.40%	-6.81%	+2.41%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	-15.41%	+4.03%
Max Drawdown (10Y) Largest decline over 10 years	-11.38%	-15.49%	+4.11%
Current Drawdown Current decline from peak	-0.95%	-1.12%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.44%	-2.97%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.85%	+0.05%

Volatility

VWIUX vs. TFI - Volatility Comparison

Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) have volatilities of 0.88% and 0.90%, 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.

Volatility by Period

	VWIUX	TFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.90%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	2.10%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	2.82%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	4.30%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	5.00%	-1.57%

VWIUX vs. TFI - Expense Ratio Comparison

VWIUX has a 0.09% expense ratio, which is lower than TFI's 0.23% 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

VWIUX vs. TFI - Dividend Comparison

VWIUX's dividend yield for the trailing twelve months is around 3.33%, less than TFI's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	3.48%	3.32%	3.01%	2.41%	1.87%	1.71%	1.91%	2.14%	2.26%	2.16%	2.39%	2.40%
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

Can I hold both VWIUX and TFI in my portfolio?

VWIUX and TFI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWIUX or TFI?

TFI has higher volatility (0.90%) compared to VWIUX (0.88%). In terms of maximum drawdown, VWIUX dropped -11.38% vs TFI's -15.49%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.95 vs 2.35), 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.