VWIUX vs. VMLTX
VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and VMLTX (Vanguard Limited-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWIUX returned 2.47%/yr vs 2.13%/yr for VMLTX. A 0.77 correlation means they provide meaningful diversification when combined. VWIUX charges 0.09%/yr vs 0.17%/yr for VMLTX.
Performance
VWIUX vs. VMLTX - Performance Comparison
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Returns By Period
In the year-to-date period, VWIUX achieves a 1.26% return, which is significantly higher than VMLTX's 1.01% return. Over the past 10 years, VWIUX has outperformed VMLTX with an annualized return of 2.47%, while VMLTX has yielded a comparatively lower 2.13% 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%
VMLTX
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.01%
- 6M
- 1.37%
- 1Y
- 4.26%
- 3Y*
- 4.24%
- 5Y*
- 2.12%
- 10Y*
- 2.13%
VWIUX vs. VMLTX - 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% |
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 VWIUX 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 | 0.82 |
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 Feb 13, 2001 | 0.77 |
The correlation between VWIUX 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
VWIUX vs. VMLTX — Risk / Return Rank
VWIUX
VMLTX
VWIUX vs. VMLTX - 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 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.
| VWIUX | VMLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.96 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.86 | -0.54 |
| Martin ratioReturn relative to average drawdown | 7.71 | 9.48 | -1.77 |
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
| VWIUX | VMLTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 2.93 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 1.14 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 1.10 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 1.93 | -0.80 |
Drawdowns
VWIUX vs. VMLTX - Drawdown Comparison
The maximum VWIUX drawdown since its inception was -11.38%, which is greater than VMLTX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VWIUX and VMLTX.
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Drawdown Indicators
| VWIUX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.38% | -6.41% | -4.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -1.53% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.40% | -2.02% | -2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -11.38% | -5.69% | -5.69% |
Max Drawdown (10Y)Largest decline over 10 years | -11.38% | -6.41% | -4.97% |
Current DrawdownCurrent decline from peak | -0.95% | -0.40% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -0.48% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.46% | +0.44% |
Volatility
VWIUX vs. VMLTX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) has a higher volatility of 0.88% compared to Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) at 0.46%. This indicates that VWIUX'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
| VWIUX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.46% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.13% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 1.49% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 1.86% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 1.93% | +1.50% |
VWIUX vs. VMLTX - Expense Ratio Comparison
VWIUX has a 0.09% expense ratio, which is lower than VMLTX's 0.17% 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. VMLTX - Dividend Comparison
VWIUX's dividend yield for the trailing twelve months is around 3.33%, 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% |
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 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.
VWIUX has higher volatility (0.88%) compared to VMLTX (0.46%). In terms of maximum drawdown, VWIUX dropped -11.38% vs VMLTX's -6.41%.
VWIUX currently has the higher Sharpe Ratio (2.95 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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