VWIUX vs. VPALX
VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and VPALX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWIUX returned 2.47%/yr vs 2.76%/yr for VPALX. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
VWIUX vs. VPALX - Performance Comparison
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Returns By Period
In the year-to-date period, VWIUX achieves a 1.26% return, which is significantly lower than VPALX's 1.76% return. Over the past 10 years, VWIUX has underperformed VPALX with an annualized return of 2.47%, while VPALX has yielded a comparatively higher 2.76% 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%
VPALX
- 1D
- 0.00%
- 1M
- 0.87%
- YTD
- 1.76%
- 6M
- 2.36%
- 1Y
- 8.43%
- 3Y*
- 4.75%
- 5Y*
- 1.27%
- 10Y*
- 2.76%
VWIUX vs. VPALX - 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% |
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | 1.76% | 5.34% | 2.69% | 6.99% | -10.12% | 1.81% | 5.95% | 9.15% | 1.20% | 6.71% |
Correlation
The correlation between VWIUX and VPALX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 15, 2001 | 0.91 |
The correlation between VWIUX and VPALX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
VWIUX vs. VPALX — Risk / Return Rank
VWIUX
VPALX
VWIUX vs. VPALX - 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 Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX). 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 | VPALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.74 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.80 | -0.49 |
| Martin ratioReturn relative to average drawdown | 7.71 | 10.04 | -2.33 |
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 | VPALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 2.87 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.28 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.63 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 1.04 | +0.08 |
Drawdowns
VWIUX vs. VPALX - Drawdown Comparison
The maximum VWIUX drawdown since its inception was -11.38%, smaller than the maximum VPALX drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for VWIUX and VPALX.
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Drawdown Indicators
| VWIUX | VPALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.38% | -15.87% | +4.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -3.10% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.40% | -7.01% | +2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -11.38% | -15.87% | +4.49% |
Max Drawdown (10Y)Largest decline over 10 years | -11.38% | -15.87% | +4.49% |
Current DrawdownCurrent decline from peak | -0.95% | -0.24% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -1.96% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.86% | +0.04% |
Volatility
VWIUX vs. VPALX - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) is 0.88%, while Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX) has a volatility of 1.24%. This indicates that VWIUX experiences smaller price fluctuations and is considered to be less risky than VPALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWIUX | VPALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.24% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 2.30% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 3.03% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 4.50% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 4.41% | -0.98% |
VWIUX vs. VPALX - Expense Ratio Comparison
Both VWIUX and VPALX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VWIUX vs. VPALX - Dividend Comparison
VWIUX's dividend yield for the trailing twelve months is around 3.33%, less than VPALX's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | 3.71% | 4.54% | 4.14% | 3.03% | 3.21% | 2.30% | 3.24% | 3.79% | 3.99% | 4.02% | 4.20% | 4.00% |
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 VPALX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPALX has higher volatility (1.24%) compared to VWIUX (0.88%). In terms of maximum drawdown, VWIUX dropped -11.38% vs VPALX's -15.87%.
VWIUX currently has the higher Sharpe Ratio (2.95 vs 2.87), 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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