VWIUX vs. VWLUX

Last updated Jun 24, 2026

VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and VWLUX (Vanguard Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWIUX returned 2.36%/yr vs 2.59%/yr for VWLUX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

VWIUX vs. VWLUX - 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 Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWIUX achieves a 1.26% return, which is significantly lower than VWLUX's 2.07% return. Over the past 10 years, VWIUX has underperformed VWLUX with an annualized return of 2.36%, while VWLUX has yielded a comparatively higher 2.59% annualized return.

VWIUX

• 1D: -0.07%
• 1M: 1.24%
• YTD: 1.26%
• 6M: 1.69%
• 1Y: 6.35%
• 3Y*: 4.43%
• 5Y*: 1.72%
• 10Y*: 2.36%

VWLUX

• 1D: -0.09%
• 1M: 1.91%
• YTD: 2.07%
• 6M: 2.49%
• 1Y: 7.86%
• 3Y*: 4.64%
• 5Y*: 1.34%
• 10Y*: 2.59%

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

VWIUX vs. VWLUX - 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%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	2.07%	4.90%	2.54%	7.65%	-10.35%	1.89%	6.29%	8.87%	0.99%	6.56%

Correlation

The correlation between VWIUX and VWLUX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001	0.92

The correlation between VWIUX and VWLUX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

VWIUX vs. VWLUX — 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: 91
VWIUX Sortino Ratio Rank: 94
VWIUX Omega Ratio Rank: 95
VWIUX Calmar Ratio Rank: 37
VWIUX Martin Ratio Rank: 33

VWLUX

VWLUX Risk / Return Rank: 74
VWLUX Sharpe Ratio Rank: 87
VWLUX Sortino Ratio Rank: 91
VWLUX Omega Ratio Rank: 92
VWLUX Calmar Ratio Rank: 51
VWLUX 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. VWLUX - 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 Long-Term Tax-Exempt Fund Admiral Shares (VWLUX). 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	VWLUX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.64	+0.15
Sortino ratio: Return per unit of downside risk	4.48	4.23	+0.25
Omega ratio: Gain probability vs. loss probability	1.74	1.66	+0.08
Calmar ratio: Return relative to maximum drawdown	2.18	2.62	-0.44
Martin ratio: Return relative to average drawdown	7.07	9.38	-2.31

VWIUX vs. VWLUX - Sharpe Ratio Comparison

The current VWIUX Sharpe Ratio is 2.79, which is comparable to the VWLUX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of VWIUX and VWLUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VWIUX vs. VWLUX - Drawdown Comparison

The maximum VWIUX drawdown since its inception was -11.38%, smaller than the maximum VWLUX drawdown of -15.94%. Use the drawdown chart below to compare losses from any high point for VWIUX and VWLUX.

Drawdown Indicators

	VWIUX	VWLUX	Difference
Max Drawdown Largest peak-to-trough decline	-11.38%	-15.94%	+4.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-3.09%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-4.40%	-6.90%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	-15.94%	+4.56%
Max Drawdown (10Y) Largest decline over 10 years	-11.38%	-15.94%	+4.56%
Current Drawdown Current decline from peak	-0.95%	-0.13%	-0.82%
Average Drawdown Average peak-to-trough decline	-1.44%	-2.08%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.86%	+0.06%

Volatility

VWIUX vs. VWLUX - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) is 0.63%, while Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) has a volatility of 0.92%. This indicates that VWIUX experiences smaller price fluctuations and is considered to be less risky than VWLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWIUX	VWLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.92%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	2.33%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	3.07%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	4.61%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	4.51%	-1.08%

VWIUX vs. VWLUX - Expense Ratio Comparison

Both VWIUX and VWLUX 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. VWLUX - Dividend Comparison

VWIUX's dividend yield for the trailing twelve months is around 3.33%, less than VWLUX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares	3.77%	4.61%	4.08%	3.17%	3.00%	2.70%	3.32%	3.91%	3.58%	3.80%	4.09%	3.87%

Frequently Asked Questions

Can I hold both VWIUX and VWLUX in my portfolio?

VWIUX and VWLUX 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.

Which is riskier, VWIUX or VWLUX?

VWLUX has higher volatility (0.92%) compared to VWIUX (0.63%). In terms of maximum drawdown, VWIUX dropped -11.38% vs VWLUX's -15.94%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.79 vs 2.64), 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.