VWLTX vs. BMN
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Blackrock 2037 Municipal Target Term Trust (BMN).
VWLTX is managed by Vanguard. It was launched on Sep 1, 1977. BMN is an actively managed fund by BlackRock. It was launched on Oct 28, 2022.
Performance
VWLTX vs. BMN - Performance Comparison
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VWLTX vs. BMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | -0.41% | 4.80% | 2.44% | 7.56% | 6.31% |
BMN Blackrock 2037 Municipal Target Term Trust | 1.11% | 7.05% | 12.65% | 1.89% | -2.55% |
Returns By Period
In the year-to-date period, VWLTX achieves a -0.41% return, which is significantly lower than BMN's 1.11% return.
VWLTX
- 1D
- 0.37%
- 1M
- -2.28%
- YTD
- -0.41%
- 6M
- 1.18%
- 1Y
- 4.00%
- 3Y*
- 3.72%
- 5Y*
- 1.10%
- 10Y*
- 2.53%
BMN
- 1D
- 0.96%
- 1M
- -4.53%
- YTD
- 1.11%
- 6M
- 6.76%
- 1Y
- 9.12%
- 3Y*
- 6.05%
- 5Y*
- —
- 10Y*
- —
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VWLTX vs. BMN - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is lower than BMN's 0.93% expense ratio.
Return for Risk
VWLTX vs. BMN — Risk / Return Rank
VWLTX
BMN
VWLTX vs. BMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Blackrock 2037 Municipal Target Term Trust (BMN). 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.
| VWLTX | BMN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.75 | +0.07 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.18 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.36 | -0.37 |
Martin ratioReturn relative to average drawdown | 3.09 | 3.59 | -0.50 |
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
| VWLTX | BMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.75 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.55 | -0.02 |
Correlation
The correlation between VWLTX and BMN is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VWLTX vs. BMN - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.70%, less than BMN's 4.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.70% | 4.51% | 3.98% | 3.09% | 2.91% | 2.65% | 3.24% | 3.82% | 3.49% | 3.70% | 3.98% | 3.79% |
BMN Blackrock 2037 Municipal Target Term Trust | 4.30% | 4.30% | 4.40% | 4.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VWLTX vs. BMN - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -49.97%, which is greater than BMN's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for VWLTX and BMN.
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Drawdown Indicators
| VWLTX | BMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.97% | -13.04% | -36.93% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -5.92% | +0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | — | — |
Current DrawdownCurrent decline from peak | -2.54% | -4.53% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -2.17% | -8.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 2.24% | -0.52% |
Volatility
VWLTX vs. BMN - Volatility Comparison
The current volatility for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) is 1.24%, while Blackrock 2037 Municipal Target Term Trust (BMN) has a volatility of 5.73%. This indicates that VWLTX experiences smaller price fluctuations and is considered to be less risky than BMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLTX | BMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 5.73% | -4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 9.49% | -7.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 12.24% | -6.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 10.52% | -5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 10.52% | -6.03% |