VWLTX vs. FSMUX
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Strategic Advisers Municipal Bond Fund (FSMUX).
VWLTX is managed by Vanguard. It was launched on Sep 1, 1977. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.
Performance
VWLTX vs. FSMUX - Performance Comparison
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VWLTX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | -0.78% | 4.80% | 2.44% | 7.56% | -10.43% | 0.61% |
FSMUX Strategic Advisers Municipal Bond Fund | -1.13% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Returns By Period
In the year-to-date period, VWLTX achieves a -0.78% return, which is significantly higher than FSMUX's -1.13% return.
VWLTX
- 1D
- 0.19%
- 1M
- -2.91%
- YTD
- -0.78%
- 6M
- 0.90%
- 1Y
- 4.00%
- 3Y*
- 3.59%
- 5Y*
- 1.04%
- 10Y*
- 2.49%
FSMUX
- 1D
- 0.11%
- 1M
- -2.56%
- YTD
- -1.13%
- 6M
- 0.12%
- 1Y
- 2.39%
- 3Y*
- 2.93%
- 5Y*
- —
- 10Y*
- —
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VWLTX vs. FSMUX - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is higher than FSMUX's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VWLTX vs. FSMUX — Risk / Return Rank
VWLTX
FSMUX
VWLTX vs. FSMUX - 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 Strategic Advisers Municipal Bond Fund (FSMUX). 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 | FSMUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 0.63 | +0.28 |
Sortino ratioReturn per unit of downside risk | 1.24 | 0.87 | +0.37 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.19 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 0.28 | +0.71 |
Martin ratioReturn relative to average drawdown | 3.11 | 0.78 | +2.32 |
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 | FSMUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.63 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | -0.00 | +0.53 |
Correlation
The correlation between VWLTX and FSMUX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWLTX vs. FSMUX - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.72%, more than FSMUX's 2.35% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.72% | 4.51% | 3.98% | 3.09% | 2.91% | 2.65% | 3.24% | 3.82% | 3.49% | 3.70% | 3.98% | 3.79% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.35% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VWLTX vs. FSMUX - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -49.97%, which is greater than FSMUX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for VWLTX and FSMUX.
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Drawdown Indicators
| VWLTX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.97% | -16.27% | -33.70% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -5.30% | -0.06% |
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 | -2.91% | -2.56% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -5.61% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.96% | -0.25% |
Volatility
VWLTX vs. FSMUX - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) has a higher volatility of 1.14% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.99%. This indicates that VWLTX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLTX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.99% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 2.12% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.42% | 6.65% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 4.67% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 4.67% | -0.18% |