VWLTX vs. PWZ
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Invesco California AMT-Free Municipal Bond ETF (PWZ).
VWLTX is managed by Vanguard. It was launched on Sep 1, 1977. PWZ is a passively managed fund by Invesco that tracks the performance of the ICE BofA California Long-Term Core Plus Muni. It was launched on Oct 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VWLTX or PWZ.
Correlation
The correlation between VWLTX and PWZ is -0.13. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Performance
VWLTX vs. PWZ - Performance Comparison
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Key characteristics
VWLTX:
0.06
PWZ:
-0.25
VWLTX:
0.12
PWZ:
-0.21
VWLTX:
1.02
PWZ:
0.97
VWLTX:
0.05
PWZ:
-0.15
VWLTX:
0.19
PWZ:
-0.63
VWLTX:
1.93%
PWZ:
2.68%
VWLTX:
5.94%
PWZ:
8.50%
VWLTX:
-16.02%
PWZ:
-21.48%
VWLTX:
-3.78%
PWZ:
-7.86%
Returns By Period
In the year-to-date period, VWLTX achieves a -1.72% return, which is significantly higher than PWZ's -3.87% return. Over the past 10 years, VWLTX has outperformed PWZ with an annualized return of 2.51%, while PWZ has yielded a comparatively lower 2.02% annualized return.
VWLTX
-1.72%
0.76%
-1.79%
0.45%
1.17%
2.51%
PWZ
-3.87%
2.35%
-3.95%
-1.85%
0.20%
2.02%
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VWLTX vs. PWZ - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is lower than PWZ's 0.28% expense ratio.
Risk-Adjusted Performance
VWLTX vs. PWZ — Risk-Adjusted Performance Rank
VWLTX
PWZ
VWLTX vs. PWZ - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Invesco California AMT-Free Municipal Bond ETF (PWZ). 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.
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Dividends
VWLTX vs. PWZ - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.25%, less than PWZ's 3.48% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.25% | 3.40% | 3.09% | 2.91% | 3.07% | 3.24% | 3.57% | 3.50% | 3.69% | 3.97% | 3.80% | 4.02% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.48% | 3.28% | 2.84% | 2.49% | 2.28% | 2.34% | 2.51% | 2.53% | 2.49% | 2.86% | 3.16% | 3.80% |
Drawdowns
VWLTX vs. PWZ - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -16.02%, smaller than the maximum PWZ drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for VWLTX and PWZ. For additional features, visit the drawdowns tool.
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Volatility
VWLTX vs. PWZ - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Invesco California AMT-Free Municipal Bond ETF (PWZ) have volatilities of 2.99% and 3.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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