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.
Key characteristics
| VWLTX | PWZ | |
|---|---|---|
| YTD Return | 1.82% | 1.59% |
| 1Y Return | 9.14% | 8.52% |
| 3Y Return (Ann) | -0.64% | -1.24% |
| 5Y Return (Ann) | 1.19% | 0.70% |
| 10Y Return (Ann) | 2.56% | 2.41% |
| Sharpe Ratio | 2.28 | 1.42 |
| Sortino Ratio | 3.43 | 2.11 |
| Omega Ratio | 1.52 | 1.26 |
| Calmar Ratio | 0.85 | 0.70 |
| Martin Ratio | 9.48 | 7.57 |
| Ulcer Index | 0.96% | 1.13% |
| Daily Std Dev | 4.01% | 6.01% |
| Max Drawdown | -16.46% | -21.49% |
| Current Drawdown | -2.64% | -4.68% |
Correlation
The correlation between VWLTX and PWZ is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
VWLTX vs. PWZ - Performance Comparison
In the year-to-date period, VWLTX achieves a 1.82% return, which is significantly higher than PWZ's 1.59% return. Over the past 10 years, VWLTX has outperformed PWZ with an annualized return of 2.56%, while PWZ has yielded a comparatively lower 2.41% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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 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.
Dividends
VWLTX vs. PWZ - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.36%, more than PWZ's 3.29% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.36% | 3.09% | 2.91% | 2.56% | 2.79% | 3.14% | 3.43% | 3.44% | 3.64% | 3.67% | 3.79% | 4.07% |
PWZ Invesco California AMT-Free Municipal Bond ETF | 3.29% | 2.85% | 2.49% | 2.28% | 2.34% | 2.51% | 2.54% | 2.49% | 2.87% | 3.17% | 3.81% | 3.96% |
Drawdowns
VWLTX vs. PWZ - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -16.46%, smaller than the maximum PWZ drawdown of -21.49%. Use the drawdown chart below to compare losses from any high point for VWLTX and PWZ. For additional features, visit the drawdowns tool.
Volatility
VWLTX vs. PWZ - Volatility Comparison
The current volatility for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) is 1.93%, while Invesco California AMT-Free Municipal Bond ETF (PWZ) has a volatility of 2.56%. This indicates that VWLTX experiences smaller price fluctuations and is considered to be less risky than PWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.