VWLTX vs. SPY
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and State Street SPDR S&P 500 ETF (SPY).
VWLTX is managed by Vanguard. It was launched on Sep 1, 1977. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VWLTX vs. SPY - Performance Comparison
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VWLTX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | -0.41% | 4.80% | 2.44% | 7.56% | -10.43% | 1.83% | 6.21% | 8.77% | 0.89% | 6.45% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VWLTX achieves a -0.41% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, VWLTX has underperformed SPY with an annualized return of 2.53%, while SPY has yielded a comparatively higher 14.06% annualized 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%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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VWLTX vs. SPY - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is higher than SPY's 0.09% 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. SPY — Risk / Return Rank
VWLTX
SPY
VWLTX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.96 | -0.13 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.49 | -0.38 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.53 | -0.54 |
Martin ratioReturn relative to average drawdown | 3.09 | 7.27 | -4.18 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.96 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.70 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.79 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.56 | -0.03 |
Correlation
The correlation between VWLTX and SPY is -0.02. 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.
Dividends
VWLTX vs. SPY - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.70%, more than SPY's 1.13% 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% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VWLTX vs. SPY - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -49.97%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VWLTX and SPY.
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Drawdown Indicators
| VWLTX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.97% | -55.19% | +5.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -12.05% | +6.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -24.50% | +8.49% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -33.72% | +17.71% |
Current DrawdownCurrent decline from peak | -2.54% | -5.53% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -9.09% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 2.54% | -0.82% |
Volatility
VWLTX vs. SPY - Volatility Comparison
The current volatility for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) is 1.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that VWLTX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLTX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 5.35% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 9.50% | -7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 19.06% | -13.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 17.06% | -12.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 17.92% | -13.43% |