VWLTX vs. VBTLX
VWLTX (Vanguard Long-Term Tax-Exempt Fund Investor Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VWLTX is a Municipal Bonds fund managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VWLTX returned 2.33%/yr vs 1.34%/yr for VBTLX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. VWLTX charges 0.17%/yr vs 0.04%/yr for VBTLX.
Performance
VWLTX vs. VBTLX - Performance Comparison
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Returns By Period
In the year-to-date period, VWLTX achieves a 0.38% return, which is significantly higher than VBTLX's -0.70% return. Over the past 10 years, VWLTX has outperformed VBTLX with an annualized return of 2.33%, while VBTLX has yielded a comparatively lower 1.34% annualized return.
VWLTX
- 1D
- 0.00%
- 1M
- -2.29%
- 6M
- -0.38%
- YTD
- 0.38%
- 1Y
- 5.66%
- 3Y*
- 4.28%
- 5Y*
- 0.71%
- 10Y*
- 2.33%
- ALL TIME*
- 3.23%
VBTLX
- 1D
- 0.21%
- 1M
- -1.25%
- 6M
- -0.83%
- YTD
- -0.70%
- 1Y
- 1.56%
- 3Y*
- 3.95%
- 5Y*
- -0.50%
- 10Y*
- 1.34%
- ALL TIME*
- 3.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VWLTX vs. VBTLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 0.38% | 4.80% | 2.44% | 7.56% | -10.43% | 1.83% | 6.21% | 8.77% | 0.89% | 6.45% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | -0.70% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Correlation
The correlation between VWLTX and VBTLX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.59 |
The correlation between VWLTX and VBTLX has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.
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Return for Risk
VWLTX vs. VBTLX — Risk / Return Rank
VWLTX
VBTLX
VWLTX vs. VBTLX - 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 Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.08 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 0.58 | +1.30 |
| Martin ratioReturn relative to average drawdown | 6.25 | 1.42 | +4.83 |
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Drawdowns
VWLTX vs. VBTLX - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -49.97%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VWLTX and VBTLX.
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Drawdown Indicators
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.97% | -18.81% | -31.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.89% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.77% | -4.86% | -0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -15.88% | -17.98% | +2.10% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -18.81% | +2.80% |
Current DrawdownCurrent decline from peak | -2.29% | -3.27% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -10.14% | -2.67% | -7.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.18% | -0.26% |
Volatility
VWLTX vs. VBTLX - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) have volatilities of 1.00% and 1.00%, 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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Volatility by Period
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.00% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 2.96% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 3.73% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 6.01% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.51% | 4.98% | -0.47% |
VWLTX vs. VBTLX - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is higher than VBTLX's 0.04% 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%.
Dividends
VWLTX vs. VBTLX - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.47%, less than VBTLX's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.72% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VWLTX Vanguard Long-Term Tax-Exempt Fund Investor Shares | 3.47% | 4.51% | 3.98% | 3.09% | 2.91% | 2.65% | 3.24% | 3.82% | 3.49% | 3.70% | 3.98% | 3.79% |
Frequently Asked Questions
VWLTX and VBTLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBTLX has higher volatility (1.00%) compared to VWLTX (1.00%). In terms of maximum drawdown, VWLTX dropped -49.97% vs VBTLX's -18.81%.
VWLTX currently has the higher Sharpe Ratio (1.87 vs 0.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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