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 2.62%/yr vs 1.58%/yr for VBTLX. A 0.59 correlation means they provide meaningful diversification when combined. VWLTX charges 0.17%/yr vs 0.04%/yr for VBTLX.
Performance
VWLTX vs. VBTLX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VWLTX achieves a 1.94% return, which is significantly higher than VBTLX's 0.42% return. Over the past 10 years, VWLTX has outperformed VBTLX with an annualized return of 2.62%, while VBTLX has yielded a comparatively lower 1.58% annualized return.
VWLTX
- 1D
- 0.28%
- 1M
- 0.87%
- YTD
- 1.94%
- 6M
- 2.35%
- 1Y
- 8.40%
- 3Y*
- 4.67%
- 5Y*
- 1.24%
- 10Y*
- 2.62%
VBTLX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.35%
- 1Y
- 5.34%
- 3Y*
- 4.05%
- 5Y*
- 0.21%
- 10Y*
- 1.58%
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 | 1.94% | 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 | 0.42% | 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 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.24 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 1.86 | +0.84 |
| Martin ratioReturn relative to average drawdown | 9.64 | 5.58 | +4.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.71 | 1.36 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.04 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.32 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.76 | -0.22 |
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.
Loading charts...
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 | -6.92% | -6.00% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -18.14% | +2.13% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -18.81% | +2.80% |
Current DrawdownCurrent decline from peak | -0.24% | -2.18% | +1.94% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -2.67% | -7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.96% | -0.10% |
Volatility
VWLTX vs. VBTLX - Volatility Comparison
The current volatility for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) is 1.26%, while Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a volatility of 1.38%. This indicates that VWLTX experiences smaller price fluctuations and is considered to be less risky than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VWLTX | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.38% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 2.80% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 3.97% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 6.01% | -1.41% |
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 3.69%, less than VBTLX's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 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 | 3.69% | 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 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBTLX has higher volatility (1.38%) compared to VWLTX (1.26%). In terms of maximum drawdown, VWLTX dropped -49.97% vs VBTLX's -18.81%.
VWLTX currently has the higher Sharpe Ratio (2.71 vs 1.36), 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.
Find the right allocation for VWLTX and VBTLX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer