VWLTX vs. VMATX
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) and Vanguard Massachusetts Tax-Exempt Fund (VMATX).
VWLTX is managed by Vanguard. It was launched on Sep 1, 1977. VMATX is managed by Vanguard. It was launched on Dec 9, 1998.
Performance
VWLTX vs. VMATX - Performance Comparison
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VWLTX vs. VMATX - 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | -0.50% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
Returns By Period
In the year-to-date period, VWLTX achieves a -0.41% return, which is significantly higher than VMATX's -0.50% return. Over the past 10 years, VWLTX has outperformed VMATX with an annualized return of 2.53%, while VMATX has yielded a comparatively lower 2.36% 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%
VMATX
- 1D
- 0.40%
- 1M
- -2.43%
- YTD
- -0.50%
- 6M
- 1.21%
- 1Y
- 4.36%
- 3Y*
- 3.67%
- 5Y*
- 0.98%
- 10Y*
- 2.36%
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VWLTX vs. VMATX - Expense Ratio Comparison
VWLTX has a 0.17% expense ratio, which is higher than VMATX's 0.13% 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. VMATX — Risk / Return Rank
VWLTX
VMATX
VWLTX vs. VMATX - 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 Massachusetts Tax-Exempt Fund (VMATX). 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 | VMATX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.86 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.17 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.07 | -0.08 |
Martin ratioReturn relative to average drawdown | 3.09 | 3.52 | -0.43 |
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 | VMATX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.86 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.21 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.51 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.99 | -0.46 |
Correlation
The correlation between VWLTX and VMATX is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWLTX vs. VMATX - Dividend Comparison
VWLTX's dividend yield for the trailing twelve months is around 3.70%, more than VMATX's 3.64% 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.64% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
Drawdowns
VWLTX vs. VMATX - Drawdown Comparison
The maximum VWLTX drawdown since its inception was -49.97%, which is greater than VMATX's maximum drawdown of -15.91%. Use the drawdown chart below to compare losses from any high point for VWLTX and VMATX.
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Drawdown Indicators
| VWLTX | VMATX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.97% | -15.91% | -34.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -5.36% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -15.91% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -15.91% | -0.10% |
Current DrawdownCurrent decline from peak | -2.54% | -2.72% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -2.10% | -8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 1.63% | +0.09% |
Volatility
VWLTX vs. VMATX - Volatility Comparison
The current volatility for Vanguard Long-Term Tax-Exempt Fund Investor Shares (VWLTX) is 1.24%, while Vanguard Massachusetts Tax-Exempt Fund (VMATX) has a volatility of 1.39%. This indicates that VWLTX experiences smaller price fluctuations and is considered to be less risky than VMATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLTX | VMATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.39% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 2.03% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 5.66% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 4.62% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 4.63% | -0.14% |