VWLUX vs. FSMUX
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) and Strategic Advisers Municipal Bond Fund (FSMUX).
VWLUX is managed by Vanguard. It was launched on Feb 12, 2001. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.
Performance
VWLUX vs. FSMUX - Performance Comparison
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VWLUX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | -0.77% | 4.90% | 2.54% | 7.65% | -10.35% | 0.64% |
FSMUX Strategic Advisers Municipal Bond Fund | -1.13% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Returns By Period
In the year-to-date period, VWLUX achieves a -0.77% return, which is significantly higher than FSMUX's -1.13% return.
VWLUX
- 1D
- 0.19%
- 1M
- -2.91%
- YTD
- -0.77%
- 6M
- 0.93%
- 1Y
- 4.08%
- 3Y*
- 3.69%
- 5Y*
- 1.13%
- 10Y*
- 2.58%
FSMUX
- 1D
- 0.11%
- 1M
- -2.56%
- YTD
- -1.13%
- 6M
- 0.12%
- 1Y
- 2.39%
- 3Y*
- 2.93%
- 5Y*
- —
- 10Y*
- —
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VWLUX vs. FSMUX - Expense Ratio Comparison
VWLUX has a 0.09% expense ratio, which is higher than FSMUX's 0.06% 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
VWLUX vs. FSMUX — Risk / Return Rank
VWLUX
FSMUX
VWLUX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.
| VWLUX | FSMUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 0.63 | +0.30 |
Sortino ratioReturn per unit of downside risk | 1.27 | 0.87 | +0.39 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.19 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.28 | +0.73 |
Martin ratioReturn relative to average drawdown | 3.18 | 0.78 | +2.40 |
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
| VWLUX | FSMUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.63 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | -0.00 | +0.97 |
Correlation
The correlation between VWLUX and FSMUX is 0.88, 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
VWLUX vs. FSMUX - Dividend Comparison
VWLUX's dividend yield for the trailing twelve months is around 3.80%, more than FSMUX's 2.35% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | 3.80% | 4.61% | 4.08% | 3.17% | 3.00% | 2.70% | 3.32% | 3.91% | 3.58% | 3.80% | 4.09% | 3.87% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.35% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VWLUX vs. FSMUX - Drawdown Comparison
The maximum VWLUX drawdown since its inception was -15.94%, roughly equal to the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for VWLUX and FSMUX.
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Drawdown Indicators
| VWLUX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.94% | -16.27% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -5.30% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.94% | — | — |
Current DrawdownCurrent decline from peak | -2.91% | -2.56% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -5.61% | +3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 1.96% | -0.26% |
Volatility
VWLUX vs. FSMUX - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) has a higher volatility of 1.14% compared to Strategic Advisers Municipal Bond Fund (FSMUX) at 0.99%. This indicates that VWLUX's price experiences larger fluctuations and is considered to be riskier than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLUX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.99% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 2.12% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 6.65% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.56% | 4.67% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 4.67% | -0.18% |