VWLUX vs. LSMSX
Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) and Western Asset SMASh Series TF Fund (LSMSX).
VWLUX is managed by Vanguard. It was launched on Feb 12, 2001. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
VWLUX vs. LSMSX - Performance Comparison
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VWLUX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | -0.77% | 4.90% | 2.54% | 7.65% | -10.35% | 1.89% | 6.29% | 8.87% | 0.99% | 6.23% |
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, VWLUX achieves a -0.77% return, which is significantly lower than LSMSX's -0.27% 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%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
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VWLUX vs. LSMSX - Expense Ratio Comparison
VWLUX has a 0.09% expense ratio, which is higher than LSMSX's 0.01% 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. LSMSX — Risk / Return Rank
VWLUX
LSMSX
VWLUX vs. LSMSX - 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 Western Asset SMASh Series TF Fund (LSMSX). 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 | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 0.67 | +0.26 |
Sortino ratioReturn per unit of downside risk | 1.27 | 0.89 | +0.38 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.71 | +0.30 |
Martin ratioReturn relative to average drawdown | 3.18 | 1.98 | +1.20 |
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 | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.67 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.25 | -0.01 |
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 | 0.58 | +0.38 |
Correlation
The correlation between VWLUX and LSMSX is 0.84, 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. LSMSX - Dividend Comparison
VWLUX's dividend yield for the trailing twelve months is around 3.80%, less than LSMSX's 3.97% 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% |
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
VWLUX vs. LSMSX - Drawdown Comparison
The maximum VWLUX drawdown since its inception was -15.94%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for VWLUX and LSMSX.
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Drawdown Indicators
| VWLUX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.94% | -15.00% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -6.21% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -15.00% | -0.94% |
Max Drawdown (10Y)Largest decline over 10 years | -15.94% | — | — |
Current DrawdownCurrent decline from peak | -2.91% | -2.62% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.88% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 2.21% | -0.51% |
Volatility
VWLUX vs. LSMSX - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.14% and 1.10%, 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
| VWLUX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.10% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 1.60% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 5.78% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.56% | 4.44% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 4.52% | -0.03% |