VWLUX vs. VTEI
VWLUX (Vanguard Long-Term Tax-Exempt Fund Admiral Shares) and VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds from Vanguard. Over the past year, VWLUX returned 6.18% vs 3.93% for VTEI. Their 0.70 correlation means they have sometimes moved together and sometimes differently. VWLUX charges 0.09%/yr vs 0.08%/yr for VTEI.
Performance
VWLUX vs. VTEI - Performance Comparison
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Returns By Period
In the year-to-date period, VWLUX achieves a 1.03% return, which is significantly higher than VTEI's 0.30% return.
VWLUX
- 1D
- 0.28%
- 1M
- -1.69%
- 6M
- 0.25%
- YTD
- 1.03%
- 1Y
- 6.18%
- 3Y*
- 4.58%
- 5Y*
- 0.93%
- 10Y*
- 2.48%
- ALL TIME*
- 3.83%
VTEI
- 1D
- 0.15%
- 1M
- -1.26%
- 6M
- -0.82%
- YTD
- 0.30%
- 1Y
- 3.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.14M | $9.12M | $9.98M | |
| $0.00 | $0.00 | $0.00 |
VWLUX vs. VTEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | 1.03% | 4.90% | 3.67% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 0.30% | 4.59% | 1.65% |
Correlation
The correlation between VWLUX and VTEI is 0.69, 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. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | 0.70 |
The correlation between VWLUX and VTEI has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.
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Return for Risk
VWLUX vs. VTEI — Risk / Return Rank
VWLUX
VTEI
VWLUX vs. VTEI - 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 Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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.
| VWLUX | VTEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.35 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.52 | +0.56 |
| Martin ratioReturn relative to average drawdown | 6.94 | 4.24 | +2.70 |
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Drawdowns
VWLUX vs. VTEI - Drawdown Comparison
The maximum VWLUX drawdown since its inception was -15.94%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for VWLUX and VTEI.
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Drawdown Indicators
| VWLUX | VTEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.94% | -3.64% | -12.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.61% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -5.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.94% | — | — |
Current DrawdownCurrent decline from peak | -1.69% | -1.66% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -0.80% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.93% | -0.01% |
Volatility
VWLUX vs. VTEI - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) has a higher volatility of 1.12% compared to Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) at 0.83%. This indicates that VWLUX's price experiences larger fluctuations and is considered to be riskier than VTEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWLUX | VTEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.83% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 1.94% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 2.34% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.63% | 3.00% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 3.00% | +1.52% |
VWLUX vs. VTEI - Expense Ratio Comparison
VWLUX has a 0.09% expense ratio, which is higher than VTEI's 0.08% 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
VWLUX vs. VTEI - Dividend Comparison
VWLUX's dividend yield for the trailing twelve months is around 3.85%, more than VTEI's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.10% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | 3.85% | 4.61% | 4.08% | 3.17% | 3.00% | 2.70% | 3.32% | 3.91% | 3.58% | 3.80% | 4.09% | 3.87% |
Frequently Asked Questions
VWLUX and VTEI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWLUX has higher volatility (1.12%) compared to VTEI (0.83%). In terms of maximum drawdown, VWLUX dropped -15.94% vs VTEI's -3.64%.
VWLUX currently has the higher Sharpe Ratio (2.05 vs 1.69), 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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