VWLUX vs. VWALX
VWLUX (Vanguard Long-Term Tax-Exempt Fund Admiral Shares) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VWLUX returned 2.71%/yr vs 3.15%/yr for VWALX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
VWLUX vs. VWALX - Performance Comparison
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Returns By Period
In the year-to-date period, VWLUX achieves a 1.97% return, which is significantly lower than VWALX's 2.43% return. Over the past 10 years, VWLUX has underperformed VWALX with an annualized return of 2.71%, while VWALX has yielded a comparatively higher 3.15% annualized return.
VWLUX
- 1D
- 0.09%
- 1M
- 0.69%
- YTD
- 1.97%
- 6M
- 2.39%
- 1Y
- 8.17%
- 3Y*
- 4.74%
- 5Y*
- 1.31%
- 10Y*
- 2.71%
VWALX
- 1D
- 0.09%
- 1M
- 0.82%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.65%
- 3Y*
- 5.59%
- 5Y*
- 1.66%
- 10Y*
- 3.15%
VWLUX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | 1.97% | 4.90% | 2.54% | 7.65% | -10.35% | 1.89% | 6.29% | 8.87% | 0.99% | 6.56% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between VWLUX and VWALX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | 0.92 |
The correlation between VWLUX and VWALX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
VWLUX vs. VWALX — Risk / Return Rank
VWLUX
VWALX
VWLUX vs. VWALX - 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 High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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 | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.69 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 2.84 | -0.19 |
| Martin ratioReturn relative to average drawdown | 9.52 | 10.37 | -0.85 |
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 | VWALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.67 | 2.68 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.35 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.68 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 1.09 | -0.10 |
Drawdowns
VWLUX vs. VWALX - Drawdown Comparison
The maximum VWLUX drawdown since its inception was -15.94%, smaller than the maximum VWALX drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for VWLUX and VWALX.
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Drawdown Indicators
| VWLUX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.94% | -17.24% | +1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -3.05% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -7.10% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -17.24% | +1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -15.94% | -17.24% | +1.30% |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -2.17% | +0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.84% | +0.02% |
Volatility
VWLUX vs. VWALX - Volatility Comparison
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 1.26% and 1.27%, 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 | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.27% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 2.39% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 3.25% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 4.81% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.51% | 4.64% | -0.13% |
VWLUX vs. VWALX - Expense Ratio Comparison
Both VWLUX and VWALX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VWLUX vs. VWALX - Dividend Comparison
VWLUX's dividend yield for the trailing twelve months is around 3.77%, less than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
VWLUX Vanguard Long-Term Tax-Exempt Fund Admiral Shares | 3.77% | 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
With a correlation of 0.91, VWLUX and VWALX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VWALX has higher volatility (1.27%) compared to VWLUX (1.26%). In terms of maximum drawdown, VWLUX dropped -15.94% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.68 vs 2.67), 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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