VWSTX vs. VMLTX
Compare and contrast key facts about Vanguard Short-Term Tax-Exempt Fund Investor Shares (VWSTX) and Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX).
VWSTX is managed by Vanguard. It was launched on Sep 1, 1977. VMLTX is managed by Vanguard. It was launched on Aug 31, 1987.
Performance
VWSTX vs. VMLTX - Performance Comparison
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VWSTX vs. VMLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWSTX Vanguard Short-Term Tax-Exempt Fund Investor Shares | 0.29% | 4.79% | 3.68% | 3.87% | -0.81% | 0.17% | 1.82% | 2.50% | 1.59% | 1.00% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | -0.04% | 5.39% | 3.14% | 4.19% | -2.98% | 0.83% | 3.30% | 4.11% | 1.56% | 2.02% |
Returns By Period
In the year-to-date period, VWSTX achieves a 0.29% return, which is significantly higher than VMLTX's -0.04% return. Over the past 10 years, VWSTX has underperformed VMLTX with an annualized return of 1.88%, while VMLTX has yielded a comparatively higher 2.04% annualized return.
VWSTX
- 1D
- 0.06%
- 1M
- -0.50%
- YTD
- 0.29%
- 6M
- 0.95%
- 1Y
- 3.49%
- 3Y*
- 3.85%
- 5Y*
- 2.36%
- 10Y*
- 1.88%
VMLTX
- 1D
- 0.09%
- 1M
- -1.26%
- YTD
- -0.04%
- 6M
- 0.65%
- 1Y
- 3.78%
- 3Y*
- 3.71%
- 5Y*
- 1.98%
- 10Y*
- 2.04%
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VWSTX vs. VMLTX - Expense Ratio Comparison
Both VWSTX and VMLTX have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
VWSTX vs. VMLTX — Risk / Return Rank
VWSTX
VMLTX
VWSTX vs. VMLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Fund Investor Shares (VWSTX) and Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX). 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.
| VWSTX | VMLTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.57 | 1.75 | +0.82 |
Sortino ratioReturn per unit of downside risk | 4.74 | 2.50 | +2.24 |
Omega ratioGain probability vs. loss probability | 2.13 | 1.56 | +0.58 |
Calmar ratioReturn relative to maximum drawdown | 4.12 | 2.27 | +1.85 |
Martin ratioReturn relative to average drawdown | 18.45 | 9.71 | +8.74 |
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
| VWSTX | VMLTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.57 | 1.75 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.00 | 1.08 | +0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.72 | 1.07 | +0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.03 | 1.92 | +0.11 |
Correlation
The correlation between VWSTX and VMLTX is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VWSTX vs. VMLTX - Dividend Comparison
VWSTX's dividend yield for the trailing twelve months is around 3.11%, more than VMLTX's 3.06% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWSTX Vanguard Short-Term Tax-Exempt Fund Investor Shares | 3.11% | 3.90% | 3.73% | 2.42% | 1.16% | 0.61% | 1.17% | 1.71% | 1.45% | 1.06% | 0.87% | 0.70% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.06% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
Drawdowns
VWSTX vs. VMLTX - Drawdown Comparison
The maximum VWSTX drawdown since its inception was -3.09%, smaller than the maximum VMLTX drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for VWSTX and VMLTX.
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Drawdown Indicators
| VWSTX | VMLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.09% | -6.41% | +3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -2.02% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -2.32% | -5.69% | +3.37% |
Max Drawdown (10Y)Largest decline over 10 years | -3.08% | -6.41% | +3.33% |
Current DrawdownCurrent decline from peak | -0.63% | -1.44% | +0.81% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -0.48% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.47% | -0.24% |
Volatility
VWSTX vs. VMLTX - Volatility Comparison
The current volatility for Vanguard Short-Term Tax-Exempt Fund Investor Shares (VWSTX) is 0.28%, while Vanguard Limited-Term Tax-Exempt Fund Investor Shares (VMLTX) has a volatility of 0.52%. This indicates that VWSTX experiences smaller price fluctuations and is considered to be less risky than VMLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWSTX | VMLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 0.52% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 0.75% | 1.02% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 2.32% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.19% | 1.84% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.10% | 1.92% | -0.82% |