VWSUX vs. OPTAX
VWSUX (Vanguard Ultra-Short-Term Tax-Exempt Fund Admiral Shares) and OPTAX (Invesco AMT-Free Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, VWSUX returned 1.97%/yr vs 3.18%/yr for OPTAX. Their 0.43 correlation means their historical movements had little consistent relationship. VWSUX charges 0.09%/yr vs 0.75%/yr for OPTAX.
Performance
VWSUX vs. OPTAX - Performance Comparison
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Returns By Period
In the year-to-date period, VWSUX achieves a 1.21% return, which is significantly higher than OPTAX's 0.37% return. Over the past 10 years, VWSUX has underperformed OPTAX with an annualized return of 1.97%, while OPTAX has yielded a comparatively higher 3.18% annualized return.
VWSUX
- 1D
- 0.06%
- 1M
- -0.25%
- 6M
- 0.65%
- YTD
- 1.21%
- 1Y
- 2.63%
- 3Y*
- 4.03%
- 5Y*
- 2.52%
- 10Y*
- 1.97%
- ALL TIME*
- 1.91%
OPTAX
- 1D
- 0.30%
- 1M
- -1.91%
- 6M
- 0.07%
- YTD
- 0.37%
- 1Y
- 4.65%
- 3Y*
- 2.99%
- 5Y*
- -0.28%
- 10Y*
- 3.18%
- ALL TIME*
- 3.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VWSUX vs. OPTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWSUX Vanguard Ultra-Short-Term Tax-Exempt Fund Admiral Shares | 1.21% | 4.90% | 3.77% | 3.70% | -0.73% | 0.19% | 1.91% | 2.59% | 1.67% | 1.10% |
OPTAX Invesco AMT-Free Municipal Fund | 0.37% | 2.70% | 2.13% | 6.64% | -12.15% | 4.16% | 7.57% | 12.33% | 7.43% | 5.98% |
Correlation
The correlation between VWSUX and OPTAX is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001 | 0.43 |
The correlation between VWSUX and OPTAX shifts across timeframes, from 0.43 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWSUX vs. OPTAX — Risk / Return Rank
VWSUX
OPTAX
VWSUX vs. OPTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short-Term Tax-Exempt Fund Admiral Shares (VWSUX) and Invesco AMT-Free Municipal Fund (OPTAX). 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.
| VWSUX | OPTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.94 | 1.34 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 1.83 | +2.10 |
| Martin ratioReturn relative to average drawdown | 16.13 | 5.84 | +10.29 |
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Drawdowns
VWSUX vs. OPTAX - Drawdown Comparison
The maximum VWSUX drawdown since its inception was -3.08%, smaller than the maximum OPTAX drawdown of -48.56%. Use the drawdown chart below to compare losses from any high point for VWSUX and OPTAX.
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Drawdown Indicators
| VWSUX | OPTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.08% | -48.56% | +45.48% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -2.93% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -6.86% | +5.85% |
Max Drawdown (5Y)Largest decline over 5 years | -2.17% | -17.20% | +15.03% |
Max Drawdown (10Y)Largest decline over 10 years | -3.08% | -17.30% | +14.22% |
Current DrawdownCurrent decline from peak | -0.25% | -1.91% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -0.15% | -6.35% | +6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 0.97% | -0.80% |
Volatility
VWSUX vs. OPTAX - Volatility Comparison
The current volatility for Vanguard Ultra-Short-Term Tax-Exempt Fund Admiral Shares (VWSUX) is 0.22%, while Invesco AMT-Free Municipal Fund (OPTAX) has a volatility of 1.12%. This indicates that VWSUX experiences smaller price fluctuations and is considered to be less risky than OPTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWSUX | OPTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 1.12% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 2.71% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.09% | 3.54% | -2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.24% | 5.06% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.13% | 4.88% | -3.75% |
VWSUX vs. OPTAX - Expense Ratio Comparison
VWSUX has a 0.09% expense ratio, which is lower than OPTAX's 0.75% expense ratio.
Dividends
VWSUX vs. OPTAX - Dividend Comparison
VWSUX's dividend yield for the trailing twelve months is around 2.86%, more than OPTAX's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPTAX Invesco AMT-Free Municipal Fund | 2.43% | 4.23% | 4.16% | 3.02% | 2.99% | 3.43% | 3.80% | 3.75% | 3.82% | 4.71% | 5.77% | 6.05% |
VWSUX Vanguard Ultra-Short-Term Tax-Exempt Fund Admiral Shares | 2.86% | 4.00% | 3.82% | 2.27% | 1.24% | 0.63% | 1.26% | 1.79% | 1.53% | 1.16% | 0.97% | 0.78% |
Frequently Asked Questions
VWSUX and OPTAX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPTAX has higher volatility (1.12%) compared to VWSUX (0.22%). In terms of maximum drawdown, VWSUX dropped -3.08% vs OPTAX's -48.56%.
VWSUX currently has the higher Sharpe Ratio (2.48 vs 1.51), 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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