VGHAX vs VMLUX
Vanguard Health Care Fund Admiral Shares vs Vanguard Limited Term Tax-Exempt Fund admiral class
Which is better, VGHAX or VMLUX?
Large Cap Growth against Municipal Bond.
VMLUX has a lower expense ratio.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | VGHAX | VMLUX |
|---|---|---|
| Expense Ratio | 0.27% | 0.09%Best |
| AUM | $32.8B | $34.5B |
| Dividend Yield | 6.45% | 2.93% |
| Holdings | 109 | 7,398 |
| YTD Price Return | +5.30% | -1.00% |
| 1Y Price Return | +20.27% | -0.73% |
| 3Y Price Return (annualized) | +0.82% | +0.72% |
| 5Y Price Return (annualized) | -2.45% | -0.61% |
| Volatility (annualized) | 15.3% | 2.8%Best |
| Max Drawdown | -33.1% | -8.4%Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Tax Preferred |
| Style | Large Cap Growth | Municipal Bond |
| Inception | Nov 12, 2001 | Feb 12, 2001 |
Not shown on this pair: $10,000 over 5 years, Top 10 Weight.
A price return is not the return of a fund that pays its income out. The coupon or distribution never appears in the price, so the return rows carry no winner here. VGHAX currently yields 6.45% and VMLUX 2.93%.
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2021 to Sep 2, 2026 (5 years).
VGHAX vs VMLUX Performance
Vanguard Health Care Fund Admiral Shares (VGHAX) is a mutual fund from Vanguard (US) and Vanguard Limited Term Tax-Exempt Fund admiral class (VMLUX) is a mutual fund from Vanguard (US). Over the past year VGHAX's price moved +20.27% and VMLUX's -0.73%, before the income each one paid out.
Over three years, VGHAX compounded at +0.82% per year against +0.72% for VMLUX; over five years the annualized figures are -2.45% and -0.61% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VGHAX has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.8% for VMLUX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.1% for VGHAX and -8.4% for VMLUX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.50. They move together some of the time, and apart the rest.
Fees and Cost Over Time
VGHAX charges 0.27% per year while VMLUX charges 0.09%. On a $10,000 position that is $27 vs $9 annually, a gap of $18 per year that compounds over a long holding period. On income, VGHAX currently yields 6.45% against 2.93% for VMLUX.
Holdings Overlap
We hold position weights for 86 holdings in VGHAX and 915 in VMLUX, totalling 99.5% and 27.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 59 days apart, VGHAX as of Mar 31, 2026 and VMLUX as of Jan 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 86 positions we hold weights for in VGHAX and 915 in VMLUX, against full books of 109 and 7,398.
You are not choosing between two funds in isolation.
Whichever of VGHAX and VMLUX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, VGHAX or VMLUX?
VGHAX has an expense ratio of 0.27% while VMLUX charges 0.09%. VMLUX is the cheaper option, by $18 a year on a $10,000 investment.
Which is riskier, VGHAX or VMLUX?
VGHAX has been the more volatile fund at 15.3% annualized versus 2.8% for VMLUX. Worst drawdown: VGHAX -33.1% vs VMLUX -8.4%.
Should I hold both VGHAX and VMLUX?
VGHAX and VMLUX have a monthly-return correlation of 0.50, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, VGHAX or VMLUX?
VGHAX yields 6.45% while VMLUX yields 2.93%, so VGHAX currently pays the higher dividend yield.
Is VMLUX better than VGHAX?
VMLUX has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.