VMLUX vs VONG
Vanguard Limited Term Tax-Exempt Fund admiral class vs Vanguard Russell 1000 Growth ETF
Quick Verdict
VONG has a lower expense ratio. VONG delivered stronger 1-year returns. VMLUX offers more diversification with 915 holdings.
Side-by-Side Comparison
| Metric | VMLUX | VONG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.06% | |
| AUM | $34.1B | $44.9B | |
| Dividend Yield | 2.89% | 0.54% | |
| Holdings | 7,110 | 390 | |
| YTD Return | -0.55% | +6.80% | |
| 1Y Return | -0.27% | +12.33% | |
| 3Y Return (annualized) | +0.81% | +22.84% | |
| 5Y Return (annualized) | -0.56% | +12.91% | |
| Volatility (annualized) | 2.8% | 15.9% | |
| Max Drawdown | -8.5% | -32.7% | |
| Fund Family | Vanguard (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 12, 2001 | Sep 20, 2010 |
VMLUX vs VONG Performance
Vanguard Limited Term Tax-Exempt Fund admiral class (VMLUX) is a mutual fund from Vanguard (US) and Vanguard Russell 1000 Growth ETF (VONG) is a ETF from Vanguard (US). Over the past year VMLUX returned -0.27% while VONG returned +12.33%. Year to date, VMLUX is down 0.55% versus a gain of 6.80% for VONG.
Over three years, VMLUX compounded at +0.81% per year against +22.84% for VONG; over five years the annualized figures are -0.56% and +12.91% respectively. Across the full 5-year window we track, VONG has the edge at +15.85% annualized vs -0.56%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VONG has been the more volatile fund, with annualized monthly volatility of 15.9% 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 -8.5% for VMLUX and -32.7% for VONG. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.58. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
VMLUX charges 0.09% per year while VONG charges 0.06%. On a $10,000 position that is $9 vs $6 annually, a gap of $3 per year that compounds over a long holding period. On income, VMLUX currently yields 2.89% against 0.54% for VONG.
Holdings Overlap
VMLUX and VONG share 0 holdings out of 1301 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, VMLUX or VONG?
VMLUX has an expense ratio of 0.09% while VONG charges 0.06%. VONG is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, VMLUX or VONG?
Over the past year VMLUX returned -0.27% vs +12.33% for VONG, so VONG leads on 1-year performance. Over the longest common window we track (5 years), VMLUX annualized -0.56% vs +15.85% for VONG. Past performance does not guarantee future results.
Which is riskier, VMLUX or VONG?
VONG has been the more volatile fund at 15.9% annualized versus 2.8% for VMLUX. Worst drawdown: VMLUX -8.5% vs VONG -32.7%.
Should I hold both VMLUX and VONG?
VMLUX and VONG have a monthly-return correlation of 0.58, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between VMLUX and VONG?
VMLUX and VONG share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1301 unique securities.
Which pays a higher dividend, VMLUX or VONG?
VMLUX yields 2.89% while VONG yields 0.54%, so VMLUX currently pays the higher dividend yield.
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