VMLUX vs VTV
Vanguard Limited Term Tax-Exempt Fund admiral class vs Vanguard Value ETF
Quick Verdict
VTV has a lower expense ratio. VTV delivered stronger 1-year returns. VMLUX offers more diversification with 915 holdings.
Side-by-Side Comparison
| Metric | VMLUX | VTV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $34.1B | $186.1B | |
| Dividend Yield | 2.89% | 2.29% | |
| Holdings | 7,110 | 311 | |
| YTD Return | -0.64% | +18.60% | |
| 1Y Return | -0.36% | +28.75% | |
| 3Y Return (annualized) | +0.78% | +18.63% | |
| 5Y Return (annualized) | -0.58% | +12.39% | |
| Volatility (annualized) | 2.8% | 14.5% | |
| Max Drawdown | -8.5% | -61.3% | |
| Fund Family | Vanguard (US) | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 12, 2001 | Jan 26, 2004 |
VMLUX vs VTV Performance
Vanguard Limited Term Tax-Exempt Fund admiral class (VMLUX) is a mutual fund from Vanguard (US) and Vanguard Value ETF (VTV) is a ETF from Vanguard (US). Over the past year VMLUX returned -0.36% while VTV returned +28.75%. Year to date, VMLUX is down 0.64% versus a gain of 18.60% for VTV.
Over three years, VMLUX compounded at +0.78% per year against +18.63% for VTV; over five years the annualized figures are -0.58% and +12.39% respectively. Across the full 5-year window we track, VTV has the edge at +7.62% annualized vs -0.58%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTV has been the more volatile fund, with annualized monthly volatility of 14.5% 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 -61.3% for VTV. 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 0.59. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
VMLUX charges 0.09% per year while VTV charges 0.03%. On a $10,000 position that is $9 vs $3 annually, a gap of $6 per year that compounds over a long holding period. On income, VMLUX currently yields 2.89% against 2.29% for VTV.
Holdings Overlap
VMLUX and VTV share 0 holdings out of 1223 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 VTV?
VMLUX has an expense ratio of 0.09% while VTV charges 0.03%. VTV is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, VMLUX or VTV?
Over the past year VMLUX returned -0.36% vs +28.75% for VTV, so VTV leads on 1-year performance. Over the longest common window we track (5 years), VMLUX annualized -0.58% vs +7.62% for VTV. Past performance does not guarantee future results.
Which is riskier, VMLUX or VTV?
VTV has been the more volatile fund at 14.5% annualized versus 2.8% for VMLUX. Worst drawdown: VMLUX -8.5% vs VTV -61.3%.
Should I hold both VMLUX and VTV?
VMLUX and VTV have a monthly-return correlation of 0.59, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between VMLUX and VTV?
VMLUX and VTV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1223 unique securities.
Which pays a higher dividend, VMLUX or VTV?
VMLUX yields 2.89% while VTV yields 2.29%, so VMLUX currently pays the higher dividend yield.
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