VMLUX vs VWIUX
Vanguard Limited Term Tax-Exempt Fund admiral class vs Vanguard Intermediate Term Tax-Exempt Fund admiral class
Quick Verdict
VWIUX delivered stronger 1-year returns. VWIUX offers more diversification with 15,066 holdings.
Side-by-Side Comparison
| Metric | VMLUX | VWIUX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $34.5B | $86.4B | |
| Dividend Yield | 2.93% | 3.13% | |
| Holdings | 7,110 | 15,066 | |
| YTD Return | -0.73% | -1.67% | |
| 1Y Return | -0.46% | +0.97% | |
| 3Y Return (annualized) | +0.84% | +0.65% | |
| 5Y Return (annualized) | -0.58% | -1.79% | |
| Volatility (annualized) | 2.8% | 5.4% | |
| Max Drawdown | -8.4% | -16.1% | |
| Fund Family | Vanguard (US) | Vanguard (US) | |
| Category | Tax Preferred | Tax Preferred | |
| Inception | Feb 12, 2001 | Feb 12, 2001 |
VMLUX vs VWIUX Performance
Vanguard Limited Term Tax-Exempt Fund admiral class (VMLUX) is a mutual fund from Vanguard (US) and Vanguard Intermediate Term Tax-Exempt Fund admiral class (VWIUX) is a mutual fund from Vanguard (US). Over the past year VMLUX returned -0.46% while VWIUX returned +0.97%. Year to date, VMLUX is down 0.73% versus a loss of 1.67% for VWIUX.
Over three years, VMLUX compounded at +0.84% per year against +0.65% for VWIUX; over five years the annualized figures are -0.58% and -1.79% respectively. Across the full 5-year window we track, VMLUX has the edge at -0.58% annualized vs -1.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VWIUX has been the more volatile fund, with annualized monthly volatility of 5.4% 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 -8.4% for VMLUX and -16.1% for VWIUX. 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
VMLUX charges 0.09% per year while VWIUX charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, VMLUX currently yields 2.93% against 3.13% for VWIUX.
Holdings Overlap
VMLUX and VWIUX share 545 holdings out of 2133 unique holdings combined, representing a 9.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in VMLUX | Weight in VWIUX | Difference |
|---|---|---|---|
| GA MAIUTL 09/01/2053 | 0.33% | 0.17% | 0.16% |
| KY KYSPWR 06/01/2055 | 0.31% | 0.18% | 0.13% |
| CA CCEDEV 01/01/2055 | 0.28% | 0.20% | 0.08% |
| NE CENPWR 05/01/2054 | Pro | Pro | Pro |
| TN TNSUTL 05/01/2053 | Pro | Pro | Pro |
| AL BBEUTL 05/01/2053 | Pro | Pro | Pro |
| NM NMSPWR 06/01/2054 | Pro | Pro | Pro |
| AL BBEUTL 12/01/2052 | Pro | Pro | Pro |
| KY KYSPWR 12/01/2050 | Pro | Pro | Pro |
| TN TGYPWR 10/01/2054 | Pro | Pro | Pro |
Frequently Asked Questions
Which is cheaper, VMLUX or VWIUX?
VMLUX has an expense ratio of 0.09% while VWIUX charges 0.09%. They cost the same. On a $10,000 investment, that is $0 per year of difference.
Which performed better, VMLUX or VWIUX?
Over the past year VMLUX returned -0.46% vs +0.97% for VWIUX, so VWIUX leads on 1-year performance. Over the longest common window we track (5 years), VMLUX annualized -0.58% vs -1.79% for VWIUX. Past performance does not guarantee future results.
Which is riskier, VMLUX or VWIUX?
VWIUX has been the more volatile fund at 5.4% annualized versus 2.8% for VMLUX. Worst drawdown: VMLUX -8.4% vs VWIUX -16.1%.
Should I hold both VMLUX and VWIUX?
VMLUX and VWIUX have a monthly-return correlation of 0.97, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between VMLUX and VWIUX?
VMLUX and VWIUX share 545 common holdings with a 9.2% weight overlap. Combined, they hold 2133 unique securities.
Which pays a higher dividend, VMLUX or VWIUX?
VMLUX yields 2.93% while VWIUX yields 3.13%, so VWIUX currently pays the higher dividend yield.
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