VPAIX | VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES

Basic Info 10.76 0.02(0.19%)
May 20

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES started on 04/14/1986

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES is classified as asset class Muni Pennsylvania

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES expense ratio is 0.09%

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES rating is

(93%)

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) Dividend Info

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) dividend growth in the last 12 months is 7.11%

The trailing 12-month yield of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES is 3.38%. its dividend history:

Date	Dividend
04/30/2024	0.0311
03/28/2024	0.0306
02/29/2024	0.0307
01/31/2024	0.03
12/29/2023	0.03
11/30/2023	0.03
10/31/2023	0.03
09/29/2023	0.03
08/31/2023	0.03
07/31/2023	0.03
06/30/2023	0.03
05/31/2023	0.029
04/28/2023	0.029
03/31/2023	0.029
02/28/2023	0.03
01/31/2023	0.028
12/30/2022	0.0286
11/30/2022	0.0279
10/31/2022	0.0279
09/30/2022	0.0278
08/31/2022	0.0274
07/29/2022	0.0271
06/30/2022	0.0274
05/31/2022	0.0273
04/29/2022	0.0274
03/31/2022	0.0267
02/28/2022	0.0276
01/31/2022	0.0262
12/31/2021	0.0264
12/29/2021	0.0275
11/30/2021	0.0269
10/29/2021	0.0266
09/30/2021	0.0269
08/31/2021	0.0267
07/30/2021	0.0266
06/30/2021	0.0271
05/28/2021	0.0267
04/30/2021	0.0269
03/31/2021	0.0267
02/26/2021	0.0277
01/29/2021	0.027
12/31/2020	0.027
12/29/2020	0.0356
11/30/2020	0.0283
10/30/2020	0.0283
09/30/2020	0.0285
08/31/2020	0.0286
07/31/2020	0.0292
06/30/2020	0.0287
05/29/2020	0.0302
04/30/2020	0.0293
03/31/2020	0.031
02/28/2020	0.029
01/31/2020	0.0306
12/31/2019	0.031
12/27/2019	0.0339
11/29/2019	0.0297
10/31/2019	0.031
09/30/2019	0.03
08/30/2019	0.031
07/31/2019	0.0314
06/28/2019	0.0306
05/31/2019	0.0322
04/30/2019	0.032
03/29/2019	0.0327
02/28/2019	0.0299
01/31/2019	0.0333
12/31/2018	0.0334
12/28/2018	0.0467
11/30/2018	0.0324
10/31/2018	0.0334
09/28/2018	0.0322
08/31/2018	0.0333
07/31/2018	0.0335
06/29/2018	0.0325
05/31/2018	0.0335
04/30/2018	0.0326
03/29/2018	0.0336
02/28/2018	0.0301
01/31/2018	0.0336
12/29/2017	0.0343
12/13/2017	0.059
11/30/2017	0.0321
10/31/2017	0.0333
09/29/2017	0.0323
08/31/2017	0.0335
07/31/2017	0.0336
06/30/2017	0.0326
05/31/2017	0.0335
04/28/2017	0.0327
03/31/2017	0.034
02/28/2017	0.031
01/31/2017	0.034
12/30/2016	0.034
12/23/2016	0.055
11/30/2016	0.033
10/31/2016	0.035
09/30/2016	0.033
08/31/2016	0.035
07/29/2016	0.035
06/30/2016	0.034
05/31/2016	0.035
04/29/2016	0.034
03/31/2016	0.035
02/29/2016	0.033
01/29/2016	0.035
12/31/2015	0.036
12/24/2015	0.038
11/30/2015	0.034
10/30/2015	0.036
09/30/2015	0.035
08/31/2015	0.036
07/31/2015	0.036
06/30/2015	0.034
05/29/2015	0.036
04/30/2015	0.035
03/31/2015	0.036
02/27/2015	0.032
01/30/2015	0.035
12/31/2014	0.036
12/26/2014	0.023
11/28/2014	0.035
10/31/2014	0.036
09/30/2014	0.035
08/29/2014	0.036
07/31/2014	0.036
06/30/2014	0.035
05/30/2014	0.037
04/30/2014	0.035
03/31/2014	0.036
02/28/2014	0.033
01/31/2014	0.037
12/31/2013	0.037
11/29/2013	0.035
10/31/2013	0.036
09/30/2013	0.035
08/30/2013	0.036
07/31/2013	0.036
06/28/2013	0.035
05/31/2013	0.036
04/30/2013	0.034
03/28/2013	0.035
02/28/2013	0.032
01/31/2013	0.036
12/31/2012	0.036
11/30/2012	0.035
10/31/2012	0.036
09/28/2012	0.034
08/31/2012	0.035
07/31/2012	0.035
06/29/2012	0.034
05/31/2012	0.035
04/30/2012	0.034
03/30/2012	0.035
02/29/2012	0.033
01/31/2012	0.036
12/30/2011	0.036
11/30/2011	0.036
10/31/2011	0.037
09/30/2011	0.036
08/31/2011	0.037
07/29/2011	0.037
06/30/2011	0.036
05/31/2011	0.037
04/29/2011	0.036
03/31/2011	0.037
02/28/2011	0.034
01/31/2011	0.038
12/31/2010	0.038
11/30/2010	0.036
10/29/2010	0.037
09/30/2010	0.036
08/31/2010	0.037
07/30/2010	0.037
06/30/2010	0.037
05/28/2010	0.038
03/31/2010	0.038
02/26/2010	0.035
01/29/2010	0.039
12/31/2009	0.039
11/30/2009	0.037
10/30/2009	0.038
09/30/2009	0.037
08/31/2009	0.039
07/31/2009	0.039
06/30/2009	0.037
05/29/2009	0.039
04/30/2009	0.038
03/31/2009	0.039
02/27/2009	0.035
01/30/2009	0.039
12/31/2008	0.04
11/28/2008	0.039
10/31/2008	0.041
09/30/2008	0.04
08/29/2008	0.04
07/31/2008	0.041
06/30/2008	0.039
05/30/2008	0.04
04/30/2008	0.039
03/31/2008	0.041
02/29/2008	0.039
01/31/2008	0.042
12/31/2007	0.064
11/30/2007	0.041
10/31/2007	0.042
09/28/2007	0.041
08/31/2007	0.043
07/31/2007	0.043
06/29/2007	0.042
05/31/2007	0.043
04/30/2007	0.042
03/30/2007	0.043
02/28/2007	0.039
01/31/2007	0.043
12/29/2006	0.043
12/28/2006	0.038
11/30/2006	0.042
10/31/2006	0.044
09/29/2006	0.042
08/31/2006	0.043
07/31/2006	0.044
06/30/2006	0.042
05/31/2006	0.044
04/28/2006	0.042
03/31/2006	0.044
02/28/2006	0.04
01/31/2006	0.044
12/30/2005	0.044
12/29/2005	0.029
11/30/2005	0.043
10/31/2005	0.044
09/30/2005	0.042
08/31/2005	0.044
07/29/2005	0.044
06/30/2005	0.043
05/31/2005	0.045
04/29/2005	0.043
03/31/2005	0.044
02/28/2005	0.04
01/31/2005	0.045
12/31/2004	0.09
11/30/2004	0.043
10/29/2004	0.045
09/30/2004	0.043
08/31/2004	0.045
07/30/2004	0.045
06/30/2004	0.043
05/28/2004	0.045
04/30/2004	0.043
03/31/2004	0.045
02/27/2004	0.049
01/30/2004	0.045
12/31/2003	0.107
11/28/2003	0.042
10/31/2003	0.044
09/30/2003	0.042
08/29/2003	0.044
07/31/2003	0.044
06/30/2003	0.043
05/30/2003	0.044
04/30/2003	0.043
03/31/2003	0.044
02/28/2003	0.042
01/31/2003	0.048
12/31/2002	0.1
11/29/2002	0.045
10/31/2002	0.046
09/30/2002	0.044
08/30/2002	0.045
07/31/2002	0.046
06/28/2002	0.046
05/31/2002	0.047
04/30/2002	0.046
03/28/2002	0.048
02/28/2002	0.043
01/31/2002	0.048
12/31/2001	0.088
11/30/2001	0.046
10/31/2001	0.048
09/28/2001	0.046
08/31/2001	0.048
07/31/2001	0.048
06/29/2001	0.047
05/31/2001	0.027
04/30/2001	0.047
03/30/2001	0.049
02/28/2001	0.044
01/31/2001	0.049
12/29/2000	0.049
11/30/2000	0.048
10/31/2000	0.049
09/29/2000	0.047
08/31/2000	0.049
07/31/2000	0.049
06/30/2000	0.048
05/31/2000	0.05
04/28/2000	0.048
03/31/2000	0.05
02/29/2000	0.047
01/31/2000	0.05
12/31/1999	0.049
11/30/1999	0.047
10/29/1999	0.048
09/30/1999	0.047
08/31/1999	0.048
07/30/1999	0.048
06/30/1999	0.048
05/28/1999	0.049
04/30/1999	0.048
03/31/1999	0.049
02/26/1999	0.045
01/29/1999	0.05
12/31/1998	0.142
11/30/1998	0.048
10/30/1998	0.05
09/30/1998	0.048
08/31/1998	0.05
07/31/1998	0.051
06/30/1998	0.049
05/29/1998	0.051
04/30/1998	0.05
03/31/1998	0.051
02/27/1998	0.046
01/30/1998	0.051
12/31/1997	0.052
11/28/1997	0.049
10/31/1997	0.05
09/30/1997	0.049
08/29/1997	0.05
07/31/1997	0.05
06/30/1997	0.049
05/30/1997	0.051
04/30/1997	0.05
03/31/1997	0.051
02/28/1997	0.046
01/31/1997	0.051
12/31/1996	0.115
11/29/1996	0.049
10/31/1996	0.051
09/30/1996	0.049
08/30/1996	0.051
07/31/1996	0.052
06/28/1996	0.05
05/31/1996	0.051
04/30/1996	0.05
03/29/1996	0.051
02/29/1996	0.048
01/31/1996	0.052
12/29/1995	0.053
11/30/1995	0.051
10/31/1995	0.052
09/29/1995	0.05
08/31/1995	0.051
07/31/1995	0.051
06/30/1995	0.05
05/31/1995	0.052
04/28/1995	0.05
03/31/1995	0.052
02/28/1995	0.047
01/31/1995	0.054
12/30/1994	0.054
11/30/1994	0.053
10/31/1994	0.053
09/30/1994	0.053
08/31/1994	0.053
07/29/1994	0.053
06/30/1994	0.052
05/31/1994	0.052
04/29/1994	0.052
03/31/1994	0.051
02/28/1994	0.051
01/31/1994	0.052
12/31/1993	0.052
11/30/1993	0.052
10/29/1993	0.052
09/30/1993	0.052
08/31/1993	0.053
07/30/1993	0.053
06/30/1993	0.053
05/28/1993	0.053
04/30/1993	0.052
03/31/1993	0.052
02/26/1993	0.052
01/29/1993	0.053
12/31/1992	0.054
11/30/1992	0.054
10/30/1992	0.056
09/30/1992	0.056
08/31/1992	0.056
07/31/1992	0.055
06/30/1992	0.054
05/29/1992	0.055
04/30/1992	0.055
03/31/1992	0.055
02/28/1992	0.055
01/31/1992	0.056
12/31/1991	0.056
11/29/1991	0.056
10/31/1991	0.055
09/30/1991	0.056
08/30/1991	0.056
07/31/1991	0.057
06/28/1991	0.057
05/31/1991	0.055
04/30/1991	0.055
03/28/1991	0.055
02/28/1991	0.054
01/31/1991	0.055
12/31/1990	0.032
12/14/1990	0.053
11/15/1990	0.056
10/15/1990	0.058
09/14/1990	0.056
08/15/1990	0.06
07/13/1990	0.052
06/15/1990	0.057
05/15/1990	0.054
04/16/1990	0.06
03/15/1990	0.054
02/15/1990	0.06
01/15/1990	0.028
12/29/1989	0.03
12/15/1989	0.056
11/15/1989	0.062
10/13/1989	0.053
09/15/1989	0.058
08/15/1989	0.059
07/14/1989	0.055
06/15/1989	0.059
05/15/1989	0.058
04/14/1989	0.056
03/15/1989	0.054
02/15/1989	0.063
01/13/1989	0.024
12/30/1988	0.029
12/15/1988	0.056
11/15/1988	0.06
10/14/1988	0.054
09/15/1988	0.057
08/15/1988	0.056
07/15/1988	0.055
06/15/1988	0.06
05/13/1988	0.051
04/15/1988	0.056
03/15/1988	0.059
02/12/1988	0.051
01/15/1988	0.056
12/15/1987	0.059
11/13/1987	0.054
10/15/1987	0.057
09/15/1987	0.059
08/14/1987	0.054
07/15/1987	0.055
06/15/1987	0.057
05/15/1987	0.056
04/15/1987	0.061
03/13/1987	0.054
02/13/1987	0.055
01/15/1987	0.057
12/15/1986	0.059
11/14/1986	0.056
10/15/1986	0.056
09/15/1986	0.058
08/15/1986	0.056
07/15/1986	0.059
06/13/1986	0.054
05/15/1986	0.057
04/15/1986	0.017

Dividend Growth History for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX)

Year	Payout Amount	Year Start Yield	Annual Payout Growth (YoY)	CAGR to 2023
2023	$0.355	3.36%	7.80%	-
2022	$0.3293	2.72%	-5.83%	7.80%
2021	$0.3497	2.88%	-9.00%	0.75%
2020	$0.3843	3.23%	-5.97%	-2.61%
2019	$0.4087	3.61%	-7.28%	-3.46%
2018	$0.4408	3.80%	-3.31%	-4.24%
2017	$0.4559	4.02%	-2.17%	-4.08%
2016	$0.466	3.97%	1.53%	-3.81%
2015	$0.459	3.91%	2.00%	-3.16%
2014	$0.45	4.09%	6.38%	-2.60%
2013	$0.423	3.61%	1.20%	-1.74%
2012	$0.418	3.69%	-4.35%	-1.47%
2011	$0.437	4.07%	7.11%	-1.72%
2010	$0.408	3.72%	-10.53%	-1.06%
2009	$0.456	4.45%	-5.20%	-1.77%
2008	$0.481	4.31%	-8.56%	-2.00%
2007	$0.526	4.63%	-4.71%	-2.43%
2006	$0.552	4.86%	0.36%	-2.56%
2005	$0.55	4.74%	-5.34%	-2.40%
2004	$0.581	4.97%	-1.02%	-2.56%
2003	$0.587	5.04%	-2.81%	-2.48%
2002	$0.604	5.41%	2.90%	-2.50%
2001	$0.587	5.20%	0.51%	-2.26%
2000	$0.584	5.56%	1.39%	-2.14%
1999	$0.576	5.06%	-16.16%	-2.00%
1998	$0.687	6.02%	14.88%	-2.61%
1997	$0.598	5.41%	-10.61%	-1.99%
1996	$0.669	5.92%	9.14%	-2.32%
1995	$0.613	5.97%	-2.54%	-1.93%
1994	$0.629	5.51%	0.00%	-1.95%
1993	$0.629	5.82%	-4.84%	-1.89%
1992	$0.661	6.20%	-0.90%	-1.99%
1991	$0.667	6.56%	-1.91%	-1.95%
1990	$0.68	6.70%	-1.02%	-1.95%
1989	$0.687	7.00%	-1.86%	-1.92%
1988	$0.7	7.44%	3.24%	-1.92%
1987	$0.678	6.61%	43.64%	-1.78%
1986	$0.472	4.73%	-	-0.77%

Dividend Growth Chart for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX)

VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) Historical Returns And Risk Info

From 05/20/1986 to 05/20/2024, the compound annualized total return (dividend reinvested) of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 5.26%. Its cumulative total return (dividend reinvested) is 601.383%.

From 05/20/1986 to 05/20/2024, the Maximum Drawdown of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 15.8%.

From 05/20/1986 to 05/20/2024, the Sharpe Ratio of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 0.77.

From 05/20/1986 to 05/20/2024, the Annualized Standard Deviation of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 4.0%.

From 05/20/1986 to 05/20/2024, the Beta of VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 1.0.

	Last 1 Week*	YTD*(2024)	1 Yr	3 Yr	5 Yr	10 Yr	15 Yr	20 Yr	Since 05/20/1986	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987	1986
Annualized Return(%)	-0.2	-0.4	4.6	-0.9	1.5	2.9	3.6	3.8	5.3	7.3	-10.2	2.4	5.9	8.8	1.1	6.6	0.7	4.0	10.8	-2.7	6.9	10.0	1.6	11.8	-3.7	2.8	4.8	2.7	4.0	5.7	10.1	4.6	12.8	-2.7	6.2	8.2	4.3	16.1	-4.5	12.0	7.9	11.9	6.9	10.6	12.3	-1.3	7.6
Sharpe Ratio	NA	-1.4	0.08	-0.75	-0.01	0.46	NA	NA	0.77	0.63	-2.25	1.39	0.68	3.34	-0.09	2.32	0.16	1.78	5.23	-0.77	3.14	3.74	0.52	3.74	-0.75	-0.08	0.6	0.2	0.77	1.27	2.56	0.73	3.04	-2.06	0.98	1.53	0.18	2.92	-1.15	3.08	1.28	2.52	0.39	1.24	1.93	-0.55	1.86
Draw Down(%)	NA	2.0	7.0	15.8	15.8	15.8	NA	NA	15.8	7.5	15.6	2.1	11.8	1.8	2.4	1.6	6.2	2.4	1.3	7.7	1.8	2.6	5.4	2.7	10.2	2.4	1.9	2.9	5.9	5.4	4.0	3.8	3.3	5.3	1.9	2.2	4.2	2.6	10.9	2.4	4.2	2.1	4.3	2.5	2.9	15.7	3.4
Standard Deviation(%)	NA	3.1	4.5	4.3	5.1	4.0	NA	NA	4.0	4.8	5.2	1.7	8.2	2.2	2.2	2.6	3.0	2.2	2.1	3.6	2.2	2.7	2.9	3.1	6.1	2.9	2.6	2.8	3.9	3.9	3.5	3.1	2.9	2.9	2.9	3.1	4.7	4.2	6.5	3.2	4.3	3.2	4.1	3.9	3.9	9.7	3.6
Treynor Ratio	NA	-0.04	0.0	-0.03	0.0	0.02	NA	NA	0.03	0.03	-0.12	0.02	0.06	0.07	0.0	0.06	0.0	0.04	0.11	-0.03	0.07	0.1	0.01	0.12	-0.05	0.0	0.02	0.01	0.03	0.05	0.09	0.02	0.09	-0.06	0.03	0.05	0.01	0.12	-0.07	0.1	0.05	0.08	0.02	0.05	0.08	-0.05	0.07
Alpha	NA	0.0	0.0	0.0	0.0	0.0	NA	NA	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Beta	NA	1.0	1.0	1.0	1.0	1.0	NA	NA	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
RSquare	NA	1.0	1.0	1.0	1.0	1.0	NA	NA	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Yield(%)	N/A	1.1	3.4	2.9	3.1	3.5	3.8	3.9	N/A	3.4	3.0	3.2	3.4	3.4	3.5	3.7	4.1	4.2	4.5	3.9	3.9	4.4	4.0	4.7	4.3	4.4	4.6	4.4	4.6	4.8	5.5	5.4	5.7	5.2	6.0	5.4	5.9	5.8	5.3	5.6	6.5	7.0	6.7	7.0	7.7	6.7	4.9
Dividend Growth(%)	N/A	-66.7	7.1	-13.6	-19.4	-14.8	-29.2	N/A	N/A	0.0	-7.7	-2.5	2.6	-4.9	-2.4	-12.5	-2.0	0.0	6.5	4.5	-6.4	6.8	-8.3	0.0	-4.0	-3.8	2.0	-5.6	-3.6	-8.2	0.0	1.7	1.7	-14.5	15.0	-10.4	11.7	0.0	0.0	-13.0	-2.8	4.4	-1.4	-4.2	4.3	40.8	N/A

Return Calculator for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX)

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VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) Historical Return Chart

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VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) Rolling Returns Charts

A rolling return for a period such as 5-year, as of a specific date, represents the investment’s performance over the preceding five years leading up to that date. In the 5-year rolling chart, the value on any given date corresponds to the annualized return for the preceding 5 years up to that very date. Thus, for instance, the chart value on 8/28/2015 reflects the annualized return from 8/28/2010 to 8/28/2015. A 5-year rolling return chart for an investment (stock, fund or portfolio) depicts the return sequence of 5-year trailing returns for the dates in the chart.

These rolling returns contrast with the most recent 3, 5, 10, and 15-year returns, as they solely depict the returns for those respective periods leading up to the most recent date, without encompassing every date in the historical record.

Rolling return charts offer a more precise insight into a portfolio’s risk and return stability (including funds or individual stocks). This is particularly true when focusing on the minimal return points within a rolling return chart as a measure of a fund or a portfolio's risk. A well-known observation, often attributed to ‘Murphy’s law’, is that it tends to perform poorly when investors decide to follow an investment due to its recent strong returns. Sound familiar? Information regarding minimum rolling returns could help mitigate this predicament. Investors can opt for an investment showcasing high minimum rolling returns within their preferred holding durations. In fact, merely possessing knowledge of such minimum rolling period returns can anchor investors’ expectations.

For instance, let’s consider an investor who follows a model portfolio (or even simply purchases and holds a fund like VFINX or SPY) for 10 years. Armed with knowledge of this portfolio’s minimum 10-year rolling return since its inception date or the fund’s inception (in the case of VFINX, recognizing that the minimum 10-year rolling return since 1987 could be as low as -2.24%), the investor should reasonably anticipate the potential for the portfolio to incur losses over the forthcoming 10 years.

Minimum rolling return for a period such as 10-year offers a different and often better historical risk and return metric than other popular risk and return metrics such as Sharpe ratio, standard deviation (volatility) or maximum drawdown.

See Portfolio Calculator and Rolling Returns for more detailed description.

From 05/20/1986 to 05/20/2024, the worst annualized return of 3-year rolling returns for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is -3.11%.

From 05/20/1986 to 05/20/2024, the worst annualized return of 5-year rolling returns for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 0.48%.

From 05/20/1986 to 05/20/2024, the worst annualized return of 10-year rolling returns for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 2.04%.

From 05/20/1986 to 05/20/2024, the worst annualized return of 20-year rolling returns for VANGUARD PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND INVESTOR SHARES (VPAIX) is 3.21%.

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