Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) belongs to the High Yield Muni category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with VWALX. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to VWALX
VWALX charges 0.09% annually. No mutual funds in the High Yield Muni category have lower expense ratios; the lowest-cost alternatives shown here go as low as 0.11%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| BlackRock Allocation Target Shares Series E Portfo... | 0.11% | — | Aug 2014 | VWALX vs BATEX | |
| Vanguard High-Yield Tax-Exempt Fund Investor Share... | 0.17% | 17.80B | Dec 1978 | VWALX vs VWAHX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 0.18% | — | May 2007 | VWALX vs EWHYX | |
| American High-Income Municipal Bond Fund Class F-3 | 0.31% | — | Jan 2017 | VWALX vs HIMFX | |
| American High-Income Municipal Bond Fund Class F-2 | 0.42% | — | Aug 2008 | VWALX vs AHMFX |
Best Risk-Adjusted Alternatives to VWALX
VWALX has a PortfoliosLab risk / return rank of 87. There are 25 mutual funds in the High Yield Muni category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| T. Rowe Price Tax Free High Yield Fund | 96 | — | Feb 1985 | VWALX vs PRFHX | |
| Federated Hermes Municipal High Yield Advtg Fd | 95 | — | Apr 1987 | VWALX vs FHTFX | |
| Columbia High Yield Municipal Fund | 94 | — | Mar 1984 | VWALX vs SRHMX | |
| Invesco Short Duration High Yield Municipal Fund | 94 | — | Sep 2015 | VWALX vs ISHYX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 94 | — | May 2007 | VWALX vs EWHYX |
Top Performing VWALX Alternatives (YTD)
VWALX is at 1.15% YTD. There are 37 mutual funds in the High Yield Muni category with higher YTD returns, going as high as 4.20%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Municipal High Income Opportunity Fund | 4.20% | — | Nov 2003 | VWALX vs NMZ | |
| Eaton Vance High Yield Municipal Income Fund Class... | 2.53% | — | May 2007 | VWALX vs EWHYX | |
| Columbia High Yield Municipal Fund | 2.33% | — | Mar 1984 | VWALX vs SRHMX | |
| Allspring High Yield Municipal Bond Fund | 2.06% | — | Jan 2013 | VWALX vs WHYIX | |
| T. Rowe Price Tax Free High Yield Fund | 2.05% | — | Feb 1985 | VWALX vs PRFHX |
Lowest Volatility Alternatives to VWALX
VWALX has 3.28% 1-year volatility. There are 18 mutual funds in the High Yield Muni category with lower 1-year volatility, going as low as 2.13%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Lord Abbett Short Duration High Income Municipal B... | 2.13% | — | Jun 2015 | VWALX vs SDHIX | |
| Nuveen Short Duration High Yield Municipal Bond Fu... | 2.17% | — | Jan 2013 | VWALX vs NVHIX | |
| Redwood Managed Municipal Income Fund | 2.27% | — | Mar 2017 | VWALX vs RWMIX | |
| Invesco Short Duration High Yield Municipal Fund | 2.35% | — | Sep 2015 | VWALX vs ISHYX | |
| abrdn Short Duration High Yield Municipal Fund | 2.62% | — | May 2013 | VWALX vs AHYMX |
Lowest Drawdown Alternatives to VWALX
VWALX has a 1-year max drawdown of -3.05%. There are 28 mutual funds in the High Yield Muni category with shallower 1-year drawdowns, going as shallow as -1.71%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Eagle Short Duration High Yield Municipal Fu... | -1.71% | — | Feb 2024 | VWALX vs FDUAX | |
| Nuveen Short Duration High Yield Municipal Bond Fu... | -1.79% | — | Jan 2013 | VWALX vs NVHIX | |
| Invesco Short Duration High Yield Municipal Fund | -1.89% | — | Sep 2015 | VWALX vs ISHYX | |
| abrdn Short Duration High Yield Municipal Fund | -1.98% | — | May 2013 | VWALX vs AHYMX | |
| Lord Abbett Short Duration High Income Municipal B... | -2.08% | — | Jun 2015 | VWALX vs SDHIX |
Other Mutual Funds from Vanguard
The 10 most viewed Vanguard mutual funds shown here include VTSAX, VFIAX, VTIAX and span 8 categories. AUM among these funds goes as high as $2T.
Often Compared With VWALX
Investors most often compare VWALX with VTEB, VWIUX, VWLUX. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare VWALX with Any Fund or Stock
Compare VWALX with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair VWALX with funds that move differently
Vanguard High-Yield Tax-Exempt Fund Admiral Shares alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to VWALX.
Explore VWALX Diversifiers