ABHYX vs. VWALX
ABHYX (American Century High-Yield Municipal Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Over the past 10 years, ABHYX returned 2.79%/yr vs 3.01%/yr for VWALX. Their correlation of 0.86 suggests significant overlap in exposure. ABHYX charges 0.59%/yr vs 0.09%/yr for VWALX.
Performance
ABHYX vs. VWALX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ABHYX having a 2.50% return and VWALX slightly lower at 2.43%. Over the past 10 years, ABHYX has underperformed VWALX with an annualized return of 2.79%, while VWALX has yielded a comparatively higher 3.01% annualized return.
ABHYX
- 1D
- 0.00%
- 1M
- 1.97%
- YTD
- 2.50%
- 6M
- 3.11%
- 1Y
- 7.67%
- 3Y*
- 5.20%
- 5Y*
- 0.81%
- 10Y*
- 2.79%
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
ABHYX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 2.50% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 9.27% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between ABHYX and VWALX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.86 |
The correlation between ABHYX and VWALX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
ABHYX vs. VWALX — Risk / Return Rank
ABHYX
VWALX
ABHYX vs. VWALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Municipal Fund (ABHYX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ABHYX | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.67 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.78 | -0.30 |
| Martin ratioReturn relative to average drawdown | 8.43 | 10.12 | -1.69 |
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Drawdowns
ABHYX vs. VWALX - Drawdown Comparison
The maximum ABHYX drawdown since its inception was -26.34%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for ABHYX and VWALX.
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Drawdown Indicators
| ABHYX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.34% | -17.24% | -9.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -3.05% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.40% | -7.10% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -17.24% | -1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -17.24% | -1.30% |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -2.16% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.84% | +0.09% |
Volatility
ABHYX vs. VWALX - Volatility Comparison
American Century High-Yield Municipal Fund (ABHYX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 0.87% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABHYX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.90% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 2.39% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 3.24% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.95% | 4.81% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 4.64% | +0.34% |
ABHYX vs. VWALX - Expense Ratio Comparison
ABHYX has a 0.59% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
ABHYX vs. VWALX - Dividend Comparison
ABHYX's dividend yield for the trailing twelve months is around 4.31%, more than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.31% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
With a correlation of 0.91, ABHYX and VWALX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VWALX has higher volatility (0.90%) compared to ABHYX (0.87%). In terms of maximum drawdown, ABHYX dropped -26.34% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.62 vs 2.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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