ACTHX vs. VWAHX
ACTHX (Invesco High Yield Municipal Fund) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both High Yield Muni funds. Over the past 10 years, ACTHX returned 2.72%/yr vs 2.99%/yr for VWAHX. A 0.76 correlation means they provide meaningful diversification when combined. ACTHX charges 1.39%/yr vs 0.17%/yr for VWAHX.
Performance
ACTHX vs. VWAHX - Performance Comparison
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Returns By Period
In the year-to-date period, ACTHX achieves a 2.88% return, which is significantly higher than VWAHX's 2.49% return. Over the past 10 years, ACTHX has underperformed VWAHX with an annualized return of 2.72%, while VWAHX has yielded a comparatively higher 2.99% annualized return.
ACTHX
- 1D
- 0.12%
- 1M
- 2.16%
- YTD
- 2.88%
- 6M
- 3.34%
- 1Y
- 8.01%
- 3Y*
- 4.69%
- 5Y*
- 0.61%
- 10Y*
- 2.72%
VWAHX
- 1D
- 0.09%
- 1M
- 2.06%
- YTD
- 2.49%
- 6M
- 2.93%
- 1Y
- 8.45%
- 3Y*
- 5.43%
- 5Y*
- 1.53%
- 10Y*
- 2.99%
ACTHX vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 2.88% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 2.49% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
Correlation
The correlation between ACTHX and VWAHX is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 1986 | 0.76 |
The correlation between ACTHX and VWAHX shifts across timeframes, from 0.76 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ACTHX vs. VWAHX — Risk / Return Rank
ACTHX
VWAHX
ACTHX vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). 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.
| ACTHX | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.68 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.78 | -0.07 |
| Martin ratioReturn relative to average drawdown | 8.84 | 10.11 | -1.26 |
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Drawdowns
ACTHX vs. VWAHX - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for ACTHX and VWAHX.
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Drawdown Indicators
| ACTHX | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.29% | -40.26% | +12.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.05% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -10.13% | -7.12% | -3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -17.32% | -2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -19.83% | -17.32% | -2.51% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -6.92% | +3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.84% | +0.07% |
Volatility
ACTHX vs. VWAHX - Volatility Comparison
Invesco High Yield Municipal Fund (ACTHX) has a higher volatility of 1.01% compared to Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) at 0.88%. This indicates that ACTHX's price experiences larger fluctuations and is considered to be riskier than VWAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACTHX | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.88% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 2.38% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 3.22% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.72% | 4.80% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.39% | 4.63% | +0.76% |
ACTHX vs. VWAHX - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is higher than VWAHX's 0.17% expense ratio.
Dividends
ACTHX vs. VWAHX - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.32%, more than VWAHX's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.32% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.04% | 4.95% | 4.38% | 3.53% | 3.36% | 2.98% | 3.31% | 3.94% | 3.78% | 3.68% | 3.75% | 3.67% |
Frequently Asked Questions
ACTHX and VWAHX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACTHX has higher volatility (1.01%) compared to VWAHX (0.88%). In terms of maximum drawdown, ACTHX dropped -27.29% vs VWAHX's -40.26%.
VWAHX currently has the higher Sharpe Ratio (2.63 vs 2.14), 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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