AMHIX vs. VWAHX
AMHIX (American High-Income Municipal Bond Fund) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both High Yield Muni funds. Over the past 10 years, AMHIX returned 3.01%/yr vs 2.75%/yr for VWAHX. Their correlation of 0.88 means they have usually moved in the same direction. AMHIX charges 0.63%/yr vs 0.17%/yr for VWAHX.
Performance
AMHIX vs. VWAHX - Performance Comparison
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Returns By Period
In the year-to-date period, AMHIX achieves a 1.35% return, which is significantly higher than VWAHX's 1.11% return. Over the past 10 years, AMHIX has outperformed VWAHX with an annualized return of 3.01%, while VWAHX has yielded a comparatively lower 2.75% annualized return.
AMHIX
- 1D
- -0.26%
- 1M
- -1.87%
- 6M
- 0.70%
- YTD
- 1.35%
- 1Y
- 6.44%
- 3Y*
- 5.41%
- 5Y*
- 1.24%
- 10Y*
- 3.01%
- ALL TIME*
- 4.94%
VWAHX
- 1D
- -0.28%
- 1M
- -2.14%
- 6M
- 0.49%
- YTD
- 1.11%
- 1Y
- 6.67%
- 3Y*
- 4.68%
- 5Y*
- 1.04%
- 10Y*
- 2.75%
- ALL TIME*
- 3.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
AMHIX vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 1.35% | 5.70% | 6.19% | 7.18% | -12.59% | 5.28% | 4.39% | 8.88% | 1.59% | 8.89% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 1.11% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
Correlation
The correlation between AMHIX and VWAHX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 1994 | 0.88 |
The correlation between AMHIX and VWAHX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
AMHIX vs. VWAHX — Risk / Return Rank
AMHIX
VWAHX
AMHIX vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund (AMHIX) 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.
| AMHIX | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.58 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.52 | +0.22 |
| Martin ratioReturn relative to average drawdown | 9.51 | 8.92 | +0.60 |
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Drawdowns
AMHIX vs. VWAHX - Drawdown Comparison
The maximum AMHIX drawdown since its inception was -21.74%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for AMHIX and VWAHX.
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Drawdown Indicators
| AMHIX | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.74% | -40.26% | +18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -3.05% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.71% | -6.14% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | -17.32% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -17.81% | -17.32% | -0.49% |
Current DrawdownCurrent decline from peak | -1.87% | -2.14% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -6.91% | +4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.86% | -0.07% |
Volatility
AMHIX vs. VWAHX - Volatility Comparison
The current volatility for American High-Income Municipal Bond Fund (AMHIX) is 0.92%, while Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a volatility of 1.02%. This indicates that AMHIX experiences smaller price fluctuations and is considered to be less risky 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
| AMHIX | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.02% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 2.58% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 3.27% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.86% | 4.82% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.53% | 4.64% | -0.11% |
AMHIX vs. VWAHX - Expense Ratio Comparison
AMHIX has a 0.63% expense ratio, which is higher than VWAHX's 0.17% expense ratio.
Dividends
AMHIX vs. VWAHX - Dividend Comparison
AMHIX's dividend yield for the trailing twelve months is around 3.59%, less than VWAHX's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.59% | 5.26% | 3.80% | 3.10% | 2.53% | 3.23% | 3.40% | 3.46% | 3.67% | 4.01% | 3.55% | 4.03% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 3.79% | 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
With a correlation of 0.92, AMHIX and VWAHX 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.
VWAHX has higher volatility (1.02%) compared to AMHIX (0.92%). In terms of maximum drawdown, AMHIX dropped -21.74% vs VWAHX's -40.26%.
AMHIX currently has the higher Sharpe Ratio (2.49 vs 2.35), 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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