FRHIX vs. VWAHX
FRHIX (Franklin High Yield Tax Free Income Fund) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both High Yield Muni funds. Over the past 10 years, FRHIX returned 2.60%/yr vs 2.92%/yr for VWAHX. A 0.70 correlation means they provide meaningful diversification when combined. FRHIX charges 0.65%/yr vs 0.17%/yr for VWAHX.
Performance
FRHIX vs. VWAHX - Performance Comparison
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Returns By Period
In the year-to-date period, FRHIX achieves a 2.93% return, which is significantly higher than VWAHX's 2.39% return. Over the past 10 years, FRHIX has underperformed VWAHX with an annualized return of 2.60%, while VWAHX has yielded a comparatively higher 2.92% annualized return.
FRHIX
- 1D
- 0.00%
- 1M
- 1.98%
- YTD
- 2.93%
- 6M
- 3.47%
- 1Y
- 8.91%
- 3Y*
- 6.05%
- 5Y*
- 1.44%
- 10Y*
- 2.60%
VWAHX
- 1D
- 0.00%
- 1M
- 1.96%
- YTD
- 2.39%
- 6M
- 2.84%
- 1Y
- 8.35%
- 3Y*
- 5.29%
- 5Y*
- 1.54%
- 10Y*
- 2.92%
FRHIX vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRHIX Franklin High Yield Tax Free Income Fund | 2.93% | 5.33% | 7.28% | 6.01% | -13.96% | 4.89% | 5.87% | 8.35% | 1.96% | 3.40% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 2.39% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
Correlation
The correlation between FRHIX and VWAHX is 0.88, 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 | 0.88 |
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 Mar 18, 1986 | 0.70 |
The correlation between FRHIX and VWAHX shifts across timeframes, from 0.70 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FRHIX vs. VWAHX — Risk / Return Rank
FRHIX
VWAHX
FRHIX vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin High Yield Tax Free Income Fund (FRHIX) 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.
| FRHIX | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.65 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.68 | +0.03 |
| Martin ratioReturn relative to average drawdown | 9.88 | 9.74 | +0.14 |
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Drawdowns
FRHIX vs. VWAHX - Drawdown Comparison
The maximum FRHIX drawdown since its inception was -21.54%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for FRHIX and VWAHX.
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Drawdown Indicators
| FRHIX | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.54% | -40.26% | +18.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -3.05% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -7.12% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.01% | -17.32% | -1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -19.01% | -17.32% | -1.69% |
Current DrawdownCurrent decline from peak | -0.11% | -0.09% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -6.92% | +4.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.84% | +0.04% |
Volatility
FRHIX vs. VWAHX - Volatility Comparison
Franklin High Yield Tax Free Income Fund (FRHIX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) have volatilities of 0.94% 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
| FRHIX | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.90% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.38% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 3.22% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.15% | 4.80% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 4.63% | +0.03% |
FRHIX vs. VWAHX - Expense Ratio Comparison
FRHIX has a 0.65% expense ratio, which is higher than VWAHX's 0.17% expense ratio.
Dividends
FRHIX vs. VWAHX - Dividend Comparison
FRHIX's dividend yield for the trailing twelve months is around 4.58%, more than VWAHX's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRHIX Franklin High Yield Tax Free Income Fund | 4.58% | 5.79% | 5.32% | 4.16% | 4.27% | 3.61% | 3.83% | 4.99% | 4.46% | 4.06% | 4.42% | 4.27% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.05% | 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
FRHIX and VWAHX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRHIX has higher volatility (0.94%) compared to VWAHX (0.90%). In terms of maximum drawdown, FRHIX dropped -21.54% vs VWAHX's -40.26%.
VWAHX currently has the higher Sharpe Ratio (2.54 vs 2.52), 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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