GHYIX vs. RTHAX
GHYIX (Goldman Sachs High Yield Municipal Fund Institutional Class) and RTHAX (Russell Investments Tax-Exempt High Yield Bond Fund) are both High Yield Muni funds. Over the past 10 years, GHYIX returned 3.32%/yr vs 2.63%/yr for RTHAX. Their correlation of 0.80 means they have usually moved in the same direction. GHYIX charges 0.54%/yr vs 0.89%/yr for RTHAX.
Performance
GHYIX vs. RTHAX - Performance Comparison
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Returns By Period
In the year-to-date period, GHYIX achieves a 1.18% return, which is significantly lower than RTHAX's 1.73% return. Over the past 10 years, GHYIX has outperformed RTHAX with an annualized return of 3.32%, while RTHAX has yielded a comparatively lower 2.63% annualized return.
GHYIX
- 1D
- -0.22%
- 1M
- -2.40%
- 6M
- 0.45%
- YTD
- 1.18%
- 1Y
- 6.37%
- 3Y*
- 4.56%
- 5Y*
- 0.29%
- 10Y*
- 3.32%
- ALL TIME*
- 4.41%
RTHAX
- 1D
- -0.21%
- 1M
- -1.74%
- 6M
- 0.90%
- YTD
- 1.73%
- 1Y
- 6.21%
- 3Y*
- 3.89%
- 5Y*
- 0.15%
- 10Y*
- 2.63%
- ALL TIME*
- 3.14%
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 |
GHYIX vs. RTHAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class | 1.18% | 3.92% | 5.74% | 7.34% | -14.79% | 5.79% | 4.96% | 11.47% | 4.97% | 9.33% |
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund | 1.73% | 2.11% | 4.49% | 7.78% | -13.62% | 5.54% | 3.84% | 10.18% | 3.20% | 8.19% |
Correlation
The correlation between GHYIX and RTHAX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.80 |
The correlation between GHYIX and RTHAX shifts across timeframes, from 0.75 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYIX vs. RTHAX — Risk / Return Rank
GHYIX
RTHAX
GHYIX vs. RTHAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) and Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX). 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.
| GHYIX | RTHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.61 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.48 | -0.21 |
| Martin ratioReturn relative to average drawdown | 8.07 | 9.69 | -1.61 |
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Drawdowns
GHYIX vs. RTHAX - Drawdown Comparison
The maximum GHYIX drawdown since its inception was -35.88%, which is greater than RTHAX's maximum drawdown of -18.89%. Use the drawdown chart below to compare losses from any high point for GHYIX and RTHAX.
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Drawdown Indicators
| GHYIX | RTHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -18.89% | -16.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.74% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -7.56% | -7.07% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -19.75% | -18.87% | -0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -19.82% | -18.89% | -0.93% |
Current DrawdownCurrent decline from peak | -2.40% | -1.74% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -3.68% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.70% | +0.15% |
Volatility
GHYIX vs. RTHAX - Volatility Comparison
Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) and Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX) have volatilities of 1.02% and 1.04%, 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
| GHYIX | RTHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.04% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 2.29% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 2.85% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 5.14% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 4.99% | +0.41% |
GHYIX vs. RTHAX - Expense Ratio Comparison
GHYIX has a 0.54% expense ratio, which is lower than RTHAX's 0.89% expense ratio.
Dividends
GHYIX vs. RTHAX - Dividend Comparison
GHYIX's dividend yield for the trailing twelve months is around 4.29%, which matches RTHAX's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class | 4.29% | 6.12% | 4.38% | 3.56% | 3.04% | 3.06% | 3.44% | 4.03% | 4.12% | 4.36% | 4.81% | 4.88% |
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund | 4.26% | 3.60% | 4.02% | 3.97% | 3.64% | 2.80% | 3.10% | 3.83% | 3.86% | 3.44% | 4.06% | 0.00% |
Frequently Asked Questions
GHYIX and RTHAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RTHAX has higher volatility (1.04%) compared to GHYIX (1.02%). In terms of maximum drawdown, GHYIX dropped -35.88% vs RTHAX's -18.89%.
RTHAX currently has the higher Sharpe Ratio (2.39 vs 2.02), 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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