INMU vs. VWAHX

Last updated Jun 24, 2026

INMU (BlackRock Intermediate Muni Income Bond ETF) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both funds - INMU is a Municipal Bonds fund actively managed by BlackRock, while VWAHX is a High Yield Muni fund actively managed by Vanguard. Both are actively managed. Over the past 5 years, INMU returned 1.85%/yr vs 1.53%/yr for VWAHX. A 0.61 correlation means they provide meaningful diversification when combined. INMU charges 0.30%/yr vs 0.17%/yr for VWAHX.

Performance

INMU vs. VWAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Intermediate Muni Income Bond ETF (INMU) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INMU achieves a 1.98% return, which is significantly lower than VWAHX's 2.39% return.

INMU

• 1D: -0.04%
• 1M: 1.41%
• YTD: 1.98%
• 6M: 2.15%
• 1Y: 7.12%
• 3Y*: 4.60%
• 5Y*: 1.85%
• 10Y*: —

VWAHX

• 1D: -0.09%
• 1M: 1.96%
• YTD: 2.39%
• 6M: 2.84%
• 1Y: 8.14%
• 3Y*: 5.29%
• 5Y*: 1.53%
• 10Y*: 2.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INMU vs. VWAHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INMU BlackRock Intermediate Muni Income Bond ETF	1.98%	5.52%	2.77%	6.50%	-7.78%	2.84%
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares	2.39%	4.96%	3.98%	8.39%	-11.76%	3.62%

Correlation

The correlation between INMU and VWAHX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 18, 2021	0.61

The correlation between INMU and VWAHX has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

INMU vs. VWAHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INMU

INMU Risk / Return Rank: 79
INMU Sharpe Ratio Rank: 91
INMU Sortino Ratio Rank: 93
INMU Omega Ratio Rank: 95
INMU Calmar Ratio Rank: 60
INMU Martin Ratio Rank: 57

VWAHX

VWAHX Risk / Return Rank: 76
VWAHX Sharpe Ratio Rank: 86
VWAHX Sortino Ratio Rank: 91
VWAHX Omega Ratio Rank: 92
VWAHX Calmar Ratio Rank: 56
VWAHX Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INMU vs. VWAHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) 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.

	INMU	VWAHX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.60	+0.29
Sortino ratio: Return per unit of downside risk	4.28	4.20	+0.07
Omega ratio: Gain probability vs. loss probability	1.66	1.67	-0.01
Calmar ratio: Return relative to maximum drawdown	2.77	2.75	+0.02
Martin ratio: Return relative to average drawdown	9.32	9.98	-0.66

INMU vs. VWAHX - Sharpe Ratio Comparison

The current INMU Sharpe Ratio is 2.89, which is comparable to the VWAHX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of INMU and VWAHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INMU vs. VWAHX - Drawdown Comparison

The maximum INMU drawdown since its inception was -10.67%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for INMU and VWAHX.

Drawdown Indicators

	INMU	VWAHX	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-40.26%	+29.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-3.05%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-7.12%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-10.67%	-17.32%	+6.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.32%	—
Current Drawdown Current decline from peak	-0.41%	-0.09%	-0.32%
Average Drawdown Average peak-to-trough decline	-2.79%	-6.92%	+4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.84%	-0.07%

Volatility

INMU vs. VWAHX - Volatility Comparison

The current volatility for BlackRock Intermediate Muni Income Bond ETF (INMU) is 0.68%, while Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a volatility of 0.90%. This indicates that INMU 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.

Volatility by Period

	INMU	VWAHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.90%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	2.38%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	3.23%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	4.80%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.53%	4.64%	-1.11%

INMU vs. VWAHX - Expense Ratio Comparison

INMU has a 0.30% expense ratio, which is higher than VWAHX's 0.17% expense ratio.

Dividends

INMU vs. VWAHX - Dividend Comparison

INMU's dividend yield for the trailing twelve months is around 3.35%, less than VWAHX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INMU BlackRock Intermediate Muni Income Bond ETF	3.35%	3.48%	3.47%	3.44%	1.92%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both INMU and VWAHX in my portfolio?

INMU and VWAHX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INMU or VWAHX?

VWAHX has higher volatility (0.90%) compared to INMU (0.68%). In terms of maximum drawdown, INMU dropped -10.67% vs VWAHX's -40.26%.

Which has better risk-adjusted returns?

INMU currently has the higher Sharpe Ratio (2.89 vs 2.60), 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.