MISHX vs. VWAHX
Compare and contrast key facts about AB Municipal Income Shares (MISHX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX).
MISHX is managed by AllianceBernstein. It was launched on Aug 31, 2010. VWAHX is managed by Vanguard. It was launched on Dec 27, 1978.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MISHX or VWAHX.
Performance
MISHX vs. VWAHX - Performance Comparison
Returns By Period
In the year-to-date period, MISHX achieves a 5.12% return, which is significantly higher than VWAHX's 3.54% return. Over the past 10 years, MISHX has outperformed VWAHX with an annualized return of 3.81%, while VWAHX has yielded a comparatively lower 3.15% annualized return.
MISHX
5.12%
-0.76%
4.15%
12.04%
2.72%
3.81%
VWAHX
3.54%
-0.52%
2.74%
10.05%
1.60%
3.15%
Key characteristics
| MISHX | VWAHX | |
|---|---|---|
| Sharpe Ratio | 2.84 | 2.53 |
| Sortino Ratio | 4.37 | 3.78 |
| Omega Ratio | 1.63 | 1.60 |
| Calmar Ratio | 1.07 | 0.97 |
| Martin Ratio | 13.32 | 11.95 |
| Ulcer Index | 0.94% | 0.87% |
| Daily Std Dev | 4.43% | 4.11% |
| Max Drawdown | -19.03% | -17.82% |
| Current Drawdown | -1.62% | -1.77% |
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MISHX vs. VWAHX - Expense Ratio Comparison
MISHX has a 0.00% expense ratio, which is lower than VWAHX's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Correlation
The correlation between MISHX and VWAHX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
MISHX vs. VWAHX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Shares (MISHX) 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.
Dividends
MISHX vs. VWAHX - Dividend Comparison
MISHX's dividend yield for the trailing twelve months is around 4.32%, more than VWAHX's 3.70% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MISHX AB Municipal Income Shares | 4.32% | 4.31% | 4.12% | 3.33% | 3.59% | 3.67% | 3.96% | 3.78% | 4.14% | 0.37% | 3.97% | 2.94% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 3.70% | 3.53% | 3.37% | 2.86% | 3.09% | 3.36% | 3.79% | 3.69% | 3.75% | 3.69% | 3.78% | 4.12% |
Drawdowns
MISHX vs. VWAHX - Drawdown Comparison
The maximum MISHX drawdown since its inception was -19.03%, which is greater than VWAHX's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for MISHX and VWAHX. For additional features, visit the drawdowns tool.
Volatility
MISHX vs. VWAHX - Volatility Comparison
The current volatility for AB Municipal Income Shares (MISHX) is 1.85%, while Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a volatility of 2.01%. This indicates that MISHX 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.