MISHX vs. VWAHX

Last updated Jun 17, 2026

MISHX (AB Municipal Income Shares) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both mutual funds - MISHX is a High Yield Muni fund managed by AllianceBernstein, while VWAHX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, MISHX returned 3.57%/yr vs 2.95%/yr for VWAHX. Their correlation of 0.87 suggests significant overlap in exposure. MISHX charges 0.00%/yr vs 0.17%/yr for VWAHX.

Performance

MISHX vs. VWAHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Municipal Income Shares (MISHX) 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, MISHX achieves a 2.13% return, which is significantly lower than VWAHX's 2.30% return. Over the past 10 years, MISHX has outperformed VWAHX with an annualized return of 3.57%, while VWAHX has yielded a comparatively lower 2.95% annualized return.

MISHX

• 1D: 0.18%
• 1M: 1.78%
• YTD: 2.13%
• 6M: 2.54%
• 1Y: 7.87%
• 3Y*: 5.88%
• 5Y*: 1.52%
• 10Y*: 3.57%

VWAHX

• 1D: 0.09%
• 1M: 1.77%
• YTD: 2.30%
• 6M: 2.65%
• 1Y: 8.25%
• 3Y*: 5.36%
• 5Y*: 1.46%
• 10Y*: 2.95%

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

MISHX vs. VWAHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MISHX AB Municipal Income Shares	2.13%	6.41%	5.29%	6.24%	-12.77%	6.81%	6.22%	11.52%	0.80%	9.59%
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares	2.30%	4.96%	3.98%	8.39%	-11.76%	3.36%	5.39%	9.48%	1.31%	7.86%

Correlation

The correlation between MISHX 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	0.89
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.87

The correlation between MISHX and VWAHX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

MISHX vs. VWAHX — Risk / Return Rank

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

MISHX

MISHX Risk / Return Rank: 74
MISHX Sharpe Ratio Rank: 84
MISHX Sortino Ratio Rank: 90
MISHX Omega Ratio Rank: 92
MISHX Calmar Ratio Rank: 55
MISHX Martin Ratio Rank: 49

VWAHX

VWAHX Risk / Return Rank: 79
VWAHX Sharpe Ratio Rank: 88
VWAHX Sortino Ratio Rank: 92
VWAHX Omega Ratio Rank: 93
VWAHX Calmar Ratio Rank: 64
VWAHX Martin Ratio Rank: 56

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.

MISHX vs. VWAHX - Risk-Adjusted Trends 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.

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.

	MISHX	VWAHX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.57	-0.14
Sortino ratio: Return per unit of downside risk	3.97	4.16	-0.19
Omega ratio: Gain probability vs. loss probability	1.62	1.66	-0.04
Calmar ratio: Return relative to maximum drawdown	2.56	2.71	-0.16
Martin ratio: Return relative to average drawdown	9.10	9.86	-0.76

MISHX vs. VWAHX - Sharpe Ratio Comparison

The current MISHX Sharpe Ratio is 2.43, which is comparable to the VWAHX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of MISHX 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

MISHX vs. VWAHX - Drawdown Comparison

The maximum MISHX drawdown since its inception was -19.03%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for MISHX and VWAHX.

Drawdown Indicators

	MISHX	VWAHX	Difference
Max Drawdown Largest peak-to-trough decline	-19.03%	-40.26%	+21.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-3.05%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-7.12%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-18.20%	-17.32%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-19.03%	-17.32%	-1.71%
Current Drawdown Current decline from peak	-0.12%	-0.09%	-0.03%
Average Drawdown Average peak-to-trough decline	-3.40%	-6.93%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.84%	+0.03%

Volatility

MISHX vs. VWAHX - Volatility Comparison

AB Municipal Income Shares (MISHX) has a higher volatility of 1.30% compared to Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) at 1.22%. This indicates that MISHX's price experiences larger fluctuations and is considered to be riskier than VWAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISHX	VWAHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.22%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.39%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	3.23%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	4.80%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	4.64%	+0.55%

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%.

Dividends

MISHX vs. VWAHX - Dividend Comparison

MISHX's dividend yield for the trailing twelve months is around 4.81%, more than VWAHX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MISHX AB Municipal Income Shares	4.81%	6.23%	4.80%	3.23%	3.75%	2.77%	3.56%	3.98%	3.77%	3.78%	4.25%	4.38%
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 MISHX and VWAHX in my portfolio?

MISHX 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.

Which is riskier, MISHX or VWAHX?

MISHX has higher volatility (1.30%) compared to VWAHX (1.22%). In terms of maximum drawdown, MISHX dropped -19.03% vs VWAHX's -40.26%.

Which has better risk-adjusted returns?

VWAHX currently has the higher Sharpe Ratio (2.57 vs 2.43), 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.