MMHYX vs. VWALX
MMHYX (MFS Municipal High Income Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Over the past 10 years, MMHYX returned 2.58%/yr vs 2.84%/yr for VWALX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. MMHYX charges 0.61%/yr vs 0.09%/yr for VWALX.
Performance
MMHYX vs. VWALX - Performance Comparison
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Returns By Period
In the year-to-date period, MMHYX achieves a 1.65% return, which is significantly higher than VWALX's 1.15% return. Over the past 10 years, MMHYX has underperformed VWALX with an annualized return of 2.58%, while VWALX has yielded a comparatively higher 2.84% annualized return.
MMHYX
- 1D
- -0.27%
- 1M
- -1.99%
- 6M
- 0.86%
- YTD
- 1.65%
- 1Y
- 7.17%
- 3Y*
- 5.27%
- 5Y*
- 0.39%
- 10Y*
- 2.58%
- ALL TIME*
- 4.28%
VWALX
- 1D
- -0.28%
- 1M
- -2.14%
- 6M
- 0.53%
- YTD
- 1.15%
- 1Y
- 6.75%
- 3Y*
- 4.76%
- 5Y*
- 1.12%
- 10Y*
- 2.84%
- ALL TIME*
- 4.18%
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 |
MMHYX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMHYX MFS Municipal High Income Fund | 1.65% | 5.02% | 6.72% | 5.30% | -14.64% | 5.31% | 3.39% | 9.94% | 2.09% | 7.66% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 1.15% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between MMHYX and VWALX is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.80 |
The correlation between MMHYX and VWALX shifts across timeframes, from 0.80 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMHYX vs. VWALX — Risk / Return Rank
MMHYX
VWALX
MMHYX vs. VWALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MFS Municipal High Income Fund (MMHYX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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.
| MMHYX | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.58 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.55 | +0.32 |
| Martin ratioReturn relative to average drawdown | 10.39 | 9.04 | +1.35 |
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Drawdowns
MMHYX vs. VWALX - Drawdown Comparison
The maximum MMHYX drawdown since its inception was -23.28%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for MMHYX and VWALX.
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Drawdown Indicators
| MMHYX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.28% | -17.24% | -6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -3.05% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -6.88% | -6.14% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -19.89% | -17.24% | -2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -19.89% | -17.24% | -2.65% |
Current DrawdownCurrent decline from peak | -1.99% | -2.14% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -2.16% | -0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.86% | -0.06% |
Volatility
MMHYX vs. VWALX - Volatility Comparison
The current volatility for MFS Municipal High Income Fund (MMHYX) is 0.96%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 1.02%. This indicates that MMHYX experiences smaller price fluctuations and is considered to be less risky than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMHYX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.02% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.59% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 3.28% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.97% | 4.83% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 4.64% | +0.21% |
MMHYX vs. VWALX - Expense Ratio Comparison
MMHYX has a 0.61% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
MMHYX vs. VWALX - Dividend Comparison
MMHYX's dividend yield for the trailing twelve months is around 4.05%, more than VWALX's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMHYX MFS Municipal High Income Fund | 4.05% | 5.77% | 3.91% | 3.59% | 3.03% | 2.95% | 3.57% | 3.99% | 4.18% | 4.38% | 4.31% | 4.64% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 3.86% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
MMHYX and VWALX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWALX has higher volatility (1.02%) compared to MMHYX (0.96%). In terms of maximum drawdown, MMHYX dropped -23.28% vs VWALX's -17.24%.
MMHYX currently has the higher Sharpe Ratio (2.46 vs 2.37), 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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