PHMIX vs. VWALX
PHMIX (PIMCO High Yield Municipal Bond Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Over the past 10 years, PHMIX returned 3.55%/yr vs 3.01%/yr for VWALX. A 0.78 correlation means they provide meaningful diversification when combined. PHMIX charges 0.55%/yr vs 0.09%/yr for VWALX.
Performance
PHMIX vs. VWALX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PHMIX having a 2.42% return and VWALX slightly higher at 2.43%. Over the past 10 years, PHMIX has outperformed VWALX with an annualized return of 3.55%, while VWALX has yielded a comparatively lower 3.01% annualized return.
PHMIX
- 1D
- -0.24%
- 1M
- 1.72%
- YTD
- 2.42%
- 6M
- 2.96%
- 1Y
- 7.28%
- 3Y*
- 5.80%
- 5Y*
- 1.49%
- 10Y*
- 3.55%
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
PHMIX vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHMIX PIMCO High Yield Municipal Bond Fund | 2.42% | 5.00% | 5.33% | 8.97% | -13.90% | 5.51% | 6.21% | 10.77% | 2.28% | 9.83% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between PHMIX and VWALX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2006 | 0.78 |
The correlation between PHMIX and VWALX shifts across timeframes, from 0.78 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PHMIX vs. VWALX — Risk / Return Rank
PHMIX
VWALX
PHMIX vs. VWALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO High Yield Municipal Bond Fund (PHMIX) 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.
| PHMIX | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.67 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.78 | -0.18 |
| Martin ratioReturn relative to average drawdown | 8.83 | 10.12 | -1.29 |
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Drawdowns
PHMIX vs. VWALX - Drawdown Comparison
The maximum PHMIX drawdown since its inception was -35.54%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for PHMIX and VWALX.
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Drawdown Indicators
| PHMIX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.54% | -17.24% | -18.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -3.05% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -6.50% | -7.10% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -18.96% | -17.24% | -1.72% |
Max Drawdown (10Y)Largest decline over 10 years | -18.96% | -17.24% | -1.72% |
Current DrawdownCurrent decline from peak | -0.24% | -0.09% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -2.16% | -2.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.84% | +0.02% |
Volatility
PHMIX vs. VWALX - Volatility Comparison
PIMCO High Yield Municipal Bond Fund (PHMIX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 0.93% and 0.90%, 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
| PHMIX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.90% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.39% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 3.24% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 4.81% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 4.64% | +0.07% |
PHMIX vs. VWALX - Expense Ratio Comparison
PHMIX has a 0.55% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
PHMIX vs. VWALX - Dividend Comparison
PHMIX's dividend yield for the trailing twelve months is around 4.57%, more than VWALX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHMIX PIMCO High Yield Municipal Bond Fund | 4.57% | 5.91% | 5.33% | 4.71% | 3.39% | 3.84% | 3.62% | 4.38% | 4.41% | 4.22% | 4.12% | 4.46% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 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
PHMIX and VWALX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHMIX has higher volatility (0.93%) compared to VWALX (0.90%). In terms of maximum drawdown, PHMIX dropped -35.54% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.62 vs 2.22), 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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