RFAYX vs. RLVSX

Last updated Jun 4, 2026

RFAYX (Russell Investments Investment Grade Bond Fund) and RLVSX (Russell Investments Tax-Exempt Bond Fund) are both mutual funds - RFAYX is a Intermediate Core Bond fund managed by Russell, while RLVSX is a Municipal Bonds fund managed by Russell. Over the past 10 years, RFAYX returned 1.59%/yr vs 2.25%/yr for RLVSX. A 0.52 correlation means they provide meaningful diversification when combined. RFAYX charges 0.32%/yr vs 0.53%/yr for RLVSX.

Performance

RFAYX vs. RLVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments Investment Grade Bond Fund (RFAYX) and Russell Investments Tax-Exempt Bond Fund (RLVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFAYX achieves a 0.38% return, which is significantly lower than RLVSX's 1.53% return. Over the past 10 years, RFAYX has underperformed RLVSX with an annualized return of 1.59%, while RLVSX has yielded a comparatively higher 2.25% annualized return.

RFAYX

• 1D: 0.07%
• 1M: 0.52%
• YTD: 0.38%
• 6M: 0.29%
• 1Y: 5.42%
• 3Y*: 3.97%
• 5Y*: -0.27%
• 10Y*: 1.59%

RLVSX

• 1D: 0.19%
• 1M: 0.61%
• YTD: 1.53%
• 6M: 1.83%
• 1Y: 6.16%
• 3Y*: 3.85%
• 5Y*: 1.24%
• 10Y*: 2.25%

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

RFAYX vs. RLVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFAYX Russell Investments Investment Grade Bond Fund	0.38%	7.47%	1.57%	4.85%	-14.80%	-1.09%	9.10%	9.03%	-0.56%	3.57%
RLVSX Russell Investments Tax-Exempt Bond Fund	1.53%	4.26%	1.76%	6.11%	-7.58%	2.03%	4.05%	7.38%	1.45%	4.69%

Correlation

The correlation between RFAYX and RLVSX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.52

The correlation between RFAYX and RLVSX shifts across timeframes, from 0.42 (10 years) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RFAYX vs. RLVSX — Risk / Return Rank

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

RFAYX

RFAYX Risk / Return Rank: 27
RFAYX Sharpe Ratio Rank: 27
RFAYX Sortino Ratio Rank: 29
RFAYX Omega Ratio Rank: 26
RFAYX Calmar Ratio Rank: 28
RFAYX Martin Ratio Rank: 24

RLVSX

RLVSX Risk / Return Rank: 78
RLVSX Sharpe Ratio Rank: 96
RLVSX Sortino Ratio Rank: 95
RLVSX Omega Ratio Rank: 97
RLVSX Calmar Ratio Rank: 55
RLVSX Martin Ratio Rank: 48

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.

RFAYX vs. RLVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Investment Grade Bond Fund (RFAYX) and Russell Investments Tax-Exempt Bond Fund (RLVSX). 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.

	RFAYX	RLVSX	Difference
Sharpe ratio Return per unit of total volatility	1.49	3.47	-1.98
Sortino ratio Return per unit of downside risk	2.25	5.18	-2.93
Omega ratio Gain probability vs. loss probability	1.27	1.99	-0.72
Calmar ratio Return relative to maximum drawdown	1.99	2.83	-0.84
Martin ratio Return relative to average drawdown	5.96	10.07	-4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFAYX vs. RLVSX - Sharpe Ratio Comparison

The current RFAYX Sharpe Ratio is 1.49, which is lower than the RLVSX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of RFAYX and RLVSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RFAYX	RLVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	3.47	-1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.40	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.68	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.97	-0.21

Drawdowns

RFAYX vs. RLVSX - Drawdown Comparison

The maximum RFAYX drawdown since its inception was -19.61%, which is greater than RLVSX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for RFAYX and RLVSX.

Drawdown Indicators

	RFAYX	RLVSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.61%	-11.77%	-7.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-2.17%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-6.32%	-4.22%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-19.61%	-11.77%	-7.84%
Max Drawdown (10Y) Largest decline over 10 years	-19.61%	-11.77%	-7.84%
Current Drawdown Current decline from peak	-4.00%	-0.44%	-3.56%
Average Drawdown Average peak-to-trough decline	-2.98%	-1.53%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.61%	+0.30%

Volatility

RFAYX vs. RLVSX - Volatility Comparison

Russell Investments Investment Grade Bond Fund (RFAYX) has a higher volatility of 1.29% compared to Russell Investments Tax-Exempt Bond Fund (RLVSX) at 0.70%. This indicates that RFAYX's price experiences larger fluctuations and is considered to be riskier than RLVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFAYX	RLVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	0.70%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	1.38%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.65%	1.77%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	3.10%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	3.33%	+1.57%

RFAYX vs. RLVSX - Expense Ratio Comparison

RFAYX has a 0.32% expense ratio, which is lower than RLVSX's 0.53% expense ratio.

Dividends

RFAYX vs. RLVSX - Dividend Comparison

RFAYX's dividend yield for the trailing twelve months is around 5.43%, more than RLVSX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFAYX Russell Investments Investment Grade Bond Fund	5.43%	5.19%	4.74%	3.71%	1.25%	2.50%	5.27%	3.46%	2.67%	1.57%	5.45%	4.09%
RLVSX Russell Investments Tax-Exempt Bond Fund	3.52%	3.18%	3.57%	3.20%	2.73%	2.06%	2.58%	3.08%	2.89%	2.65%	2.64%	2.80%

Frequently Asked Questions

Can I hold both RFAYX and RLVSX in my portfolio?

RFAYX and RLVSX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFAYX or RLVSX?

RFAYX has higher volatility (1.29%) compared to RLVSX (0.70%). In terms of maximum drawdown, RFAYX dropped -19.61% vs RLVSX's -11.77%.

Which has better risk-adjusted returns?

RLVSX currently has the higher Sharpe Ratio (3.47 vs 1.49), 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.