RLVSX vs. RFAYX
RLVSX (Russell Investments Tax-Exempt Bond Fund) and RFAYX (Russell Investments Investment Grade Bond Fund) are both mutual funds - RLVSX is a Municipal Bonds fund managed by Russell, while RFAYX is a Intermediate Core Bond fund managed by Russell. Over the past 10 years, RLVSX returned 2.05%/yr vs 1.32%/yr for RFAYX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. RLVSX charges 0.53%/yr vs 0.32%/yr for RFAYX.
Performance
RLVSX vs. RFAYX - Performance Comparison
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Returns By Period
In the year-to-date period, RLVSX achieves a 0.70% return, which is significantly higher than RFAYX's -0.33% return. Over the past 10 years, RLVSX has outperformed RFAYX with an annualized return of 2.05%, while RFAYX has yielded a comparatively lower 1.32% annualized return.
RLVSX
- 1D
- -0.18%
- 1M
- -1.32%
- 6M
- -0.21%
- YTD
- 0.70%
- 1Y
- 4.16%
- 3Y*
- 3.26%
- 5Y*
- 0.89%
- 10Y*
- 2.05%
- ALL TIME*
- 2.30%
RFAYX
- 1D
- 0.00%
- 1M
- -0.89%
- 6M
- -0.55%
- YTD
- -0.33%
- 1Y
- 2.09%
- 3Y*
- 3.87%
- 5Y*
- -0.89%
- 10Y*
- 1.32%
- ALL TIME*
- 3.27%
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 |
RLVSX vs. RFAYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLVSX Russell Investments Tax-Exempt Bond Fund | 0.70% | 4.26% | 1.76% | 6.11% | -7.58% | 2.03% | 4.05% | 7.38% | 1.45% | 4.69% |
RFAYX Russell Investments Investment Grade Bond Fund | -0.33% | 7.47% | 1.57% | 4.85% | -14.80% | -1.09% | 9.10% | 9.03% | -0.56% | 3.57% |
Correlation
The correlation between RLVSX and RFAYX is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.52 |
The correlation between RLVSX and RFAYX shifts across timeframes, from 0.42 (10 years) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
RLVSX vs. RFAYX — Risk / Return Rank
RLVSX
RFAYX
RLVSX vs. RFAYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Russell Investments Tax-Exempt Bond Fund (RLVSX) and Russell Investments Investment Grade Bond Fund (RFAYX). 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.
| RLVSX | RFAYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.15 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.10 | +1.05 |
| Martin ratioReturn relative to average drawdown | 7.19 | 2.77 | +4.42 |
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Drawdowns
RLVSX vs. RFAYX - Drawdown Comparison
The maximum RLVSX drawdown since its inception was -11.77%, smaller than the maximum RFAYX drawdown of -19.61%. Use the drawdown chart below to compare losses from any high point for RLVSX and RFAYX.
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Drawdown Indicators
| RLVSX | RFAYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.77% | -19.61% | +7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -2.73% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.22% | -5.18% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -11.74% | -19.61% | +7.87% |
Max Drawdown (10Y)Largest decline over 10 years | -11.77% | -19.61% | +7.84% |
Current DrawdownCurrent decline from peak | -1.32% | -4.68% | +3.36% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -2.99% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.08% | -0.43% |
Volatility
RLVSX vs. RFAYX - Volatility Comparison
The current volatility for Russell Investments Tax-Exempt Bond Fund (RLVSX) is 0.75%, while Russell Investments Investment Grade Bond Fund (RFAYX) has a volatility of 0.94%. This indicates that RLVSX experiences smaller price fluctuations and is considered to be less risky than RFAYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RLVSX | RFAYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.94% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.56% | 2.74% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.89% | 3.54% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.12% | 5.90% | -2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.33% | 4.91% | -1.58% |
RLVSX vs. RFAYX - Expense Ratio Comparison
RLVSX has a 0.53% expense ratio, which is higher than RFAYX's 0.32% expense ratio.
Dividends
RLVSX vs. RFAYX - Dividend Comparison
RLVSX's dividend yield for the trailing twelve months is around 3.56%, less than RFAYX's 5.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RFAYX Russell Investments Investment Grade Bond Fund | 5.52% | 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 | 3.56% | 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
RLVSX and RFAYX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFAYX has higher volatility (0.94%) compared to RLVSX (0.75%). In terms of maximum drawdown, RLVSX dropped -11.77% vs RFAYX's -19.61%.
RLVSX currently has the higher Sharpe Ratio (2.47 vs 0.85), 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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