RTHAX vs. RTDYX

Last updated Aug 1, 2026

RTHAX (Russell Investments Tax-Exempt High Yield Bond Fund) and RTDYX (Russell Investments Multifactor U.S. Equity Fund) are both mutual funds - RTHAX is a High Yield Muni fund managed by Russell, while RTDYX is a Large Cap Blend Equities fund managed by Russell. Over the past 10 years, RTHAX returned 2.64%/yr vs 13.91%/yr for RTDYX. Their 0.08 correlation means their historical movements had little consistent relationship. RTHAX charges 0.89%/yr vs 0.35%/yr for RTDYX.

Performance

RTHAX vs. RTDYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX) and Russell Investments Multifactor U.S. Equity Fund (RTDYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RTHAX achieves a 1.95% return, which is significantly lower than RTDYX's 10.74% return. Over the past 10 years, RTHAX has underperformed RTDYX with an annualized return of 2.64%, while RTDYX has yielded a comparatively higher 13.91% annualized return.

RTHAX

• 1D: -0.31%
• 1M: -1.53%
• 6M: 1.11%
• YTD: 1.95%
• 1Y: 6.43%
• 3Y*: 3.89%
• 5Y*: 0.20%
• 10Y*: 2.64%
• ALL TIME*: 3.16%

RTDYX

• 1D: 1.54%
• 1M: 0.42%
• 6M: 9.25%
• YTD: 10.74%
• 1Y: 21.47%
• 3Y*: 17.92%
• 5Y*: 12.08%
• 10Y*: 13.91%
• ALL TIME*: 12.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RTDYX Russell Investments Multifactor U.S. Equity Fund	$0.00	$0.00	$0.00
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund	$0.00	$0.00	$0.00

RTHAX vs. RTDYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund	1.95%	2.11%	4.49%	7.78%	-13.62%	5.54%	3.84%	10.18%	3.20%	8.19%
RTDYX Russell Investments Multifactor U.S. Equity Fund	10.74%	16.05%	22.01%	24.92%	-16.48%	27.22%	13.88%	30.27%	-7.16%	21.59%

Correlation

The correlation between RTHAX and RTDYX is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	0.09
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.08

The correlation between RTHAX and RTDYX shifts across timeframes, from 0.08 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RTHAX vs. RTDYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RTHAX

RTHAX Risk / Return Rank: 89
RTHAX Sharpe Ratio Rank: 94
RTHAX Sortino Ratio Rank: 94
RTHAX Omega Ratio Rank: 96
RTHAX Calmar Ratio Rank: 78
RTHAX Martin Ratio Rank: 82

RTDYX

RTDYX Risk / Return Rank: 67
RTDYX Sharpe Ratio Rank: 64
RTDYX Sortino Ratio Rank: 61
RTDYX Omega Ratio Rank: 60
RTDYX Calmar Ratio Rank: 69
RTDYX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RTHAX vs. RTDYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX) and Russell Investments Multifactor U.S. Equity Fund (RTDYX). 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.

	RTHAX	RTDYX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.56	+0.95
Sortino ratio: Return per unit of downside risk	3.79	2.18	+1.61
Omega ratio: Gain probability vs. loss probability	1.65	1.28	+0.37
Calmar ratio: Return relative to maximum drawdown	2.60	2.31	+0.29
Martin ratio: Return relative to average drawdown	10.29	9.94	+0.35

RTHAX vs. RTDYX - Sharpe Ratio Comparison

The current RTHAX Sharpe Ratio is 2.51, which is higher than the RTDYX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of RTHAX and RTDYX, 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

RTHAX vs. RTDYX - Drawdown Comparison

The maximum RTHAX drawdown since its inception was -18.89%, smaller than the maximum RTDYX drawdown of -37.43%. Use the drawdown chart below to compare losses from any high point for RTHAX and RTDYX.

Drawdown Indicators

	RTHAX	RTDYX	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-37.43%	+18.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-8.33%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-37.43%	+30.36%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-37.43%	+18.56%
Max Drawdown (10Y) Largest decline over 10 years	-18.89%	-37.43%	+18.54%
Current Drawdown Current decline from peak	-1.53%	-4.70%	+3.17%
Average Drawdown Average peak-to-trough decline	-3.68%	-6.27%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	1.93%	-1.24%

Volatility

RTHAX vs. RTDYX - Volatility Comparison

The current volatility for Russell Investments Tax-Exempt High Yield Bond Fund (RTHAX) is 1.03%, while Russell Investments Multifactor U.S. Equity Fund (RTDYX) has a volatility of 3.18%. This indicates that RTHAX experiences smaller price fluctuations and is considered to be less risky than RTDYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTHAX	RTDYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	3.18%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	9.58%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	12.33%	-9.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	24.47%	-19.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	22.09%	-17.10%

RTHAX vs. RTDYX - Expense Ratio Comparison

RTHAX has a 0.89% expense ratio, which is higher than RTDYX's 0.35% expense ratio.

Dividends

RTHAX vs. RTDYX - Dividend Comparison

RTHAX's dividend yield for the trailing twelve months is around 4.25%, less than RTDYX's 31.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RTDYX Russell Investments Multifactor U.S. Equity Fund	31.53%	35.18%	31.60%	4.66%	6.03%	6.51%	3.44%	6.62%	11.47%	7.65%	1.79%	2.57%
RTHAX Russell Investments Tax-Exempt High Yield Bond Fund	4.25%	3.60%	4.02%	3.97%	3.64%	2.80%	3.10%	3.83%	3.86%	3.44%	4.06%	0.00%

Frequently Asked Questions

Can I hold both RTHAX and RTDYX in my portfolio?

RTHAX and RTDYX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RTHAX or RTDYX?

RTDYX has higher volatility (3.18%) compared to RTHAX (1.03%). In terms of maximum drawdown, RTHAX dropped -18.89% vs RTDYX's -37.43%.

Which has better risk-adjusted returns?

RTHAX currently has the higher Sharpe Ratio (2.51 vs 1.56), 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.