RWMIX vs. VWAHX
RWMIX (Redwood Managed Municipal Income Fund) and VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) are both High Yield Muni funds. Over the past 5 years, RWMIX returned -1.68%/yr vs 1.02%/yr for VWAHX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. RWMIX charges 1.00%/yr vs 0.17%/yr for VWAHX.
Performance
RWMIX vs. VWAHX - Performance Comparison
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Returns By Period
In the year-to-date period, RWMIX achieves a -1.16% return, which is significantly lower than VWAHX's 1.02% return.
RWMIX
- 1D
- 0.00%
- 1M
- -1.86%
- 6M
- -1.84%
- YTD
- -1.16%
- 1Y
- 1.36%
- 3Y*
- 1.77%
- 5Y*
- -1.68%
- 10Y*
- —
- ALL TIME*
- 1.12%
VWAHX
- 1D
- 0.10%
- 1M
- -2.23%
- 6M
- 0.30%
- YTD
- 1.02%
- 1Y
- 6.47%
- 3Y*
- 5.11%
- 5Y*
- 1.02%
- 10Y*
- 2.76%
- ALL TIME*
- 3.66%
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 |
RWMIX vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWMIX Redwood Managed Municipal Income Fund | -1.16% | -2.18% | 2.69% | 3.77% | -9.56% | 4.28% | 0.13% | 10.09% | 0.30% | 3.08% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 1.02% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 3.36% |
Correlation
The correlation between RWMIX and VWAHX is 0.67, 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. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017 | 0.60 |
The correlation between RWMIX and VWAHX has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
RWMIX vs. VWAHX — Risk / Return Rank
RWMIX
VWAHX
RWMIX vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Redwood Managed Municipal Income Fund (RWMIX) and Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX). 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.
| RWMIX | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.49 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 2.16 | -1.71 |
| Martin ratioReturn relative to average drawdown | 1.09 | 7.44 | -6.34 |
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Drawdowns
RWMIX vs. VWAHX - Drawdown Comparison
The maximum RWMIX drawdown since its inception was -12.90%, smaller than the maximum VWAHX drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for RWMIX and VWAHX.
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Drawdown Indicators
| RWMIX | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.90% | -40.26% | +27.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -3.05% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.09% | -6.14% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -12.75% | -17.25% | +4.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.32% | — |
Current DrawdownCurrent decline from peak | -8.19% | -2.23% | -5.96% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -6.91% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 0.89% | +0.36% |
Volatility
RWMIX vs. VWAHX - Volatility Comparison
The current volatility for Redwood Managed Municipal Income Fund (RWMIX) is 0.95%, while Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a volatility of 1.00%. This indicates that RWMIX experiences smaller price fluctuations and is considered to be less risky than VWAHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWMIX | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.00% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 2.55% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.28% | 3.23% | -0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.95% | 4.83% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.51% | 4.64% | -1.13% |
RWMIX vs. VWAHX - Expense Ratio Comparison
RWMIX has a 1.00% expense ratio, which is higher than VWAHX's 0.17% expense ratio.
Dividends
RWMIX vs. VWAHX - Dividend Comparison
RWMIX's dividend yield for the trailing twelve months is around 4.03%, more than VWAHX's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWMIX Redwood Managed Municipal Income Fund | 4.03% | 2.67% | 4.08% | 2.80% | 1.02% | 6.80% | 2.16% | 3.36% | 2.13% | 2.06% | 0.00% | 0.00% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 3.79% | 4.95% | 4.38% | 3.53% | 3.36% | 2.98% | 3.31% | 3.94% | 3.78% | 3.68% | 3.75% | 3.67% |
Frequently Asked Questions
RWMIX and VWAHX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWAHX has higher volatility (1.00%) compared to RWMIX (0.95%). In terms of maximum drawdown, RWMIX dropped -12.90% vs VWAHX's -40.26%.
VWAHX currently has the higher Sharpe Ratio (2.05 vs 0.60), 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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