STXAX vs. DHMBX

Last updated Jun 4, 2026

STXAX (Western Asset Municipal High Income Fund) and DHMBX (BNY Mellon High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, STXAX returned 2.50%/yr vs 2.45%/yr for DHMBX. A 0.75 correlation means they provide meaningful diversification when combined. STXAX charges 0.83%/yr vs 0.69%/yr for DHMBX.

Performance

STXAX vs. DHMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Municipal High Income Fund (STXAX) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STXAX achieves a 2.00% return, which is significantly lower than DHMBX's 3.03% return. Both investments have delivered pretty close results over the past 10 years, with STXAX having a 2.50% annualized return and DHMBX not far behind at 2.45%.

STXAX

• 1D: 0.23%
• 1M: 1.11%
• YTD: 2.00%
• 6M: 2.42%
• 1Y: 8.07%
• 3Y*: 4.56%
• 5Y*: 1.15%
• 10Y*: 2.50%

DHMBX

• 1D: 0.28%
• 1M: 0.92%
• YTD: 3.03%
• 6M: 3.21%
• 1Y: 9.17%
• 3Y*: 4.70%
• 5Y*: -0.21%
• 10Y*: 2.45%

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

STXAX vs. DHMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STXAX Western Asset Municipal High Income Fund	2.00%	4.23%	3.41%	7.63%	-11.29%	3.36%	3.77%	8.18%	1.08%	6.82%
DHMBX BNY Mellon High Yield Municipal Bond Fund	3.03%	2.64%	4.41%	6.50%	-17.25%	5.58%	2.85%	10.76%	1.64%	12.78%

Correlation

The correlation between STXAX and DHMBX is 0.88, 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	0.88
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	0.85
Correlation (All Time) Calculated using the full available price history since Oct 3, 2005	0.75

The correlation between STXAX and DHMBX shifts across timeframes, from 0.75 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

STXAX vs. DHMBX — Risk / Return Rank

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

STXAX

STXAX Risk / Return Rank: 63
STXAX Sharpe Ratio Rank: 66
STXAX Sortino Ratio Rank: 78
STXAX Omega Ratio Rank: 83
STXAX Calmar Ratio Rank: 48
STXAX Martin Ratio Rank: 42

DHMBX

DHMBX Risk / Return Rank: 62
DHMBX Sharpe Ratio Rank: 63
DHMBX Sortino Ratio Rank: 76
DHMBX Omega Ratio Rank: 80
DHMBX Calmar Ratio Rank: 50
DHMBX Martin Ratio Rank: 41

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.

STXAX vs. DHMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Municipal High Income Fund (STXAX) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). 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.

	STXAX	DHMBX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.34	+0.06
Sortino ratio: Return per unit of downside risk	3.75	3.66	+0.09
Omega ratio: Gain probability vs. loss probability	1.56	1.53	+0.03
Calmar ratio: Return relative to maximum drawdown	2.64	2.70	-0.06
Martin ratio: Return relative to average drawdown	8.93	8.84	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STXAX vs. DHMBX - Sharpe Ratio Comparison

The current STXAX Sharpe Ratio is 2.40, which is comparable to the DHMBX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of STXAX and DHMBX, 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

	STXAX	DHMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.34	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	-0.03	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.41	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.72	+0.36

Drawdowns

STXAX vs. DHMBX - Drawdown Comparison

The maximum STXAX drawdown since its inception was -22.48%, smaller than the maximum DHMBX drawdown of -27.66%. Use the drawdown chart below to compare losses from any high point for STXAX and DHMBX.

Drawdown Indicators

	STXAX	DHMBX	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-27.66%	+5.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-3.33%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-7.19%	-9.55%	+2.36%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-22.90%	+6.44%
Max Drawdown (10Y) Largest decline over 10 years	-16.46%	-22.90%	+6.44%
Current Drawdown Current decline from peak	-0.05%	-3.08%	+3.03%
Average Drawdown Average peak-to-trough decline	-2.21%	-4.88%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.02%	-0.11%

Volatility

STXAX vs. DHMBX - Volatility Comparison

The current volatility for Western Asset Municipal High Income Fund (STXAX) is 1.29%, while BNY Mellon High Yield Municipal Bond Fund (DHMBX) has a volatility of 1.39%. This indicates that STXAX experiences smaller price fluctuations and is considered to be less risky than DHMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STXAX	DHMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	1.39%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.81%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	3.86%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	6.16%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	6.06%	-1.42%

STXAX vs. DHMBX - Expense Ratio Comparison

STXAX has a 0.83% expense ratio, which is higher than DHMBX's 0.69% expense ratio.

Dividends

STXAX vs. DHMBX - Dividend Comparison

STXAX's dividend yield for the trailing twelve months is around 3.49%, less than DHMBX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHMBX BNY Mellon High Yield Municipal Bond Fund	4.01%	5.37%	3.96%	3.13%	3.09%	2.47%	3.46%	4.19%	4.13%	3.66%	4.95%	4.50%
STXAX Western Asset Municipal High Income Fund	3.49%	4.77%	3.83%	3.56%	2.97%	2.47%	3.32%	4.41%	4.30%	4.30%	4.11%	4.44%

Frequently Asked Questions

Can I hold both STXAX and DHMBX in my portfolio?

STXAX and DHMBX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STXAX or DHMBX?

DHMBX has higher volatility (1.39%) compared to STXAX (1.29%). In terms of maximum drawdown, STXAX dropped -22.48% vs DHMBX's -27.66%.

Which has better risk-adjusted returns?

STXAX currently has the higher Sharpe Ratio (2.40 vs 2.34), 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.