STXAX vs. ISHYX

Last updated Jun 4, 2026

STXAX (Western Asset Municipal High Income Fund) and ISHYX (Invesco Short Duration High Yield Municipal Fund) are both High Yield Muni funds. Over the past 10 years, STXAX returned 2.50%/yr vs 2.86%/yr for ISHYX. A 0.80 correlation means they provide meaningful diversification when combined. STXAX charges 0.83%/yr vs 0.59%/yr for ISHYX.

Performance

STXAX vs. ISHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Municipal High Income Fund (STXAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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 ISHYX's 2.40% return. Over the past 10 years, STXAX has underperformed ISHYX with an annualized return of 2.50%, while ISHYX has yielded a comparatively higher 2.86% annualized return.

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%

ISHYX

• 1D: 0.21%
• 1M: 0.71%
• YTD: 2.40%
• 6M: 3.01%
• 1Y: 7.06%
• 3Y*: 4.92%
• 5Y*: 1.74%
• 10Y*: 2.86%

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

STXAX vs. ISHYX - 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%
ISHYX Invesco Short Duration High Yield Municipal Fund	2.40%	3.92%	6.43%	3.58%	-8.99%	5.96%	-0.31%	7.84%	2.27%	8.04%

Correlation

The correlation between STXAX and ISHYX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.80

The correlation between STXAX and ISHYX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

STXAX vs. ISHYX — 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

ISHYX

ISHYX Risk / Return Rank: 88
ISHYX Sharpe Ratio Rank: 92
ISHYX Sortino Ratio Rank: 97
ISHYX Omega Ratio Rank: 96
ISHYX Calmar Ratio Rank: 82
ISHYX Martin Ratio Rank: 75

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. ISHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Municipal High Income Fund (STXAX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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	ISHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	3.10	-0.70
Sortino ratio: Return per unit of downside risk	3.75	5.70	-1.96
Omega ratio: Gain probability vs. loss probability	1.56	1.87	-0.31
Calmar ratio: Return relative to maximum drawdown	2.64	3.77	-1.13
Martin ratio: Return relative to average drawdown	8.93	14.18	-5.25
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. ISHYX - Sharpe Ratio Comparison

The current STXAX Sharpe Ratio is 2.40, which is comparable to the ISHYX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of STXAX and ISHYX, 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	ISHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	3.10	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.56	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.86	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.95	+0.13

Drawdowns

STXAX vs. ISHYX - Drawdown Comparison

The maximum STXAX drawdown since its inception was -22.48%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for STXAX and ISHYX.

Drawdown Indicators

	STXAX	ISHYX	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-13.64%	-8.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-1.89%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-7.19%	-4.03%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-12.03%	-4.43%
Max Drawdown (10Y) Largest decline over 10 years	-16.46%	-13.64%	-2.82%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.21%	-2.64%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.50%	+0.41%

Volatility

STXAX vs. ISHYX - Volatility Comparison

Western Asset Municipal High Income Fund (STXAX) has a higher volatility of 1.29% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.87%. This indicates that STXAX's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STXAX	ISHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	0.87%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	1.75%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	2.31%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	3.10%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	3.33%	+1.31%

STXAX vs. ISHYX - Expense Ratio Comparison

STXAX has a 0.83% expense ratio, which is higher than ISHYX's 0.59% expense ratio.

Dividends

STXAX vs. ISHYX - Dividend Comparison

STXAX's dividend yield for the trailing twelve months is around 3.49%, less than ISHYX's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISHYX Invesco Short Duration High Yield Municipal Fund	4.64%	4.65%	4.40%	3.38%	3.99%	3.58%	3.58%	3.45%	3.59%	3.51%	3.60%	0.00%
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 ISHYX in my portfolio?

STXAX and ISHYX have a correlation of 0.79, 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 ISHYX?

STXAX has higher volatility (1.29%) compared to ISHYX (0.87%). In terms of maximum drawdown, STXAX dropped -22.48% vs ISHYX's -13.64%.

Which has better risk-adjusted returns?

ISHYX currently has the higher Sharpe Ratio (3.10 vs 2.40), 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.