THMBX vs. VWALX

Last updated Jun 24, 2026

THMBX (Thrivent High Income Municipal Bond Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Over the past 5 years, THMBX returned 0.57%/yr vs 1.61%/yr for VWALX. Their correlation of 0.89 suggests significant overlap in exposure. THMBX charges 0.60%/yr vs 0.09%/yr for VWALX.

Performance

THMBX vs. VWALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent High Income Municipal Bond Fund (THMBX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THMBX achieves a 2.76% return, which is significantly higher than VWALX's 2.43% return.

THMBX

• 1D: 0.00%
• 1M: 2.05%
• YTD: 2.76%
• 6M: 3.28%
• 1Y: 8.44%
• 3Y*: 5.05%
• 5Y*: 0.57%
• 10Y*: —

VWALX

• 1D: -0.09%
• 1M: 1.97%
• YTD: 2.43%
• 6M: 2.88%
• 1Y: 8.23%
• 3Y*: 5.38%
• 5Y*: 1.61%
• 10Y*: 3.01%

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

THMBX vs. VWALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
THMBX Thrivent High Income Municipal Bond Fund	2.76%	2.83%	5.85%	7.01%	-15.19%	6.59%	3.18%	10.15%	2.50%
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares	2.43%	5.06%	4.08%	8.45%	-11.69%	3.42%	5.49%	9.58%	2.91%

Correlation

The correlation between THMBX and VWALX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 26, 2018	0.89

The correlation between THMBX and VWALX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

THMBX vs. VWALX — Risk / Return Rank

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

THMBX

THMBX Risk / Return Rank: 80
THMBX Sharpe Ratio Rank: 84
THMBX Sortino Ratio Rank: 91
THMBX Omega Ratio Rank: 91
THMBX Calmar Ratio Rank: 73
THMBX Martin Ratio Rank: 60

VWALX

VWALX Risk / Return Rank: 76
VWALX Sharpe Ratio Rank: 87
VWALX Sortino Ratio Rank: 92
VWALX Omega Ratio Rank: 93
VWALX Calmar Ratio Rank: 57
VWALX Martin Ratio Rank: 53

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.

THMBX vs. VWALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent High Income Municipal Bond Fund (THMBX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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.

	THMBX	VWALX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.62	-0.10
Sortino ratio: Return per unit of downside risk	4.19	4.25	-0.06
Omega ratio: Gain probability vs. loss probability	1.63	1.67	-0.05
Calmar ratio: Return relative to maximum drawdown	3.17	2.78	+0.39
Martin ratio: Return relative to average drawdown	11.19	10.12	+1.07

THMBX vs. VWALX - Sharpe Ratio Comparison

The current THMBX Sharpe Ratio is 2.52, which is comparable to the VWALX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of THMBX and VWALX, 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

THMBX vs. VWALX - Drawdown Comparison

The maximum THMBX drawdown since its inception was -21.08%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for THMBX and VWALX.

Drawdown Indicators

	THMBX	VWALX	Difference
Max Drawdown Largest peak-to-trough decline	-21.08%	-17.24%	-3.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-3.05%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-7.31%	-7.10%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.08%	-17.24%	-3.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.24%	—
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-5.36%	-2.16%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.84%	-0.07%

Volatility

THMBX vs. VWALX - Volatility Comparison

The current volatility for Thrivent High Income Municipal Bond Fund (THMBX) is 0.84%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 0.90%. This indicates that THMBX experiences smaller price fluctuations and is considered to be less risky than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THMBX	VWALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.90%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.39%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	3.24%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	4.81%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	4.64%	+1.11%

THMBX vs. VWALX - Expense Ratio Comparison

THMBX has a 0.60% expense ratio, which is higher than VWALX's 0.09% expense ratio.

Dividends

THMBX vs. VWALX - Dividend Comparison

THMBX's dividend yield for the trailing twelve months is around 4.29%, more than VWALX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THMBX Thrivent High Income Municipal Bond Fund	4.29%	4.31%	4.10%	2.81%	3.11%	2.77%	2.92%	2.93%	2.78%	0.00%	0.00%	0.00%
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares	4.12%	5.04%	4.47%	3.59%	3.44%	3.04%	3.40%	4.03%	3.85%	3.77%	3.86%	3.75%

Frequently Asked Questions

Can I hold both THMBX and VWALX in my portfolio?

THMBX and VWALX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THMBX or VWALX?

VWALX has higher volatility (0.90%) compared to THMBX (0.84%). In terms of maximum drawdown, THMBX dropped -21.08% vs VWALX's -17.24%.

Which has better risk-adjusted returns?

VWALX currently has the higher Sharpe Ratio (2.62 vs 2.52), 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.