THYUX vs. VWEAX
THYUX (Morgan Stanley Pathway Funds High Yield Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 10 years, THYUX returned 4.19%/yr vs 4.94%/yr for VWEAX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. THYUX charges 0.76%/yr vs 0.12%/yr for VWEAX.
Performance
THYUX vs. VWEAX - Performance Comparison
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Returns By Period
In the year-to-date period, THYUX achieves a 1.59% return, which is significantly higher than VWEAX's 0.81% return. Over the past 10 years, THYUX has underperformed VWEAX with an annualized return of 4.19%, while VWEAX has yielded a comparatively higher 4.94% annualized return.
THYUX
- 1D
- 0.31%
- 1M
- -0.31%
- 6M
- 0.96%
- YTD
- 1.59%
- 1Y
- 2.70%
- 3Y*
- 6.60%
- 5Y*
- 2.84%
- 10Y*
- 4.19%
- ALL TIME*
- 4.23%
VWEAX
- 1D
- 0.18%
- 1M
- -0.73%
- 6M
- 0.65%
- YTD
- 0.81%
- 1Y
- 4.62%
- 3Y*
- 7.57%
- 5Y*
- 3.82%
- 10Y*
- 4.94%
- ALL TIME*
- 5.99%
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 |
THYUX vs. VWEAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
THYUX Morgan Stanley Pathway Funds High Yield Fund | 1.59% | 4.96% | 7.43% | 12.70% | -12.01% | 4.45% | 2.02% | 14.10% | -2.87% | 7.00% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 0.81% | 9.49% | 6.42% | 11.79% | -8.95% | 3.04% | 5.41% | 15.92% | -2.80% | 7.17% |
Correlation
The correlation between THYUX and VWEAX is 0.52, 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. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.68 |
The correlation between THYUX and VWEAX shifts across timeframes, from 0.52 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
THYUX vs. VWEAX — Risk / Return Rank
THYUX
VWEAX
THYUX vs. VWEAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds High Yield Fund (THYUX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.
| THYUX | VWEAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 2.06 | -0.70 |
| Martin ratioReturn relative to average drawdown | 4.54 | 9.91 | -5.37 |
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Drawdowns
THYUX vs. VWEAX - Drawdown Comparison
The maximum THYUX drawdown since its inception was -35.28%, which is greater than VWEAX's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for THYUX and VWEAX.
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Drawdown Indicators
| THYUX | VWEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.28% | -30.05% | -5.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -2.52% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -3.32% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -13.77% | -1.72% |
Max Drawdown (10Y)Largest decline over 10 years | -21.20% | -19.68% | -1.52% |
Current DrawdownCurrent decline from peak | -0.62% | -0.91% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -2.11% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.52% | +0.09% |
Volatility
THYUX vs. VWEAX - Volatility Comparison
Morgan Stanley Pathway Funds High Yield Fund (THYUX) has a higher volatility of 0.96% compared to Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) at 0.68%. This indicates that THYUX's price experiences larger fluctuations and is considered to be riskier than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| THYUX | VWEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.68% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 2.69% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 3.32% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.23% | 4.93% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.46% | 5.25% | +0.21% |
THYUX vs. VWEAX - Expense Ratio Comparison
THYUX has a 0.76% expense ratio, which is higher than VWEAX's 0.12% expense ratio.
Dividends
THYUX vs. VWEAX - Dividend Comparison
THYUX's dividend yield for the trailing twelve months is around 4.26%, less than VWEAX's 5.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
THYUX Morgan Stanley Pathway Funds High Yield Fund | 4.26% | 4.24% | 7.54% | 6.35% | 6.62% | 4.93% | 4.22% | 5.20% | 6.43% | 6.04% | 6.21% | 7.43% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 5.87% | 6.25% | 6.20% | 5.79% | 5.21% | 3.49% | 4.71% | 5.33% | 6.07% | 5.39% | 5.51% | 6.53% |
Frequently Asked Questions
THYUX and VWEAX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THYUX has higher volatility (0.96%) compared to VWEAX (0.68%). In terms of maximum drawdown, THYUX dropped -35.28% vs VWEAX's -30.05%.
VWEAX currently has the higher Sharpe Ratio (1.57 vs 0.78), 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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