VKQ vs. VWAHX
VKQ (Invesco Municipal Trust) is a stock, while VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) is Municipal Bonds fund managed by Vanguard. Over the past 10 years, VKQ returned 2.22%/yr vs 3.06%/yr for VWAHX. At a 0.27 correlation, their price movements are largely independent.
Performance
VKQ vs. VWAHX - Performance Comparison
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Returns By Period
In the year-to-date period, VKQ achieves a 3.91% return, which is significantly higher than VWAHX's 2.39% return. Over the past 10 years, VKQ has underperformed VWAHX with an annualized return of 2.22%, while VWAHX has yielded a comparatively higher 3.06% annualized return.
VKQ
- 1D
- -0.41%
- 1M
- -0.17%
- YTD
- 3.91%
- 6M
- 4.81%
- 1Y
- 14.94%
- 3Y*
- 7.87%
- 5Y*
- -0.90%
- 10Y*
- 2.22%
VWAHX
- 1D
- 0.09%
- 1M
- 0.82%
- YTD
- 2.39%
- 6M
- 2.84%
- 1Y
- 8.77%
- 3Y*
- 5.49%
- 5Y*
- 1.58%
- 10Y*
- 3.06%
VKQ vs. VWAHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VKQ Invesco Municipal Trust | 3.91% | 6.47% | 9.70% | 0.87% | -22.25% | 9.82% | 8.91% | 16.66% | -5.65% | 7.97% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 2.39% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
Correlation
The correlation between VKQ and VWAHX is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 1991 | 0.27 |
Over the past year, VKQ and VWAHX have become more correlated (0.50) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
VKQ vs. VWAHX — Risk / Return Rank
VKQ
VWAHX
VKQ vs. VWAHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Trust (VKQ) 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.
| VKQ | VWAHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.69 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.82 | -0.18 |
| Martin ratioReturn relative to average drawdown | 9.98 | 10.24 | -0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VKQ | VWAHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 2.66 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.33 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.66 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.65 | -0.40 |
Drawdowns
VKQ vs. VWAHX - Drawdown Comparison
The maximum VKQ drawdown since its inception was -51.05%, which is greater than VWAHX's maximum drawdown of -40.26%. Use the drawdown chart below to compare losses from any high point for VKQ and VWAHX.
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Drawdown Indicators
| VKQ | VWAHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.05% | -40.26% | -10.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.41% | -3.05% | -2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -7.12% | -9.37% |
Max Drawdown (5Y)Largest decline over 5 years | -37.29% | -17.32% | -19.97% |
Max Drawdown (10Y)Largest decline over 10 years | -37.29% | -17.32% | -19.97% |
Current DrawdownCurrent decline from peak | -8.06% | 0.00% | -8.06% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -6.93% | -2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 0.84% | +0.59% |
Volatility
VKQ vs. VWAHX - Volatility Comparison
Invesco Municipal Trust (VKQ) has a higher volatility of 2.75% compared to Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) at 1.26%. This indicates that VKQ's price experiences larger fluctuations and is considered to be riskier 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
| VKQ | VWAHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 1.26% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.13% | 2.38% | +3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.34% | 3.24% | +5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.64% | 4.80% | +6.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.78% | 4.64% | +8.14% |
Dividends
VKQ vs. VWAHX - Dividend Comparison
VKQ's dividend yield for the trailing twelve months is around 7.76%, more than VWAHX's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VKQ Invesco Municipal Trust | 7.76% | 7.81% | 6.43% | 4.60% | 5.63% | 4.71% | 4.65% | 4.96% | 5.98% | 5.78% | 6.44% | 6.39% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.05% | 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
VKQ and VWAHX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VKQ has higher volatility (2.75%) compared to VWAHX (1.26%). In terms of maximum drawdown, VKQ dropped -51.05% vs VWAHX's -40.26%.
VWAHX currently has the higher Sharpe Ratio (2.66 vs 1.71), 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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