VNYTX vs. FFRAX

Last updated Jun 5, 2026

VNYTX (Vanguard New York Long-Term Tax-Exempt Fund Investor Shares) and FFRAX (Fidelity Advisor Floating Rate High Income Fund Class A) are both mutual funds - VNYTX is a Municipal Bonds fund managed by Vanguard, while FFRAX is a High Yield Bonds fund managed by Fidelity. Over the past 10 years, VNYTX returned 2.46%/yr vs 4.57%/yr for FFRAX. At a 0.11 correlation, their price movements are largely independent. VNYTX charges 0.17%/yr vs 0.98%/yr for FFRAX.

Performance

VNYTX vs. FFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Long-Term Tax-Exempt Fund Investor Shares (VNYTX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNYTX achieves a 2.12% return, which is significantly higher than FFRAX's 1.82% return. Over the past 10 years, VNYTX has underperformed FFRAX with an annualized return of 2.46%, while FFRAX has yielded a comparatively higher 4.57% annualized return.

VNYTX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 2.12%
• 6M: 2.53%
• 1Y: 8.45%
• 3Y*: 4.70%
• 5Y*: 1.20%
• 10Y*: 2.46%

FFRAX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 1.82%
• 6M: 2.43%
• 1Y: 5.82%
• 3Y*: 7.04%
• 5Y*: 5.02%
• 10Y*: 4.57%

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

VNYTX vs. FFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares	2.12%	4.72%	2.49%	8.00%	-11.00%	2.01%	5.52%	8.61%	0.51%	5.79%
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A	1.82%	5.28%	6.83%	11.35%	-1.77%	4.83%	1.38%	8.19%	-0.09%	3.52%

Correlation

The correlation between VNYTX and FFRAX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 17, 2000	0.11

The correlation between VNYTX and FFRAX shifts across timeframes, from 0.11 (all time) to 0.22 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VNYTX vs. FFRAX — Risk / Return Rank

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

VNYTX

VNYTX Risk / Return Rank: 73
VNYTX Sharpe Ratio Rank: 84
VNYTX Sortino Ratio Rank: 88
VNYTX Omega Ratio Rank: 89
VNYTX Calmar Ratio Rank: 55
VNYTX Martin Ratio Rank: 49

FFRAX

FFRAX Risk / Return Rank: 89
FFRAX Sharpe Ratio Rank: 71
FFRAX Sortino Ratio Rank: 97
FFRAX Omega Ratio Rank: 96
FFRAX Calmar Ratio Rank: 91
FFRAX Martin Ratio Rank: 89

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.

VNYTX vs. FFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Long-Term Tax-Exempt Fund Investor Shares (VNYTX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). 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.

	VNYTX	FFRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	2.45	+0.29
Sortino ratio: Return per unit of downside risk	4.30	5.63	-1.33
Omega ratio: Gain probability vs. loss probability	1.65	1.85	-0.20
Calmar ratio: Return relative to maximum drawdown	2.86	4.82	-1.96
Martin ratio: Return relative to average drawdown	10.03	17.30	-7.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNYTX vs. FFRAX - Sharpe Ratio Comparison

The current VNYTX Sharpe Ratio is 2.74, which is comparable to the FFRAX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of VNYTX and FFRAX, 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

	VNYTX	FFRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.45	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	1.75	-1.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	1.11	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.17	-0.16

Drawdowns

VNYTX vs. FFRAX - Drawdown Comparison

The maximum VNYTX drawdown since its inception was -21.73%, roughly equal to the maximum FFRAX drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for VNYTX and FFRAX.

Drawdown Indicators

	VNYTX	FFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.73%	-22.21%	+0.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-1.21%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-7.11%	-3.31%	-3.80%
Max Drawdown (5Y) Largest decline over 5 years	-16.67%	-6.02%	-10.65%
Max Drawdown (10Y) Largest decline over 10 years	-16.67%	-22.21%	+5.54%
Current Drawdown Current decline from peak	-0.24%	-0.11%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.50%	-1.03%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.34%	+0.54%

Volatility

VNYTX vs. FFRAX - Volatility Comparison

Vanguard New York Long-Term Tax-Exempt Fund Investor Shares (VNYTX) has a higher volatility of 1.26% compared to Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) at 0.59%. This indicates that VNYTX's price experiences larger fluctuations and is considered to be riskier than FFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNYTX	FFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.59%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	1.72%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	2.38%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	2.88%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.61%	4.13%	+0.48%

VNYTX vs. FFRAX - Expense Ratio Comparison

VNYTX has a 0.17% expense ratio, which is lower than FFRAX's 0.98% expense ratio.

Dividends

VNYTX vs. FFRAX - Dividend Comparison

VNYTX's dividend yield for the trailing twelve months is around 3.65%, less than FFRAX's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A	6.78%	7.12%	6.69%	7.24%	3.57%	2.47%	3.56%	4.86%	4.42%	3.77%	4.14%	3.42%
VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares	3.65%	4.44%	3.93%	2.85%	2.86%	2.75%	3.43%	3.52%	3.44%	3.64%	3.82%	3.36%

Frequently Asked Questions

Can I hold both VNYTX and FFRAX in my portfolio?

VNYTX and FFRAX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNYTX or FFRAX?

VNYTX has higher volatility (1.26%) compared to FFRAX (0.59%). In terms of maximum drawdown, VNYTX dropped -21.73% vs FFRAX's -22.21%.

Which has better risk-adjusted returns?

VNYTX currently has the higher Sharpe Ratio (2.74 vs 2.45), 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.