VWAHX vs. ACTHX
VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) and ACTHX (Invesco High Yield Municipal Fund) are both High Yield Muni funds. Over the past 10 years, VWAHX returned 2.76%/yr vs 2.46%/yr for ACTHX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. VWAHX charges 0.17%/yr vs 1.39%/yr for ACTHX.
Performance
VWAHX vs. ACTHX - Performance Comparison
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Returns By Period
In the year-to-date period, VWAHX achieves a 1.02% return, which is significantly lower than ACTHX's 1.23% return. Over the past 10 years, VWAHX has outperformed ACTHX with an annualized return of 2.76%, while ACTHX has yielded a comparatively lower 2.46% annualized return.
VWAHX
- 1D
- 0.10%
- 1M
- -2.23%
- 6M
- 0.30%
- YTD
- 1.02%
- 1Y
- 6.47%
- 3Y*
- 5.11%
- 5Y*
- 1.02%
- 10Y*
- 2.76%
- ALL TIME*
- 3.66%
ACTHX
- 1D
- 0.00%
- 1M
- -2.51%
- 6M
- 0.78%
- YTD
- 1.23%
- 1Y
- 6.48%
- 3Y*
- 4.73%
- 5Y*
- 0.04%
- 10Y*
- 2.46%
- ALL TIME*
- 4.38%
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 |
VWAHX vs. ACTHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 1.02% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
ACTHX Invesco High Yield Municipal Fund | 1.23% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
Correlation
The correlation between VWAHX and ACTHX is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 1986 | 0.76 |
The correlation between VWAHX and ACTHX shifts across timeframes, from 0.76 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWAHX vs. ACTHX — Risk / Return Rank
VWAHX
ACTHX
VWAHX vs. ACTHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and Invesco High Yield Municipal Fund (ACTHX). 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.
| VWAHX | ACTHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.42 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.25 | -0.08 |
| Martin ratioReturn relative to average drawdown | 7.44 | 7.91 | -0.48 |
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Drawdowns
VWAHX vs. ACTHX - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -40.26%, which is greater than ACTHX's maximum drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for VWAHX and ACTHX.
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Drawdown Indicators
| VWAHX | ACTHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.26% | -27.29% | -12.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.98% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.14% | -8.79% | +2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -17.25% | -19.83% | +2.58% |
Max Drawdown (10Y)Largest decline over 10 years | -17.32% | -19.83% | +2.51% |
Current DrawdownCurrent decline from peak | -2.23% | -2.62% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -6.91% | -3.54% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.84% | +0.05% |
Volatility
VWAHX vs. ACTHX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and Invesco High Yield Municipal Fund (ACTHX) have volatilities of 1.00% and 1.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWAHX | ACTHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.00% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.90% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 3.69% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.83% | 5.75% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 5.40% | -0.76% |
VWAHX vs. ACTHX - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Dividends
VWAHX vs. ACTHX - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 3.79%, less than ACTHX's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 4.98% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 3.79% | 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
VWAHX and ACTHX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACTHX has higher volatility (1.00%) compared to VWAHX (1.00%). In terms of maximum drawdown, VWAHX dropped -40.26% vs ACTHX's -27.29%.
VWAHX currently has the higher Sharpe Ratio (2.05 vs 1.82), 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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