VWAHX vs. FTABX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and Fidelity Tax-Free Bond Fund (FTABX).
VWAHX is managed by Vanguard. It was launched on Dec 27, 1978. FTABX is managed by Fidelity. It was launched on Apr 10, 2001.
Performance
VWAHX vs. FTABX - Performance Comparison
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VWAHX vs. FTABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | -0.65% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
FTABX Fidelity Tax-Free Bond Fund | -0.77% | 5.60% | 1.54% | 7.51% | -10.74% | 2.20% | 4.80% | 8.58% | 0.67% | 6.45% |
Returns By Period
In the year-to-date period, VWAHX achieves a -0.65% return, which is significantly higher than FTABX's -0.77% return. Over the past 10 years, VWAHX has outperformed FTABX with an annualized return of 2.95%, while FTABX has yielded a comparatively lower 2.29% annualized return.
VWAHX
- 1D
- 0.19%
- 1M
- -2.87%
- YTD
- -0.65%
- 6M
- 1.03%
- 1Y
- 3.98%
- 3Y*
- 4.41%
- 5Y*
- 1.42%
- 10Y*
- 2.95%
FTABX
- 1D
- 0.18%
- 1M
- -2.93%
- YTD
- -0.77%
- 6M
- 0.87%
- 1Y
- 4.33%
- 3Y*
- 3.49%
- 5Y*
- 0.93%
- 10Y*
- 2.29%
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VWAHX vs. FTABX - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is lower than FTABX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VWAHX vs. FTABX — Risk / Return Rank
VWAHX
FTABX
VWAHX vs. FTABX - 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 Fidelity Tax-Free Bond Fund (FTABX). 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.
| VWAHX | FTABX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.87 | 1.08 | -0.20 |
Sortino ratioReturn per unit of downside risk | 1.19 | 1.46 | -0.27 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.16 | -0.20 |
Martin ratioReturn relative to average drawdown | 2.95 | 4.03 | -1.08 |
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
| VWAHX | FTABX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 1.08 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.23 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.54 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 1.04 | -0.40 |
Correlation
The correlation between VWAHX and FTABX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWAHX vs. FTABX - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 4.07%, more than FTABX's 3.21% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.07% | 4.95% | 4.38% | 3.53% | 3.36% | 2.98% | 3.31% | 3.94% | 3.78% | 3.68% | 3.75% | 3.67% |
FTABX Fidelity Tax-Free Bond Fund | 3.21% | 4.18% | 2.81% | 2.90% | 2.16% | 2.27% | 2.64% | 2.94% | 3.01% | 3.49% | 4.22% | 3.29% |
Drawdowns
VWAHX vs. FTABX - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -40.26%, which is greater than FTABX's maximum drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for VWAHX and FTABX.
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Drawdown Indicators
| VWAHX | FTABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.26% | -16.14% | -24.12% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -4.74% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -17.32% | -16.14% | -1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -17.32% | -16.14% | -1.18% |
Current DrawdownCurrent decline from peak | -2.87% | -2.93% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -2.13% | -4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.36% | +0.46% |
Volatility
VWAHX vs. FTABX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a higher volatility of 1.19% compared to Fidelity Tax-Free Bond Fund (FTABX) at 1.10%. This indicates that VWAHX's price experiences larger fluctuations and is considered to be riskier than FTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWAHX | FTABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.10% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 1.77% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.70% | 4.84% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 4.12% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 4.27% | +0.34% |