VWAHX vs. MISHX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and AB Municipal Income Shares (MISHX).
VWAHX is managed by Vanguard. It was launched on Dec 27, 1978. MISHX is managed by AllianceBernstein. It was launched on Aug 31, 2010.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VWAHX or MISHX.
Key characteristics
| VWAHX | MISHX | |
|---|---|---|
| YTD Return | 3.54% | 5.12% |
| 1Y Return | 10.05% | 12.04% |
| 3Y Return (Ann) | -0.31% | -0.11% |
| 5Y Return (Ann) | 1.60% | 2.72% |
| 10Y Return (Ann) | 3.15% | 3.81% |
| Sharpe Ratio | 2.53 | 2.84 |
| Sortino Ratio | 3.78 | 4.37 |
| Omega Ratio | 1.60 | 1.63 |
| Calmar Ratio | 0.97 | 1.07 |
| Martin Ratio | 11.95 | 13.32 |
| Ulcer Index | 0.87% | 0.94% |
| Daily Std Dev | 4.11% | 4.43% |
| Max Drawdown | -17.82% | -19.03% |
| Current Drawdown | -1.77% | -1.62% |
Correlation
The correlation between VWAHX and MISHX is 0.85, 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.
Performance
VWAHX vs. MISHX - Performance Comparison
In the year-to-date period, VWAHX achieves a 3.54% return, which is significantly lower than MISHX's 5.12% return. Over the past 10 years, VWAHX has underperformed MISHX with an annualized return of 3.15%, while MISHX has yielded a comparatively higher 3.81% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VWAHX vs. MISHX - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is higher than MISHX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Risk-Adjusted Performance
VWAHX vs. MISHX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and AB Municipal Income Shares (MISHX). 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.
Dividends
VWAHX vs. MISHX - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 3.70%, less than MISHX's 4.32% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 3.70% | 3.53% | 3.37% | 2.86% | 3.09% | 3.36% | 3.79% | 3.69% | 3.75% | 3.69% | 3.78% | 4.12% |
MISHX AB Municipal Income Shares | 4.32% | 4.31% | 4.12% | 3.33% | 3.59% | 3.67% | 3.96% | 3.78% | 4.14% | 0.37% | 3.97% | 2.94% |
Drawdowns
VWAHX vs. MISHX - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -17.82%, smaller than the maximum MISHX drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for VWAHX and MISHX. For additional features, visit the drawdowns tool.
Volatility
VWAHX vs. MISHX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a higher volatility of 2.01% compared to AB Municipal Income Shares (MISHX) at 1.85%. This indicates that VWAHX's price experiences larger fluctuations and is considered to be riskier than MISHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.