VWAHX vs. PFMIX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and PIMCO Municipal Bond Fund (PFMIX).
VWAHX is managed by Vanguard. It was launched on Dec 27, 1978. PFMIX is managed by PIMCO. It was launched on Dec 30, 1997.
Performance
VWAHX vs. PFMIX - Performance Comparison
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VWAHX vs. PFMIX - 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% |
PFMIX PIMCO Municipal Bond Fund | -0.41% | 5.70% | 3.60% | 8.04% | -11.32% | 2.55% | 5.89% | 8.67% | 1.41% | 7.47% |
Returns By Period
In the year-to-date period, VWAHX achieves a -0.65% return, which is significantly lower than PFMIX's -0.41% return. Both investments have delivered pretty close results over the past 10 years, with VWAHX having a 2.95% annualized return and PFMIX not far behind at 2.85%.
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%
PFMIX
- 1D
- 0.22%
- 1M
- -2.61%
- YTD
- -0.41%
- 6M
- 1.04%
- 1Y
- 4.35%
- 3Y*
- 4.72%
- 5Y*
- 1.44%
- 10Y*
- 2.85%
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VWAHX vs. PFMIX - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is lower than PFMIX's 0.44% expense ratio.
Return for Risk
VWAHX vs. PFMIX — Risk / Return Rank
VWAHX
PFMIX
VWAHX vs. PFMIX - 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 PIMCO Municipal Bond Fund (PFMIX). 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 | PFMIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.87 | 1.07 | -0.20 |
Sortino ratioReturn per unit of downside risk | 1.19 | 1.48 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.11 | -0.16 |
Martin ratioReturn relative to average drawdown | 2.95 | 3.64 | -0.69 |
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 | PFMIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 1.07 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.35 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.72 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.99 | -0.36 |
Correlation
The correlation between VWAHX and PFMIX is 0.79, 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. PFMIX - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 4.07%, which matches PFMIX's 4.03% 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% |
PFMIX PIMCO Municipal Bond Fund | 4.03% | 5.15% | 4.73% | 3.44% | 2.25% | 2.13% | 2.45% | 3.51% | 3.77% | 3.45% | 3.44% | 3.49% |
Drawdowns
VWAHX vs. PFMIX - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -40.26%, which is greater than PFMIX's maximum drawdown of -26.51%. Use the drawdown chart below to compare losses from any high point for VWAHX and PFMIX.
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Drawdown Indicators
| VWAHX | PFMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.26% | -26.51% | -13.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -4.67% | -0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.32% | -16.11% | -1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -17.32% | -16.11% | -1.21% |
Current DrawdownCurrent decline from peak | -2.87% | -2.61% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -2.43% | -4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.43% | +0.39% |
Volatility
VWAHX vs. PFMIX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a higher volatility of 1.19% compared to PIMCO Municipal Bond Fund (PFMIX) at 0.99%. This indicates that VWAHX's price experiences larger fluctuations and is considered to be riskier than PFMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWAHX | PFMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.99% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 1.76% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.70% | 4.89% | +0.81% |
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% | 4.00% | +0.61% |