VWAHX vs. PIAMX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and PIA High Yield (MACS) Fund (PIAMX).
VWAHX is managed by Vanguard. It was launched on Dec 27, 1978. PIAMX is managed by PIA Mutual Funds. It was launched on Dec 26, 2017.
Performance
VWAHX vs. PIAMX - Performance Comparison
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VWAHX vs. PIAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 2.57% |
PIAMX PIA High Yield (MACS) Fund | -2.20% | 2.34% | 11.23% | 16.38% | -10.93% | 7.82% | 9.05% | 11.77% | -2.63% |
Returns By Period
In the year-to-date period, VWAHX achieves a -0.65% return, which is significantly higher than PIAMX's -2.20% 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%
PIAMX
- 1D
- 0.26%
- 1M
- -2.36%
- YTD
- -2.20%
- 6M
- -2.91%
- 1Y
- 1.56%
- 3Y*
- 7.17%
- 5Y*
- 3.87%
- 10Y*
- —
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VWAHX vs. PIAMX - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is lower than PIAMX's 0.20% 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. PIAMX — Risk / Return Rank
VWAHX
PIAMX
VWAHX vs. PIAMX - 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 PIA High Yield (MACS) Fund (PIAMX). 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 | PIAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.87 | 0.31 | +0.57 |
Sortino ratioReturn per unit of downside risk | 1.19 | 0.41 | +0.78 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.07 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 0.95 | 0.20 | +0.76 |
Martin ratioReturn relative to average drawdown | 2.95 | 0.61 | +2.34 |
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 | PIAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 0.31 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.97 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 1.15 | -0.52 |
Correlation
The correlation between VWAHX and PIAMX is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VWAHX vs. PIAMX - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 4.07%, less than PIAMX's 8.51% 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% |
PIAMX PIA High Yield (MACS) Fund | 8.51% | 9.12% | 8.49% | 8.12% | 7.99% | 8.64% | 6.63% | 6.96% | 7.14% | 0.00% | 0.00% | 0.00% |
Drawdowns
VWAHX vs. PIAMX - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -40.26%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for VWAHX and PIAMX.
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Drawdown Indicators
| VWAHX | PIAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.26% | -18.15% | -22.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -4.17% | -1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -17.32% | -13.92% | -3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -17.32% | — | — |
Current DrawdownCurrent decline from peak | -2.87% | -3.50% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -2.36% | -4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.37% | +0.45% |
Volatility
VWAHX vs. PIAMX - Volatility Comparison
The current volatility for Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) is 1.19%, while PIA High Yield (MACS) Fund (PIAMX) has a volatility of 1.72%. This indicates that VWAHX experiences smaller price fluctuations and is considered to be less risky than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWAHX | PIAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.72% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.45% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.70% | 4.32% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 4.01% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 4.25% | +0.36% |