VWAHX vs. SHM
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM).
VWAHX is managed by Vanguard. It was launched on Dec 27, 1978. SHM is a passively managed fund by State Street that tracks the performance of the Bloomberg Municipal Managed Money Short. It was launched on Oct 10, 2007.
Performance
VWAHX vs. SHM - Performance Comparison
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VWAHX vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | -0.27% | 4.96% | 3.98% | 8.39% | -11.76% | 3.36% | 5.39% | 9.48% | 1.31% | 7.86% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.23% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
Returns By Period
In the year-to-date period, VWAHX achieves a -0.27% return, which is significantly lower than SHM's 0.23% return. Over the past 10 years, VWAHX has outperformed SHM with an annualized return of 2.99%, while SHM has yielded a comparatively lower 1.17% annualized return.
VWAHX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.27%
- 6M
- 1.32%
- 1Y
- 3.98%
- 3Y*
- 4.54%
- 5Y*
- 1.48%
- 10Y*
- 2.99%
SHM
- 1D
- 0.11%
- 1M
- -0.82%
- YTD
- 0.23%
- 6M
- 0.58%
- 1Y
- 3.05%
- 3Y*
- 2.30%
- 5Y*
- 0.86%
- 10Y*
- 1.17%
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VWAHX vs. SHM - Expense Ratio Comparison
VWAHX has a 0.17% expense ratio, which is lower than SHM'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. SHM — Risk / Return Rank
VWAHX
SHM
VWAHX vs. SHM - 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 SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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 | SHM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 1.68 | -0.90 |
Sortino ratioReturn per unit of downside risk | 1.06 | 2.12 | -1.06 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.41 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.96 | -1.01 |
Martin ratioReturn relative to average drawdown | 2.94 | 6.11 | -3.17 |
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 | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 1.68 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.42 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.36 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.47 | +0.16 |
Correlation
The correlation between VWAHX and SHM is 0.36, 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. SHM - Dividend Comparison
VWAHX's dividend yield for the trailing twelve months is around 4.06%, more than SHM's 2.65% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares | 4.06% | 4.95% | 4.38% | 3.53% | 3.36% | 2.98% | 3.31% | 3.94% | 3.78% | 3.68% | 3.75% | 3.67% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.65% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Drawdowns
VWAHX vs. SHM - Drawdown Comparison
The maximum VWAHX drawdown since its inception was -40.26%, which is greater than SHM's maximum drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for VWAHX and SHM.
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Drawdown Indicators
| VWAHX | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.26% | -11.61% | -28.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -1.67% | -3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.32% | -6.67% | -10.65% |
Max Drawdown (10Y)Largest decline over 10 years | -17.32% | -11.61% | -5.71% |
Current DrawdownCurrent decline from peak | -2.50% | -0.92% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -0.97% | -5.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.54% | +1.28% |
Volatility
VWAHX vs. SHM - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a higher volatility of 1.29% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.53%. This indicates that VWAHX's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWAHX | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 0.53% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 1.99% | 0.89% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.70% | 1.83% | +3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 2.07% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 3.30% | +1.31% |