VWAHX vs. USATX

Last updated Jun 23, 2026

VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) and USATX (USAA Tax Exempt Intermediate Term Fund) are both mutual funds - VWAHX is a High Yield Muni fund actively managed by Vanguard, while USATX is a Municipal Bonds fund managed by Victory. Over the past 10 years, VWAHX returned 2.99%/yr vs 2.33%/yr for USATX. A 0.79 correlation means they provide meaningful diversification when combined. VWAHX charges 0.17%/yr vs 0.49%/yr for USATX.

Performance

VWAHX vs. USATX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and USAA Tax Exempt Intermediate Term Fund (USATX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWAHX achieves a 2.49% return, which is significantly higher than USATX's 2.16% return. Over the past 10 years, VWAHX has outperformed USATX with an annualized return of 2.99%, while USATX has yielded a comparatively lower 2.33% annualized return.

VWAHX

• 1D: 0.09%
• 1M: 2.06%
• YTD: 2.49%
• 6M: 2.93%
• 1Y: 8.45%
• 3Y*: 5.43%
• 5Y*: 1.53%
• 10Y*: 2.99%

USATX

• 1D: 0.08%
• 1M: 1.66%
• YTD: 2.16%
• 6M: 2.55%
• 1Y: 6.80%
• 3Y*: 4.41%
• 5Y*: 1.37%
• 10Y*: 2.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VWAHX vs. USATX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares	2.49%	4.96%	3.98%	8.39%	-11.76%	3.36%	5.39%	9.48%	1.31%	7.86%
USATX USAA Tax Exempt Intermediate Term Fund	2.16%	4.75%	2.89%	5.30%	-8.12%	2.06%	4.91%	7.03%	1.25%	5.77%

Correlation

The correlation between VWAHX and USATX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 19, 1982	0.79

The correlation between VWAHX and USATX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

VWAHX vs. USATX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VWAHX

VWAHX Risk / Return Rank: 76
VWAHX Sharpe Ratio Rank: 87
VWAHX Sortino Ratio Rank: 92
VWAHX Omega Ratio Rank: 93
VWAHX Calmar Ratio Rank: 57
VWAHX Martin Ratio Rank: 53

USATX

USATX Risk / Return Rank: 80
USATX Sharpe Ratio Rank: 94
USATX Sortino Ratio Rank: 96
USATX Omega Ratio Rank: 96
USATX Calmar Ratio Rank: 59
USATX Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VWAHX vs. USATX - 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 USAA Tax Exempt Intermediate Term Fund (USATX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VWAHX	USATX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.95	-0.31
Sortino ratio: Return per unit of downside risk	4.26	4.86	-0.60
Omega ratio: Gain probability vs. loss probability	1.68	1.81	-0.13
Calmar ratio: Return relative to maximum drawdown	2.78	2.82	-0.04
Martin ratio: Return relative to average drawdown	10.11	10.34	-0.23

VWAHX vs. USATX - Sharpe Ratio Comparison

The current VWAHX Sharpe Ratio is 2.63, which is comparable to the USATX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of VWAHX and USATX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VWAHX vs. USATX - Drawdown Comparison

The maximum VWAHX drawdown since its inception was -40.26%, which is greater than USATX's maximum drawdown of -12.72%. Use the drawdown chart below to compare losses from any high point for VWAHX and USATX.

Drawdown Indicators

	VWAHX	USATX	Difference
Max Drawdown Largest peak-to-trough decline	-40.26%	-12.72%	-27.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.42%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-4.97%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.32%	-12.52%	-4.80%
Max Drawdown (10Y) Largest decline over 10 years	-17.32%	-12.52%	-4.80%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.92%	-1.90%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.66%	+0.18%

Volatility

VWAHX vs. USATX - Volatility Comparison

Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) has a higher volatility of 0.88% compared to USAA Tax Exempt Intermediate Term Fund (USATX) at 0.69%. This indicates that VWAHX's price experiences larger fluctuations and is considered to be riskier than USATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWAHX	USATX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.69%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	1.73%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	2.32%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	3.74%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.63%	3.68%	+0.95%

VWAHX vs. USATX - Expense Ratio Comparison

VWAHX has a 0.17% expense ratio, which is lower than USATX's 0.49% expense ratio.

Dividends

VWAHX vs. USATX - Dividend Comparison

VWAHX's dividend yield for the trailing twelve months is around 4.04%, more than USATX's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USATX USAA Tax Exempt Intermediate Term Fund	3.41%	3.71%	3.89%	2.95%	2.97%	2.33%	2.91%	2.87%	3.04%	3.15%	3.23%	3.26%
VWAHX Vanguard High-Yield Tax-Exempt Fund Investor Shares	4.04%	4.95%	4.38%	3.53%	3.36%	2.98%	3.31%	3.94%	3.78%	3.68%	3.75%	3.67%

Frequently Asked Questions

Can I hold both VWAHX and USATX in my portfolio?

VWAHX and USATX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWAHX or USATX?

VWAHX has higher volatility (0.88%) compared to USATX (0.69%). In terms of maximum drawdown, VWAHX dropped -40.26% vs USATX's -12.72%.

Which has better risk-adjusted returns?

USATX currently has the higher Sharpe Ratio (2.95 vs 2.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.