PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VWAHX vs. VBIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWAHX vs. VBIAX

Last updated Jun 4, 2026

VWAHX (Vanguard High-Yield Tax-Exempt Fund Investor Shares) and VBIAX (Vanguard Balanced Index Fund Admiral Shares) are both mutual funds - VWAHX is a Municipal Bonds fund managed by Vanguard, while VBIAX is a Diversified Portfolio fund tracking the 60% CRSP US Total Market Index / 40% Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VWAHX returned 3.06%/yr vs 9.83%/yr for VBIAX. At a correlation of -0.01, they often move in opposite directions. VWAHX charges 0.17%/yr vs 0.07%/yr for VBIAX.

Performance

VWAHX vs. VBIAX - 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 Vanguard Balanced Index Fund Admiral Shares (VBIAX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VWAHX achieves a 2.30% return, which is significantly lower than VBIAX's 7.35% return. Over the past 10 years, VWAHX has underperformed VBIAX with an annualized return of 3.06%, while VBIAX has yielded a comparatively higher 9.83% annualized return.

VWAHX

1D
0.19%
1M
1.01%
YTD
2.30%
6M
2.65%
1Y
8.78%
3Y*
5.46%
5Y*
1.57%
10Y*
3.06%

VBIAX

1D
0.15%
1M
3.71%
YTD
7.35%
6M
7.26%
1Y
19.35%
3Y*
15.04%
5Y*
8.01%
10Y*
9.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWAHX vs. VBIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWAHX
Vanguard High-Yield Tax-Exempt Fund Investor Shares		2.30%4.96%3.98%8.39%-11.76%3.36%5.39%9.48%1.31%7.86%
VBIAX
Vanguard Balanced Index Fund Admiral Shares		7.35%13.61%14.58%17.54%-16.90%14.21%16.40%21.78%-2.86%13.89%

Correlation

The correlation between VWAHX and VBIAX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.22

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2000

-0.01

The correlation between VWAHX and VBIAX shifts across timeframes, from -0.01 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

VWAHX vs. VBIAX - Sectors Allocation Comparison

Sectors
VWAHX
VBIAX

Technology

0.0%
33.5%

Financial Services

0.0%
12.0%

Basic Materials

-

2.0%

Communication Services

-

10.3%

Consumer Cyclical

-

10.0%

Consumer Defensive

-

4.7%

Energy

-

3.7%

Healthcare

-

9.2%

Industrials

-

9.8%

Real Estate

-

2.4%

Utilities

-

2.3%

Technology

VWAHX
0.0%
VBIAX
33.5%

Financial Services

VWAHX
0.0%
VBIAX
12.0%

Basic Materials

VWAHX

-

VBIAX
2.0%

Communication Services

VWAHX

-

VBIAX
10.3%

Consumer Cyclical

VWAHX

-

VBIAX
10.0%

Consumer Defensive

VWAHX

-

VBIAX
4.7%

Energy

VWAHX

-

VBIAX
3.7%

Healthcare

VWAHX

-

VBIAX
9.2%

Industrials

VWAHX

-

VBIAX
9.8%

Real Estate

VWAHX

-

VBIAX
2.4%

Utilities

VWAHX

-

VBIAX
2.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard High-Yield Tax-Exempt Fund Investor Shares

Vanguard Balanced Index Fund Admiral Shares

Often compared with VWAHX:
VWAHX vs. VTEBVWAHX vs. VWALXVWAHX vs. VWEHXVWAHX vs. VTEAXVWAHX vs. FTABXVWAHX vs. VWITXVWAHX vs. USATX
Often compared with VBIAX:
VBIAX vs. VWELXVBIAX vs. FBALXVBIAX vs. VFIAXVBIAX vs. VSMGXVBIAX vs. VWIAXVBIAX vs. VOOVBIAX vs. VBAIX

Return for Risk

VWAHX vs. VBIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWAHX
VWAHX Risk / Return Rank: 7575
Overall Rank
VWAHX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
VWAHX Sortino Ratio Rank: 9191
Sortino Ratio Rank
VWAHX Omega Ratio Rank: 9393
Omega Ratio Rank
VWAHX Calmar Ratio Rank: 5656
Calmar Ratio Rank
VWAHX Martin Ratio Rank: 5252
Martin Ratio Rank
VBIAX
VBIAX Risk / Return Rank: 7676
Overall Rank
VBIAX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
VBIAX Sortino Ratio Rank: 7474
Sortino Ratio Rank
VBIAX Omega Ratio Rank: 7070
Omega Ratio Rank
VBIAX Calmar Ratio Rank: 7575
Calmar Ratio Rank
VBIAX Martin Ratio Rank: 8383
Martin Ratio Rank
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. VBIAX - 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 Vanguard Balanced Index Fund Admiral Shares (VBIAX). 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.

VWAHXVBIAXDifference
Sharpe ratioReturn per unit of total volatility
2.72
2.52

+0.20

Sortino ratioReturn per unit of downside risk
4.41
3.59

+0.82

Omega ratioGain probability vs. loss probability

1.70

1.47

+0.24

Calmar ratioReturn relative to maximum drawdown

2.89

3.42

-0.53

Martin ratioReturn relative to average drawdown

10.50

15.60

-5.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWAHX vs. VBIAX - Sharpe Ratio Comparison

The current VWAHX Sharpe Ratio is 2.72, which is comparable to the VBIAX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VWAHX and VBIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VWAHXVBIAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.72

2.52

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.73

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.88

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.64

+0.01

Drawdowns

VWAHX vs. VBIAX - Drawdown Comparison

The maximum VWAHX drawdown since its inception was -40.26%, which is greater than VBIAX's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for VWAHX and VBIAX.

Loading charts...

Drawdown Indicators

VWAHXVBIAXDifference

Max Drawdown

Largest peak-to-trough decline

-40.26%

-35.90%

-4.36%

Max Drawdown (1Y)

Largest decline over 1 year

-3.05%

-5.83%

+2.78%

Max Drawdown (3Y)

Largest decline over 3 years

-7.12%

-11.70%

+4.58%

Max Drawdown (5Y)

Largest decline over 5 years

-17.32%

-21.53%

+4.21%

Max Drawdown (10Y)

Largest decline over 10 years

-17.32%

-22.78%

+5.46%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.93%

-4.44%

-2.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.84%

1.27%

-0.43%

Volatility

VWAHX vs. VBIAX - Volatility Comparison

The current volatility for Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) is 1.27%, while Vanguard Balanced Index Fund Admiral Shares (VBIAX) has a volatility of 2.26%. This indicates that VWAHX experiences smaller price fluctuations and is considered to be less risky than VBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VWAHXVBIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.27%

2.26%

-0.99%

Volatility (6M)

Calculated over the trailing 6-month period

2.40%

6.11%

-3.71%

Volatility (1Y)

Calculated over the trailing 1-year period

3.26%

7.90%

-4.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.80%

11.05%

-6.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.64%

11.21%

-6.57%

VWAHX vs. VBIAX - Expense Ratio Comparison

VWAHX has a 0.17% expense ratio, which is higher than VBIAX's 0.07% 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%.

Dividends

VWAHX vs. VBIAX - Dividend Comparison

VWAHX's dividend yield for the trailing twelve months is around 4.05%, less than VBIAX's 5.21% yield.

PositionTTM20252024202320222021202020192018201720162015
VBIAX
Vanguard Balanced Index Fund Admiral Shares		5.21%6.00%5.27%4.35%2.83%3.19%2.65%2.28%2.32%1.95%2.09%2.09%
VWAHX
Vanguard High-Yield Tax-Exempt Fund Investor Shares		4.05%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

VWAHX and VBIAX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VBIAX has higher volatility (2.26%) compared to VWAHX (1.27%). In terms of maximum drawdown, VWAHX dropped -40.26% vs VBIAX's -35.90%.

VWAHX currently has the higher Sharpe Ratio (2.72 vs 2.52), 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.

Portfolio Optimizer

Find the right allocation for VWAHX and VBIAX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer