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VWAHX vs. VWALX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between VWAHX and VWALX is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -0.1

Performance

VWAHX vs. VWALX - 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 High-Yield Tax-Exempt Fund Admiral Shares (VWALX). The values are adjusted to include any dividend payments, if applicable.

130.00%140.00%150.00%160.00%NovemberDecember2025FebruaryMarchApril
149.72%
135.66%
VWAHX
VWALX

Key characteristics

Sharpe Ratio

VWAHX:

0.26

VWALX:

0.27

Sortino Ratio

VWAHX:

0.37

VWALX:

0.39

Omega Ratio

VWAHX:

1.06

VWALX:

1.07

Calmar Ratio

VWAHX:

0.24

VWALX:

0.25

Martin Ratio

VWAHX:

0.90

VWALX:

0.95

Ulcer Index

VWAHX:

1.76%

VWALX:

1.76%

Daily Std Dev

VWAHX:

6.22%

VWALX:

6.23%

Max Drawdown

VWAHX:

-34.50%

VWALX:

-17.74%

Current Drawdown

VWAHX:

-4.28%

VWALX:

-4.25%

Returns By Period

The year-to-date returns for both investments are quite close, with VWAHX having a -2.35% return and VWALX slightly higher at -2.32%. Both investments have delivered pretty close results over the past 10 years, with VWAHX having a 2.68% annualized return and VWALX not far ahead at 2.76%.


VWAHX

YTD

-2.35%

1M

-1.40%

6M

-1.97%

1Y

1.87%

5Y*

2.13%

10Y*

2.68%

VWALX

YTD

-2.32%

1M

-1.39%

6M

-1.93%

1Y

1.96%

5Y*

2.20%

10Y*

2.76%

*Annualized

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VWAHX vs. VWALX - Expense Ratio Comparison

VWAHX has a 0.17% expense ratio, which is higher than VWALX's 0.09% 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%.


Expense ratio chart for VWAHX: current value is 0.17%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
VWAHX: 0.17%
Expense ratio chart for VWALX: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
VWALX: 0.09%

Risk-Adjusted Performance

VWAHX vs. VWALX — Risk-Adjusted Performance Rank

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

VWAHX
The Risk-Adjusted Performance Rank of VWAHX is 3939
Overall Rank
The Sharpe Ratio Rank of VWAHX is 3939
Sharpe Ratio Rank
The Sortino Ratio Rank of VWAHX is 3535
Sortino Ratio Rank
The Omega Ratio Rank of VWAHX is 3838
Omega Ratio Rank
The Calmar Ratio Rank of VWAHX is 4242
Calmar Ratio Rank
The Martin Ratio Rank of VWAHX is 3939
Martin Ratio Rank

VWALX
The Risk-Adjusted Performance Rank of VWALX is 4040
Overall Rank
The Sharpe Ratio Rank of VWALX is 4040
Sharpe Ratio Rank
The Sortino Ratio Rank of VWALX is 3535
Sortino Ratio Rank
The Omega Ratio Rank of VWALX is 3939
Omega Ratio Rank
The Calmar Ratio Rank of VWALX is 4444
Calmar Ratio Rank
The Martin Ratio Rank of VWALX is 4141
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

VWAHX vs. VWALX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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.


The chart of Sharpe ratio for VWAHX, currently valued at 0.26, compared to the broader market-1.000.001.002.003.00
VWAHX: 0.26
VWALX: 0.27
The chart of Sortino ratio for VWAHX, currently valued at 0.37, compared to the broader market-2.000.002.004.006.008.00
VWAHX: 0.37
VWALX: 0.39
The chart of Omega ratio for VWAHX, currently valued at 1.06, compared to the broader market0.501.001.502.002.503.00
VWAHX: 1.06
VWALX: 1.07
The chart of Calmar ratio for VWAHX, currently valued at 0.24, compared to the broader market0.002.004.006.008.0010.00
VWAHX: 0.24
VWALX: 0.25
The chart of Martin ratio for VWAHX, currently valued at 0.90, compared to the broader market0.0010.0020.0030.0040.0050.00
VWAHX: 0.90
VWALX: 0.95

The current VWAHX Sharpe Ratio is 0.26, which is comparable to the VWALX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of VWAHX and VWALX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
0.26
0.27
VWAHX
VWALX

Dividends

VWAHX vs. VWALX - Dividend Comparison

VWAHX's dividend yield for the trailing twelve months is around 3.91%, less than VWALX's 4.00% yield.


TTM20242023202220212020201920182017201620152014
VWAHX
Vanguard High-Yield Tax-Exempt Fund Investor Shares
3.91%3.75%3.53%3.37%2.86%3.09%3.36%3.79%3.69%3.75%3.69%3.78%
VWALX
Vanguard High-Yield Tax-Exempt Fund Admiral Shares
4.00%3.82%3.59%3.44%2.93%3.16%3.44%3.84%3.77%3.88%3.75%3.83%

Drawdowns

VWAHX vs. VWALX - Drawdown Comparison

The maximum VWAHX drawdown since its inception was -34.50%, which is greater than VWALX's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for VWAHX and VWALX. For additional features, visit the drawdowns tool.


-7.00%-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%0.00%NovemberDecember2025FebruaryMarchApril
-4.28%
-4.25%
VWAHX
VWALX

Volatility

VWAHX vs. VWALX - Volatility Comparison

Vanguard High-Yield Tax-Exempt Fund Investor Shares (VWAHX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) have volatilities of 4.83% and 4.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%NovemberDecember2025FebruaryMarchApril
4.83%
4.83%
VWAHX
VWALX