VWALX vs. HYD
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and VanEck Vectors High-Yield Municipal Index ETF (HYD).
VWALX is managed by Vanguard. It was launched on Nov 12, 2001. HYD is a passively managed fund by VanEck that tracks the performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index. It was launched on Feb 4, 2009.
Performance
VWALX vs. HYD - Performance Comparison
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VWALX vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.26% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
HYD VanEck Vectors High-Yield Municipal Index ETF | -0.34% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Returns By Period
In the year-to-date period, VWALX achieves a -0.26% return, which is significantly higher than HYD's -0.34% return. Over the past 10 years, VWALX has outperformed HYD with an annualized return of 3.08%, while HYD has yielded a comparatively lower 2.06% annualized return.
VWALX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.26%
- 6M
- 1.36%
- 1Y
- 4.06%
- 3Y*
- 4.63%
- 5Y*
- 1.55%
- 10Y*
- 3.08%
HYD
- 1D
- 0.90%
- 1M
- -1.26%
- YTD
- -0.34%
- 6M
- 1.38%
- 1Y
- 2.70%
- 3Y*
- 3.60%
- 5Y*
- -0.11%
- 10Y*
- 2.06%
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VWALX vs. HYD - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than HYD's 0.35% expense ratio.
Return for Risk
VWALX vs. HYD — Risk / Return Rank
VWALX
HYD
VWALX vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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.
| VWALX | HYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.46 | +0.33 |
Sortino ratioReturn per unit of downside risk | 1.08 | 0.59 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 0.73 | +0.24 |
Martin ratioReturn relative to average drawdown | 3.01 | 1.76 | +1.25 |
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
| VWALX | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.46 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | -0.02 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.16 | +0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 0.44 | +0.63 |
Correlation
The correlation between VWALX and HYD is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VWALX vs. HYD - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.14%, less than HYD's 4.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.14% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.38% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Drawdowns
VWALX vs. HYD - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for VWALX and HYD.
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Drawdown Indicators
| VWALX | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -35.61% | +18.37% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -4.42% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -20.72% | +3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -35.61% | +18.37% |
Current DrawdownCurrent decline from peak | -2.50% | -4.40% | +1.90% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -4.34% | +2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.83% | -0.02% |
Volatility
VWALX vs. HYD - Volatility Comparison
The current volatility for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is 1.29%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 2.22%. This indicates that VWALX experiences smaller price fluctuations and is considered to be less risky than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 2.22% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 2.83% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 5.90% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 6.44% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 12.60% | -7.98% |