VWALX vs. HYD
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and HYD (VanEck High Yield Muni ETF) are both funds - VWALX is a High Yield Muni fund actively managed by Vanguard, while HYD is a Municipal Bonds fund tracking the ICE Broad High Yield Crossover Municipal Index. VWALX is actively managed, while HYD is passively managed. Over the past 10 years, VWALX returned 2.84%/yr vs 1.64%/yr for HYD. Their 0.46 correlation means their historical movements had little consistent relationship. VWALX charges 0.09%/yr vs 0.35%/yr for HYD.
Performance
VWALX vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, VWALX achieves a 1.15% return, which is significantly higher than HYD's 0.41% return. Over the past 10 years, VWALX has outperformed HYD with an annualized return of 2.84%, while HYD has yielded a comparatively lower 1.64% annualized return.
VWALX
- 1D
- -0.28%
- 1M
- -2.14%
- 6M
- 0.53%
- YTD
- 1.15%
- 1Y
- 6.75%
- 3Y*
- 4.76%
- 5Y*
- 1.12%
- 10Y*
- 2.84%
- ALL TIME*
- 4.18%
HYD
- 1D
- -0.10%
- 1M
- -2.66%
- 6M
- 0.43%
- YTD
- 0.41%
- 1Y
- 5.79%
- 3Y*
- 3.85%
- 5Y*
- -0.72%
- 10Y*
- 1.64%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.49M | $44.56M | $39.95M | |
| $0.00 | $0.00 | $0.00 |
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 | 1.15% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
HYD VanEck High Yield Muni ETF | 0.41% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between VWALX and HYD is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.46 |
The correlation between VWALX and HYD shifts across timeframes, from 0.46 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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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 High Yield Muni 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.
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.
| VWALX | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.35 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.11 | +0.44 |
| Martin ratioReturn relative to average drawdown | 9.04 | 8.26 | +0.78 |
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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 | -3.05% | -3.21% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -6.14% | -5.94% | -0.20% |
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 | -2.14% | -3.68% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -4.30% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.82% | +0.04% |
Volatility
VWALX vs. HYD - Volatility Comparison
The current volatility for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is 1.02%, while VanEck High Yield Muni ETF (HYD) has a volatility of 1.09%. 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 | 1.02% | 1.09% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 3.21% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.28% | 3.99% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.83% | 6.48% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 12.61% | -7.97% |
VWALX vs. HYD - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than HYD's 0.35% expense ratio.
Dividends
VWALX vs. HYD - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 3.86%, less than HYD's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 4.02% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 3.86% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
VWALX and HYD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (1.09%) compared to VWALX (1.02%). In terms of maximum drawdown, VWALX dropped -17.24% vs HYD's -35.61%.
VWALX currently has the higher Sharpe Ratio (2.37 vs 1.70), 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.
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