VWALX vs. NMZ
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds. Both are actively managed. Over the past 10 years, VWALX returned 3.07%/yr vs 2.30%/yr for NMZ. At a 0.25 correlation, their price movements are largely independent. VWALX charges 0.09%/yr vs 1.50%/yr for NMZ.
Performance
VWALX vs. NMZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VWALX achieves a 2.52% return, which is significantly lower than NMZ's 5.27% return. Over the past 10 years, VWALX has outperformed NMZ with an annualized return of 3.07%, while NMZ has yielded a comparatively lower 2.30% annualized return.
VWALX
- 1D
- 0.09%
- 1M
- 2.07%
- YTD
- 2.52%
- 6M
- 2.98%
- 1Y
- 8.54%
- 3Y*
- 5.52%
- 5Y*
- 1.61%
- 10Y*
- 3.07%
NMZ
- 1D
- -0.58%
- 1M
- 3.34%
- YTD
- 5.27%
- 6M
- 5.27%
- 1Y
- 9.20%
- 3Y*
- 5.68%
- 5Y*
- -1.33%
- 10Y*
- 2.30%
VWALX vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.52% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
NMZ Nuveen Municipal High Income Opportunity Fund | 5.27% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
Correlation
The correlation between VWALX and NMZ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2003 | 0.25 |
Over the past year, VWALX and NMZ have become more correlated (0.46) than their long-term average of 0.25, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VWALX vs. NMZ — Risk / Return Rank
VWALX
NMZ
VWALX vs. NMZ - 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 Nuveen Municipal High Income Opportunity Fund (NMZ). 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 | NMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.76 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.18 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 1.55 | +1.25 |
| Martin ratioReturn relative to average drawdown | 10.24 | 3.87 | +6.37 |
Loading charts...
Drawdowns
VWALX vs. NMZ - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for VWALX and NMZ.
Loading charts...
Drawdown Indicators
| VWALX | NMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -58.53% | +41.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -5.94% | +2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -21.56% | +14.46% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -40.03% | +22.79% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -40.03% | +22.79% |
Current DrawdownCurrent decline from peak | 0.00% | -10.60% | +10.60% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -9.47% | +7.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 2.38% | -1.54% |
Volatility
VWALX vs. NMZ - Volatility Comparison
The current volatility for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is 0.88%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 2.47%. This indicates that VWALX experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VWALX | NMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 2.47% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 7.44% | -5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 9.41% | -6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 12.96% | -8.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 14.77% | -10.13% |
VWALX vs. NMZ - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than NMZ's 1.50% expense ratio.
Dividends
VWALX vs. NMZ - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.12%, less than NMZ's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 7.61% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 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 NMZ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMZ has higher volatility (2.47%) compared to VWALX (0.88%). In terms of maximum drawdown, VWALX dropped -17.24% vs NMZ's -58.53%.
VWALX currently has the higher Sharpe Ratio (2.65 vs 0.98), 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.
Find the right allocation for VWALX and NMZ
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