VWALX vs. NVHIX
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, VWALX returned 3.07%/yr vs 3.18%/yr for NVHIX. A 0.66 correlation means they provide meaningful diversification when combined. VWALX charges 0.09%/yr vs 0.55%/yr for NVHIX.
Performance
VWALX vs. NVHIX - Performance Comparison
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Returns By Period
In the year-to-date period, VWALX achieves a 2.52% return, which is significantly higher than NVHIX's 2.04% return. Both investments have delivered pretty close results over the past 10 years, with VWALX having a 3.07% annualized return and NVHIX not far ahead at 3.18%.
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%
NVHIX
- 1D
- 0.11%
- 1M
- 1.24%
- YTD
- 2.04%
- 6M
- 2.47%
- 1Y
- 4.80%
- 3Y*
- 4.25%
- 5Y*
- 1.97%
- 10Y*
- 3.18%
VWALX vs. NVHIX - 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% |
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund | 2.04% | 2.43% | 6.88% | 3.54% | -6.73% | 8.44% | -0.10% | 8.27% | 3.47% | 8.17% |
Correlation
The correlation between VWALX and NVHIX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2013 | 0.66 |
The correlation between VWALX and NVHIX has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
VWALX vs. NVHIX — Risk / Return Rank
VWALX
NVHIX
VWALX vs. NVHIX - 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 Short Duration High Yield Municipal Bond Fund (NVHIX). 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 | NVHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.63 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.69 | +0.12 |
| Martin ratioReturn relative to average drawdown | 10.24 | 6.79 | +3.45 |
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Drawdowns
VWALX vs. NVHIX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, which is greater than NVHIX's maximum drawdown of -13.54%. Use the drawdown chart below to compare losses from any high point for VWALX and NVHIX.
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Drawdown Indicators
| VWALX | NVHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -13.54% | -3.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -1.80% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -4.72% | -2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -10.54% | -6.70% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -13.54% | -3.70% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.04% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.71% | +0.13% |
Volatility
VWALX vs. NVHIX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 0.88% compared to Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) at 0.59%. This indicates that VWALX's price experiences larger fluctuations and is considered to be riskier than NVHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | NVHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.59% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.49% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 2.24% | +0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 3.33% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 3.47% | +1.17% |
VWALX vs. NVHIX - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than NVHIX's 0.55% expense ratio.
Dividends
VWALX vs. NVHIX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.12%, less than NVHIX's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund | 4.55% | 5.15% | 4.36% | 4.41% | 3.84% | 3.43% | 3.90% | 4.03% | 3.90% | 3.78% | 3.62% | 3.55% |
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 NVHIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWALX has higher volatility (0.88%) compared to NVHIX (0.59%). In terms of maximum drawdown, VWALX dropped -17.24% vs NVHIX's -13.54%.
VWALX currently has the higher Sharpe Ratio (2.65 vs 2.16), 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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