VWALX vs. PRFHX
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, VWALX returned 3.07%/yr vs 2.98%/yr for PRFHX. Their correlation of 0.88 suggests significant overlap in exposure. VWALX charges 0.09%/yr vs 0.63%/yr for PRFHX.
Performance
VWALX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, VWALX achieves a 2.52% return, which is significantly lower than PRFHX's 3.26% return. Both investments have delivered pretty close results over the past 10 years, with VWALX having a 3.07% annualized return and PRFHX not far behind at 2.98%.
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%
PRFHX
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.26%
- 6M
- 4.25%
- 1Y
- 10.90%
- 3Y*
- 6.43%
- 5Y*
- 1.77%
- 10Y*
- 2.98%
VWALX vs. PRFHX - 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% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.26% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between VWALX and PRFHX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.88 |
The correlation between VWALX and PRFHX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
VWALX vs. PRFHX — Risk / Return Rank
VWALX
PRFHX
VWALX vs. PRFHX - 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 T. Rowe Price Tax Free High Yield Fund (PRFHX). 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 | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.82 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 4.09 | -1.28 |
| Martin ratioReturn relative to average drawdown | 10.24 | 15.18 | -4.94 |
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Drawdowns
VWALX vs. PRFHX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for VWALX and PRFHX.
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Drawdown Indicators
| VWALX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -24.76% | +7.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.75% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -6.91% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -18.81% | +1.57% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -18.81% | +1.57% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.77% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.73% | +0.11% |
Volatility
VWALX vs. PRFHX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 0.88% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 0.78%. This indicates that VWALX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.78% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 2.33% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 3.31% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 4.89% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 4.64% | 0.00% |
VWALX vs. PRFHX - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Dividends
VWALX vs. PRFHX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.12%, less than PRFHX's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.46% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
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 PRFHX have a correlation of 0.82, 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 PRFHX (0.78%). In terms of maximum drawdown, VWALX dropped -17.24% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.65), 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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