VWALX vs. SWNTX
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Schwab Tax-Free Bond Fund™ (SWNTX).
VWALX is managed by Vanguard. It was launched on Nov 12, 2001. SWNTX is managed by Charles Schwab. It was launched on Sep 10, 1992.
Performance
VWALX vs. SWNTX - Performance Comparison
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VWALX vs. SWNTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.64% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
SWNTX Schwab Tax-Free Bond Fund™ | -0.62% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 4.29% |
Returns By Period
The year-to-date returns for both investments are quite close, with VWALX having a -0.64% return and SWNTX slightly higher at -0.62%. Over the past 10 years, VWALX has outperformed SWNTX with an annualized return of 3.04%, while SWNTX has yielded a comparatively lower 1.55% annualized return.
VWALX
- 1D
- 0.19%
- 1M
- -2.87%
- YTD
- -0.64%
- 6M
- 1.07%
- 1Y
- 4.06%
- 3Y*
- 4.50%
- 5Y*
- 1.49%
- 10Y*
- 3.04%
SWNTX
- 1D
- 0.19%
- 1M
- -2.70%
- YTD
- -0.62%
- 6M
- 0.90%
- 1Y
- 3.60%
- 3Y*
- 2.58%
- 5Y*
- 0.44%
- 10Y*
- 1.55%
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VWALX vs. SWNTX - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is lower than SWNTX's 0.48% expense ratio.
Return for Risk
VWALX vs. SWNTX — Risk / Return Rank
VWALX
SWNTX
VWALX vs. SWNTX - 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 Schwab Tax-Free Bond Fund™ (SWNTX). 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 | SWNTX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.89 | 1.02 | -0.13 |
Sortino ratioReturn per unit of downside risk | 1.22 | 1.38 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.08 | -0.11 |
Martin ratioReturn relative to average drawdown | 3.02 | 3.58 | -0.55 |
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 | SWNTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | 1.02 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.13 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.44 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 1.15 | -0.09 |
Correlation
The correlation between VWALX and SWNTX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWALX vs. SWNTX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.15%, more than SWNTX's 3.26% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.15% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.26% | 3.78% | 3.20% | 2.54% | 1.73% | 1.62% | 2.34% | 2.58% | 2.41% | 2.21% | 3.14% | 2.71% |
Drawdowns
VWALX vs. SWNTX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for VWALX and SWNTX.
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Drawdown Indicators
| VWALX | SWNTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -13.26% | -3.98% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -4.40% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -13.26% | -3.98% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -13.26% | -3.98% |
Current DrawdownCurrent decline from peak | -2.87% | -2.70% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -1.89% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.33% | +0.48% |
Volatility
VWALX vs. SWNTX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 1.19% compared to Schwab Tax-Free Bond Fund™ (SWNTX) at 0.94%. This indicates that VWALX's price experiences larger fluctuations and is considered to be riskier than SWNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | SWNTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.94% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 1.57% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 4.43% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 3.45% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 3.56% | +1.06% |