VWALX vs. VTEB
Compare and contrast key facts about Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard Tax-Exempt Bond ETF (VTEB).
VWALX is managed by Vanguard. It was launched on Nov 12, 2001. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
VWALX vs. VTEB - Performance Comparison
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VWALX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.26% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, VWALX achieves a -0.26% return, which is significantly lower than VTEB's 0.09% return. Over the past 10 years, VWALX has outperformed VTEB with an annualized return of 3.08%, while VTEB has yielded a comparatively lower 2.09% annualized return.
VWALX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.26%
- 6M
- 1.36%
- 1Y
- 4.06%
- 3Y*
- 4.63%
- 5Y*
- 1.55%
- 10Y*
- 3.08%
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
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VWALX vs. VTEB - Expense Ratio Comparison
VWALX has a 0.09% expense ratio, which is higher than VTEB's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VWALX vs. VTEB — Risk / Return Rank
VWALX
VTEB
VWALX vs. VTEB - 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 Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.99 | -0.19 |
Sortino ratioReturn per unit of downside risk | 1.08 | 1.25 | -0.17 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.25 | -0.28 |
Martin ratioReturn relative to average drawdown | 3.01 | 3.69 | -0.68 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.99 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.23 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.40 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 0.45 | +0.61 |
Correlation
The correlation between VWALX and VTEB is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VWALX vs. VTEB - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.14%, more than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.14% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
VWALX vs. VTEB - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, roughly equal to the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VWALX and VTEB.
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Drawdown Indicators
| VWALX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -17.00% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -5.63% | -3.45% | -2.18% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -12.64% | -4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -17.00% | -0.24% |
Current DrawdownCurrent decline from peak | -2.50% | -1.86% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -2.35% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.17% | +0.64% |
Volatility
VWALX vs. VTEB - Volatility Comparison
The current volatility for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is 1.29%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that VWALX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.37% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 1.87% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.71% | 4.00% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 3.88% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 5.25% | -0.63% |