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VWALX vs. VTSAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWALX vs. VTSAX

Last updated Jun 5, 2026

VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) are both mutual funds - VWALX is a Municipal Bonds fund managed by Vanguard, while VTSAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VWALX returned 3.14%/yr vs 15.03%/yr for VTSAX. At a correlation of -0.09, they often move in opposite directions. VWALX charges 0.09%/yr vs 0.04%/yr for VTSAX.

Performance

VWALX vs. VTSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) and Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VWALX achieves a 2.33% return, which is significantly lower than VTSAX's 11.13% return. Over the past 10 years, VWALX has underperformed VTSAX with an annualized return of 3.14%, while VTSAX has yielded a comparatively higher 15.03% annualized return.

VWALX

1D
0.00%
1M
1.01%
YTD
2.33%
6M
2.69%
1Y
8.55%
3Y*
5.55%
5Y*
1.64%
10Y*
3.14%

VTSAX

1D
-0.75%
1M
4.07%
YTD
11.13%
6M
10.86%
1Y
28.10%
3Y*
22.03%
5Y*
12.68%
10Y*
15.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWALX vs. VTSAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWALX
Vanguard High-Yield Tax-Exempt Fund Admiral Shares		2.33%5.06%4.08%8.45%-11.69%3.42%5.49%9.58%1.38%7.96%
VTSAX
Vanguard Total Stock Market Index Fund Admiral Shares		11.13%17.12%23.23%26.51%-19.52%25.72%20.98%30.79%-5.18%21.16%

Correlation

The correlation between VWALX and VTSAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2001

-0.09

The correlation between VWALX and VTSAX shifts across timeframes, from -0.09 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

VWALX vs. VTSAX - Sectors Allocation Comparison

Sectors
VWALX
VTSAX

Technology

0.0%
33.3%

Financial Services

0.0%
11.9%

Basic Materials

-

2.0%

Communication Services

-

10.1%

Consumer Cyclical

-

9.8%

Consumer Defensive

-

4.7%

Energy

-

3.8%

Healthcare

-

9.1%

Industrials

-

9.5%

Real Estate

-

2.4%

Utilities

-

2.7%

Technology

VWALX
0.0%
VTSAX
33.3%

Financial Services

VWALX
0.0%
VTSAX
11.9%

Basic Materials

VWALX

-

VTSAX
2.0%

Communication Services

VWALX

-

VTSAX
10.1%

Consumer Cyclical

VWALX

-

VTSAX
9.8%

Consumer Defensive

VWALX

-

VTSAX
4.7%

Energy

VWALX

-

VTSAX
3.8%

Healthcare

VWALX

-

VTSAX
9.1%

Industrials

VWALX

-

VTSAX
9.5%

Real Estate

VWALX

-

VTSAX
2.4%

Utilities

VWALX

-

VTSAX
2.7%

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Vanguard High-Yield Tax-Exempt Fund Admiral Shares

Vanguard Total Stock Market Index Fund Admiral Shares

Often compared with VWALX:
VWALX vs. VWAHXVWALX vs. VTEBVWALX vs. VWIUXVWALX vs. VWLUXVWALX vs. HYDVWALX vs. VCLAXVWALX vs. VTEAX
Often compared with VTSAX:
VTSAX vs. VOOVTSAX vs. VTIAXVTSAX vs. SWTSXVTSAX vs. FSKAXVTSAX vs. VTIVTSAX vs. SPYVTSAX vs. VTWAX

Return for Risk

VWALX vs. VTSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWALX
VWALX Risk / Return Rank: 7575
Overall Rank
VWALX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
VWALX Sortino Ratio Rank: 9090
Sortino Ratio Rank
VWALX Omega Ratio Rank: 9292
Omega Ratio Rank
VWALX Calmar Ratio Rank: 5858
Calmar Ratio Rank
VWALX Martin Ratio Rank: 5252
Martin Ratio Rank
VTSAX
VTSAX Risk / Return Rank: 6464
Overall Rank
VTSAX Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
VTSAX Sortino Ratio Rank: 5656
Sortino Ratio Rank
VTSAX Omega Ratio Rank: 5656
Omega Ratio Rank
VTSAX Calmar Ratio Rank: 6767
Calmar Ratio Rank
VTSAX Martin Ratio Rank: 7878
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VWALX vs. VTSAX - 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 Total Stock Market Index Fund Admiral Shares (VTSAX). 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.

VWALXVTSAXDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.31

+0.42

Sortino ratioReturn per unit of downside risk
4.45
3.17

+1.28

Omega ratioGain probability vs. loss probability

1.71

1.42

+0.29

Calmar ratioReturn relative to maximum drawdown

2.92

3.17

-0.25

Martin ratioReturn relative to average drawdown

10.63

14.61

-3.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWALX vs. VTSAX - Sharpe Ratio Comparison

The current VWALX Sharpe Ratio is 2.74, which is comparable to the VTSAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VWALX and VTSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VWALXVTSAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.74

2.31

+0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.73

-0.39

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.82

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

1.09

0.47

+0.62

Drawdowns

VWALX vs. VTSAX - Drawdown Comparison

The maximum VWALX drawdown since its inception was -17.24%, smaller than the maximum VTSAX drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for VWALX and VTSAX.

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Drawdown Indicators

VWALXVTSAXDifference

Max Drawdown

Largest peak-to-trough decline

-17.24%

-55.33%

+38.09%

Max Drawdown (1Y)

Largest decline over 1 year

-3.05%

-8.92%

+5.87%

Max Drawdown (3Y)

Largest decline over 3 years

-7.10%

-19.36%

+12.26%

Max Drawdown (5Y)

Largest decline over 5 years

-17.24%

-25.36%

+8.12%

Max Drawdown (10Y)

Largest decline over 10 years

-17.24%

-34.97%

+17.73%

Current Drawdown

Current decline from peak

0.00%

-0.75%

+0.75%

Average Drawdown

Average peak-to-trough decline

-2.17%

-9.00%

+6.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.84%

1.93%

-1.09%

Volatility

VWALX vs. VTSAX - Volatility Comparison

The current volatility for Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) is 1.27%, while Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) has a volatility of 3.05%. This indicates that VWALX experiences smaller price fluctuations and is considered to be less risky than VTSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWALXVTSAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.27%

3.05%

-1.78%

Volatility (6M)

Calculated over the trailing 6-month period

2.39%

9.20%

-6.81%

Volatility (1Y)

Calculated over the trailing 1-year period

3.25%

12.22%

-8.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.81%

17.36%

-12.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.64%

18.41%

-13.77%

VWALX vs. VTSAX - Expense Ratio Comparison

VWALX has a 0.09% expense ratio, which is higher than VTSAX's 0.04% 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%.

Dividends

VWALX vs. VTSAX - Dividend Comparison

VWALX's dividend yield for the trailing twelve months is around 4.13%, more than VTSAX's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
VTSAX
Vanguard Total Stock Market Index Fund Admiral Shares		1.01%1.11%1.26%1.42%1.65%1.20%1.41%1.76%2.03%1.71%1.92%1.98%
VWALX
Vanguard High-Yield Tax-Exempt Fund Admiral Shares		4.13%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 VTSAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VTSAX has higher volatility (3.05%) compared to VWALX (1.27%). In terms of maximum drawdown, VWALX dropped -17.24% vs VTSAX's -55.33%.

VWALX currently has the higher Sharpe Ratio (2.74 vs 2.31), 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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