VWALX vs. VWIUX
VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - VWALX is a High Yield Muni fund actively managed by Vanguard, while VWIUX is a Municipal Bonds fund actively managed by Vanguard. Both are actively managed. Over the past 10 years, VWALX returned 3.01%/yr vs 2.36%/yr for VWIUX. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
VWALX vs. VWIUX - Performance Comparison
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Returns By Period
In the year-to-date period, VWALX achieves a 2.43% return, which is significantly higher than VWIUX's 1.26% return. Over the past 10 years, VWALX has outperformed VWIUX with an annualized return of 3.01%, while VWIUX has yielded a comparatively lower 2.36% annualized return.
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
VWIUX
- 1D
- -0.07%
- 1M
- 1.24%
- YTD
- 1.26%
- 6M
- 1.69%
- 1Y
- 6.35%
- 3Y*
- 4.43%
- 5Y*
- 1.72%
- 10Y*
- 2.36%
VWALX vs. VWIUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 1.26% | 5.99% | 2.34% | 5.90% | -6.83% | 0.81% | 5.23% | 7.10% | 1.34% | 4.65% |
Correlation
The correlation between VWALX and VWIUX is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.90 |
The correlation between VWALX and VWIUX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
VWALX vs. VWIUX — Risk / Return Rank
VWALX
VWIUX
VWALX vs. VWIUX - 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 Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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 | VWIUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.74 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 2.18 | +0.59 |
| Martin ratioReturn relative to average drawdown | 10.12 | 7.07 | +3.05 |
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Drawdowns
VWALX vs. VWIUX - Drawdown Comparison
The maximum VWALX drawdown since its inception was -17.24%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for VWALX and VWIUX.
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Drawdown Indicators
| VWALX | VWIUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -11.38% | -5.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.99% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -4.40% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -11.38% | -5.86% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -11.38% | -5.86% |
Current DrawdownCurrent decline from peak | -0.09% | -0.95% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -1.44% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.92% | -0.08% |
Volatility
VWALX vs. VWIUX - Volatility Comparison
Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a higher volatility of 0.90% compared to Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) at 0.63%. This indicates that VWALX's price experiences larger fluctuations and is considered to be riskier than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWALX | VWIUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.63% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.86% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 2.35% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 3.27% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 3.43% | +1.21% |
VWALX vs. VWIUX - Expense Ratio Comparison
Both VWALX and VWIUX have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VWALX vs. VWIUX - Dividend Comparison
VWALX's dividend yield for the trailing twelve months is around 4.12%, more than VWIUX's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.33% | 4.06% | 3.63% | 2.78% | 2.51% | 1.89% | 2.40% | 2.88% | 2.89% | 2.82% | 2.91% | 2.96% |
Frequently Asked Questions
VWALX and VWIUX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWALX has higher volatility (0.90%) compared to VWIUX (0.63%). In terms of maximum drawdown, VWALX dropped -17.24% vs VWIUX's -11.38%.
VWIUX currently has the higher Sharpe Ratio (2.79 vs 2.62), 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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