VWEAX vs. HYD
Compare and contrast key facts about Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) and VanEck Vectors High-Yield Municipal Index ETF (HYD).
VWEAX is managed by Vanguard. It was launched on Nov 12, 2001. HYD is a passively managed fund by VanEck that tracks the performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index. It was launched on Feb 4, 2009.
Performance
VWEAX vs. HYD - Performance Comparison
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VWEAX vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | -1.14% | 9.49% | 6.42% | 11.79% | -8.95% | 3.04% | 5.41% | 15.92% | -2.80% | 7.17% |
HYD VanEck Vectors High-Yield Municipal Index ETF | -0.34% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Returns By Period
In the year-to-date period, VWEAX achieves a -1.14% return, which is significantly lower than HYD's -0.34% return. Over the past 10 years, VWEAX has outperformed HYD with an annualized return of 5.28%, while HYD has yielded a comparatively lower 2.06% annualized return.
VWEAX
- 1D
- 0.55%
- 1M
- -1.62%
- YTD
- -1.14%
- 6M
- 0.60%
- 1Y
- 6.57%
- 3Y*
- 7.65%
- 5Y*
- 3.99%
- 10Y*
- 5.28%
HYD
- 1D
- 0.90%
- 1M
- -1.26%
- YTD
- -0.34%
- 6M
- 1.38%
- 1Y
- 2.70%
- 3Y*
- 3.60%
- 5Y*
- -0.11%
- 10Y*
- 2.06%
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VWEAX vs. HYD - Expense Ratio Comparison
VWEAX has a 0.13% expense ratio, which is lower than HYD's 0.35% expense ratio.
Return for Risk
VWEAX vs. HYD — Risk / Return Rank
VWEAX
HYD
VWEAX vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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.
| VWEAX | HYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.92 | 0.46 | +1.46 |
Sortino ratioReturn per unit of downside risk | 2.90 | 0.59 | +2.30 |
Omega ratioGain probability vs. loss probability | 1.47 | 1.11 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 2.83 | 0.73 | +2.10 |
Martin ratioReturn relative to average drawdown | 11.54 | 1.76 | +9.78 |
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
| VWEAX | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 0.46 | +1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | -0.02 | +0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.01 | 0.16 | +0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.22 | 0.44 | +0.78 |
Correlation
The correlation between VWEAX and HYD is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VWEAX vs. HYD - Dividend Comparison
VWEAX's dividend yield for the trailing twelve months is around 5.88%, more than HYD's 4.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 5.88% | 6.25% | 6.20% | 5.79% | 5.21% | 3.49% | 4.71% | 5.33% | 6.07% | 5.39% | 5.51% | 6.53% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.38% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Drawdowns
VWEAX vs. HYD - Drawdown Comparison
The maximum VWEAX drawdown since its inception was -30.05%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for VWEAX and HYD.
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Drawdown Indicators
| VWEAX | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.05% | -35.61% | +5.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -4.42% | +1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -13.77% | -20.72% | +6.95% |
Max Drawdown (10Y)Largest decline over 10 years | -19.68% | -35.61% | +15.93% |
Current DrawdownCurrent decline from peak | -1.80% | -4.40% | +2.60% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -4.34% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.83% | -1.21% |
Volatility
VWEAX vs. HYD - Volatility Comparison
The current volatility for Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) is 1.39%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 2.22%. This indicates that VWEAX experiences smaller price fluctuations and is considered to be less risky than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWEAX | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 2.22% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 2.83% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 5.90% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.86% | 6.44% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.27% | 12.60% | -7.33% |