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- MFS Municipal High Income (MMHYX) is not a perfect proxy for the Muni HY market. It's actively managed, so that brings some bias into it. However, no HY Muni index funds go back to the mid 80's. If you used an index fund, it would tell the same story, but with shorter time frame.
- TTM yields are not the best measurement of yield. Yield to worst would be better, but I don't have that historical data.
- Ideally MMHYX and VWLTX would be very similar except credit quality. They are not, and that brings in some bias. For example, MMHYX currently has an effective duration of 7.43, while VWLTX has a duration of 6.38. There are likely numerous examples one could find that show this is not an perfect apples-to-apple comparison.
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