- Issuer
- AllianceBernstein
- Inception Date
- Dec 12, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $59M
Share Price Chart
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Performance
TAFL Performance Chart
AB Tax-Aware Long Municipal ETF (TAFL) is up 2.5% since the beginning of the year. TAFL is currently trading at $25 per share.
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Returns By Period
AB Tax-Aware Long Municipal ETF (TAFL) has returned 2.47% so far this year and 8.23% over the past 12 months.
AB Tax-Aware Long Municipal ETF
- 1D
- 0.08%
- 1M
- 1.78%
- YTD
- 2.47%
- 6M
- 2.92%
- 1Y
- 8.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TAFL Monthly Returns History
Based on dividend-adjusted daily data since Dec 13, 2023, TAFL's average daily return is +0.02%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 68% of months were positive and 32% were negative. The best month was Sep 2025 with a return of +3.7%, while the worst month was Mar 2025 at -2.0%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, TAFL closed higher 53% of trading days. The best single day was Dec 14, 2023 with a return of +1.1%, while the worst single day was Apr 8, 2025 at -2.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.36% | 1.69% | -1.81% | 1.02% | 0.41% | 0.81% | 2.47% | ||||||
| 2025 | 0.03% | 1.40% | -1.95% | -0.50% | -1.14% | 1.24% | -1.77% | 1.21% | 3.70% | 1.63% | 0.06% | -0.29% | 3.53% |
| 2024 | 0.09% | -0.09% | 0.15% | -1.90% | 0.48% | 1.46% | 1.58% | 0.19% | 1.36% | -1.48% | 1.83% | -1.59% | 2.00% |
| 2023 | 2.09% | 2.09% |
Benchmark Metrics
AB Tax-Aware Long Municipal ETF has an annualized alpha of 3.15%, beta of 0.05, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since December 13, 2023.
- This ETF participated in 27.07% of S&P 500 Index downside but only 18.73% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.05 may look defensive, but with R2 of 0.02 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.02 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.15%
- Beta
- 0.05
- R²
- 0.02
- Upside Capture
- 18.73%
- Downside Capture
- 27.07%
Expense Ratio
TAFL has an expense ratio of 0.28%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TAFL ranks 64 for risk / return — better than 64% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for AB Tax-Aware Long Municipal ETF (TAFL) and compare them to S&P 500 Index.
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.
| TAFL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.37 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 2.78 | +0.21 |
| Martin ratioReturn relative to average drawdown | 9.35 | 12.44 | -3.09 |
Dividends
Dividend History
AB Tax-Aware Long Municipal ETF provided a 4.07% dividend yield over the last twelve months, with an annual payout of $1.03 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.03 | $1.03 | $0.98 | $0.05 |
Dividend yield | 4.07% | 4.11% | 3.88% | 0.19% |
Monthly Dividends
The table displays the monthly dividend distributions for AB Tax-Aware Long Municipal ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.08 | $0.09 | $0.09 | $0.09 | $0.08 | $0.42 | ||||||
| 2025 | $0.00 | $0.08 | $0.09 | $0.09 | $0.08 | $0.09 | $0.08 | $0.09 | $0.08 | $0.08 | $0.08 | $0.18 | $1.03 |
| 2024 | $0.00 | $0.08 | $0.07 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.09 | $0.18 | $0.98 |
| 2023 | $0.05 | $0.05 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the AB Tax-Aware Long Municipal ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the AB Tax-Aware Long Municipal ETF was 6.01%, occurring on Apr 11, 2025. Recovery took 106 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -6.01%Apr 2025 | 4mo 3d | 5mo 7d | 9mo 10dDec 2024 - Sep 2025 |
2024 pullback2024 | -2.84%Nov 2024 | 1mo 5d | 23d | 1mo 28dOct 2024 - Nov 2024 |
2026 pullback2026 | -2.76%Mar 2026 | 22d | 2mo 10d | 3mo 2dMar 2026 - Jun 2026 |
2024 pullback2024 | -2.48%Apr 2024 | 2mo 9d | 2mo 3d | 4mo 12dFeb 2024 - Jun 2024 |
2024 pullback2024 | -1.66%Jan 2024 | 27d | 8d | 1mo 5dDec 2023 - Feb 2024 |
Drawdown Indicators
| TAFL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.01% | -56.78% | +50.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -9.10% | +6.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -10.71% | +9.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.03% | -1.15% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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