AAEFX vs. BCHYX

Last updated Jun 3, 2026

AAEFX (American Century One Choice Blend+ 2060 Portfolio) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - AAEFX is a Target Retirement Date fund managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 5 years, AAEFX returned 9.13%/yr vs 0.71%/yr for BCHYX. At a 0.15 correlation, their price movements are largely independent. AAEFX charges 0.58%/yr vs 0.49%/yr for BCHYX.

Performance

AAEFX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century One Choice Blend+ 2060 Portfolio (AAEFX) and American Century California High Yield Municipal Fund (BCHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAEFX achieves a 11.15% return, which is significantly higher than BCHYX's 1.90% return.

AAEFX

• 1D: 0.21%
• 1M: 3.79%
• YTD: 11.15%
• 6M: 12.95%
• 1Y: 27.62%
• 3Y*: 18.83%
• 5Y*: 9.13%
• 10Y*: —

BCHYX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 1.90%
• 6M: 2.24%
• 1Y: 7.78%
• 3Y*: 4.72%
• 5Y*: 0.71%
• 10Y*: 2.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAEFX vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AAEFX American Century One Choice Blend+ 2060 Portfolio	11.15%	20.22%	15.24%	16.92%	-16.95%	9.49%
BCHYX American Century California High Yield Municipal Fund	1.90%	3.48%	4.07%	6.69%	-12.77%	3.65%

Correlation

The correlation between AAEFX and BCHYX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 11, 2021	0.15

Return for Risk

AAEFX vs. BCHYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAEFX

AAEFX Risk / Return Rank: 64
AAEFX Sharpe Ratio Rank: 67
AAEFX Sortino Ratio Rank: 63
AAEFX Omega Ratio Rank: 60
AAEFX Calmar Ratio Rank: 61
AAEFX Martin Ratio Rank: 68

BCHYX

BCHYX Risk / Return Rank: 61
BCHYX Sharpe Ratio Rank: 57
BCHYX Sortino Ratio Rank: 76
BCHYX Omega Ratio Rank: 80
BCHYX Calmar Ratio Rank: 48
BCHYX Martin Ratio Rank: 44

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.

AAEFX vs. BCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century One Choice Blend+ 2060 Portfolio (AAEFX) and American Century California High Yield Municipal Fund (BCHYX). 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.

	AAEFX	BCHYX	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.24	+0.16
Sortino ratio Return per unit of downside risk	3.31	3.65	-0.35
Omega ratio Gain probability vs. loss probability	1.43	1.53	-0.10
Calmar ratio Return relative to maximum drawdown	3.01	2.68	+0.33
Martin ratio Return relative to average drawdown	13.22	9.28	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAEFX vs. BCHYX - Sharpe Ratio Comparison

The current AAEFX Sharpe Ratio is 2.40, which is comparable to the BCHYX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of AAEFX and BCHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAEFX	BCHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.24	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.15	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.20	-0.52

Drawdowns

AAEFX vs. BCHYX - Drawdown Comparison

The maximum AAEFX drawdown since its inception was -26.07%, which is greater than BCHYX's maximum drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for AAEFX and BCHYX.

Drawdown Indicators

	AAEFX	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-26.07%	-18.35%	-7.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-2.97%	-6.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.99%	-7.69%	-8.30%
Max Drawdown (5Y) Largest decline over 5 years	-26.07%	-18.35%	-7.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.35%	—
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-6.56%	-2.38%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	0.86%	+1.26%

Volatility

AAEFX vs. BCHYX - Volatility Comparison

American Century One Choice Blend+ 2060 Portfolio (AAEFX) has a higher volatility of 3.39% compared to American Century California High Yield Municipal Fund (BCHYX) at 1.20%. This indicates that AAEFX's price experiences larger fluctuations and is considered to be riskier than BCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAEFX	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	1.20%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	9.38%	2.41%	+6.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	3.35%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.82%	4.87%	+9.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	4.81%	+9.87%

AAEFX vs. BCHYX - Expense Ratio Comparison

AAEFX has a 0.58% expense ratio, which is higher than BCHYX's 0.49% expense ratio.

Dividends

AAEFX vs. BCHYX - Dividend Comparison

AAEFX's dividend yield for the trailing twelve months is around 3.06%, less than BCHYX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAEFX American Century One Choice Blend+ 2060 Portfolio	3.06%	3.40%	3.00%	2.06%	2.54%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BCHYX American Century California High Yield Municipal Fund	3.97%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%

Frequently Asked Questions

Can I hold both AAEFX and BCHYX in my portfolio?

AAEFX and BCHYX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAEFX or BCHYX?

AAEFX has higher volatility (3.39%) compared to BCHYX (1.20%). In terms of maximum drawdown, AAEFX dropped -26.07% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

AAEFX currently has the higher Sharpe Ratio (2.40 vs 2.24), 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.