ABHIX vs. BCHYX
ABHIX (American Century High-Yield Fund) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - ABHIX is a High Yield Bonds fund managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 10 years, ABHIX returned 4.49%/yr vs 2.32%/yr for BCHYX. At a 0.20 correlation, their price movements are largely independent. ABHIX charges 0.80%/yr vs 0.49%/yr for BCHYX.
Performance
ABHIX vs. BCHYX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ABHIX having a 2.11% return and BCHYX slightly higher at 2.21%. Over the past 10 years, ABHIX has outperformed BCHYX with an annualized return of 4.49%, while BCHYX has yielded a comparatively lower 2.32% annualized return.
ABHIX
- 1D
- -0.19%
- 1M
- 0.74%
- YTD
- 2.11%
- 6M
- 2.85%
- 1Y
- 7.49%
- 3Y*
- 8.30%
- 5Y*
- 2.95%
- 10Y*
- 4.49%
BCHYX
- 1D
- -0.10%
- 1M
- 1.91%
- YTD
- 2.21%
- 6M
- 2.77%
- 1Y
- 7.77%
- 3Y*
- 4.65%
- 5Y*
- 0.73%
- 10Y*
- 2.32%
ABHIX vs. BCHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABHIX American Century High-Yield Fund | 2.11% | 8.64% | 6.37% | 10.27% | -12.89% | 4.15% | 5.92% | 13.24% | -3.27% | 5.98% |
BCHYX American Century California High Yield Municipal Fund | 2.21% | 3.48% | 4.07% | 6.69% | -12.77% | 3.82% | 3.95% | 9.92% | 0.65% | 8.50% |
Correlation
The correlation between ABHIX and BCHYX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1997 | 0.20 |
Over the past year, ABHIX and BCHYX have become more correlated (0.50) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
ABHIX vs. BCHYX — Risk / Return Rank
ABHIX
BCHYX
ABHIX vs. BCHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Fund (ABHIX) 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.
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.
| ABHIX | BCHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.58 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 2.67 | +0.36 |
| Martin ratioReturn relative to average drawdown | 14.76 | 9.25 | +5.51 |
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Drawdowns
ABHIX vs. BCHYX - Drawdown Comparison
The maximum ABHIX drawdown since its inception was -26.67%, which is greater than BCHYX's maximum drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for ABHIX and BCHYX.
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Drawdown Indicators
| ABHIX | BCHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.67% | -18.35% | -8.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -2.97% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -3.81% | -7.69% | +3.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.35% | -18.35% | +2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -19.63% | -18.35% | -1.28% |
Current DrawdownCurrent decline from peak | -0.19% | -0.10% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.51% | -2.38% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.85% | -0.33% |
Volatility
ABHIX vs. BCHYX - Volatility Comparison
American Century High-Yield Fund (ABHIX) has a higher volatility of 0.98% compared to American Century California High Yield Municipal Fund (BCHYX) at 0.84%. This indicates that ABHIX'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.
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Volatility by Period
| ABHIX | BCHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.84% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 2.35% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 3.29% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 4.88% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.57% | 4.81% | +0.76% |
ABHIX vs. BCHYX - Expense Ratio Comparison
ABHIX has a 0.80% expense ratio, which is higher than BCHYX's 0.49% expense ratio.
Dividends
ABHIX vs. BCHYX - Dividend Comparison
ABHIX's dividend yield for the trailing twelve months is around 6.23%, more than BCHYX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHIX American Century High-Yield Fund | 6.23% | 5.87% | 5.54% | 5.34% | 3.62% | 3.71% | 4.29% | 4.64% | 5.73% | 5.13% | 5.21% | 5.87% |
BCHYX American Century California High Yield Municipal Fund | 3.95% | 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
ABHIX and BCHYX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHIX has higher volatility (0.98%) compared to BCHYX (0.84%). In terms of maximum drawdown, ABHIX dropped -26.67% vs BCHYX's -18.35%.
BCHYX currently has the higher Sharpe Ratio (2.41 vs 2.25), 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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