ABHYX vs. DHMBX
ABHYX (American Century High-Yield Municipal Fund) and DHMBX (BNY Mellon High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, ABHYX returned 2.79%/yr vs 2.30%/yr for DHMBX. Their correlation of 0.85 suggests significant overlap in exposure. ABHYX charges 0.59%/yr vs 0.69%/yr for DHMBX.
Performance
ABHYX vs. DHMBX - Performance Comparison
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Returns By Period
In the year-to-date period, ABHYX achieves a 2.50% return, which is significantly lower than DHMBX's 3.23% return. Over the past 10 years, ABHYX has outperformed DHMBX with an annualized return of 2.79%, while DHMBX has yielded a comparatively lower 2.30% annualized return.
ABHYX
- 1D
- 0.00%
- 1M
- 1.97%
- YTD
- 2.50%
- 6M
- 3.11%
- 1Y
- 7.67%
- 3Y*
- 5.20%
- 5Y*
- 0.81%
- 10Y*
- 2.79%
DHMBX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 3.23%
- 6M
- 3.79%
- 1Y
- 8.63%
- 3Y*
- 4.44%
- 5Y*
- -0.29%
- 10Y*
- 2.30%
ABHYX vs. DHMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 2.50% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 9.27% |
DHMBX BNY Mellon High Yield Municipal Bond Fund | 3.23% | 2.64% | 4.41% | 6.50% | -17.25% | 5.58% | 2.85% | 10.76% | 1.64% | 12.78% |
Correlation
The correlation between ABHYX and DHMBX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2005 | 0.85 |
The correlation between ABHYX and DHMBX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
ABHYX vs. DHMBX — Risk / Return Rank
ABHYX
DHMBX
ABHYX vs. DHMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Municipal Fund (ABHYX) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). 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.
| ABHYX | DHMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.52 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.64 | -0.16 |
| Martin ratioReturn relative to average drawdown | 8.43 | 8.63 | -0.20 |
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Drawdowns
ABHYX vs. DHMBX - Drawdown Comparison
The maximum ABHYX drawdown since its inception was -26.34%, roughly equal to the maximum DHMBX drawdown of -27.66%. Use the drawdown chart below to compare losses from any high point for ABHYX and DHMBX.
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Drawdown Indicators
| ABHYX | DHMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.34% | -27.66% | +1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -3.33% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.40% | -9.55% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -22.90% | +4.36% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -22.90% | +4.36% |
Current DrawdownCurrent decline from peak | 0.00% | -2.90% | +2.90% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -4.87% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.01% | -0.08% |
Volatility
ABHYX vs. DHMBX - Volatility Comparison
The current volatility for American Century High-Yield Municipal Fund (ABHYX) is 0.87%, while BNY Mellon High Yield Municipal Bond Fund (DHMBX) has a volatility of 1.02%. This indicates that ABHYX experiences smaller price fluctuations and is considered to be less risky than DHMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABHYX | DHMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.02% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 2.79% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 3.80% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.95% | 6.16% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 6.06% | -1.08% |
ABHYX vs. DHMBX - Expense Ratio Comparison
ABHYX has a 0.59% expense ratio, which is lower than DHMBX's 0.69% expense ratio.
Dividends
ABHYX vs. DHMBX - Dividend Comparison
ABHYX's dividend yield for the trailing twelve months is around 4.31%, more than DHMBX's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.31% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
DHMBX BNY Mellon High Yield Municipal Bond Fund | 4.00% | 5.37% | 3.96% | 3.13% | 3.09% | 2.47% | 3.46% | 4.19% | 4.13% | 3.66% | 4.95% | 4.50% |
Frequently Asked Questions
ABHYX and DHMBX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DHMBX has higher volatility (1.02%) compared to ABHYX (0.87%). In terms of maximum drawdown, ABHYX dropped -26.34% vs DHMBX's -27.66%.
ABHYX currently has the higher Sharpe Ratio (2.36 vs 2.31), 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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