ABHYX vs. FNSOX
ABHYX (American Century High-Yield Municipal Fund) and FNSOX (Fidelity Short-Term Bond Index Fund) are both mutual funds - ABHYX is a High Yield Muni fund managed by American Century, while FNSOX is a Total Bond Market fund managed by Fidelity. Over the past 5 years, ABHYX returned 0.30%/yr vs 1.53%/yr for FNSOX. Their 0.47 correlation means their historical movements had little consistent relationship. ABHYX charges 0.59%/yr vs 0.03%/yr for FNSOX.
Performance
ABHYX vs. FNSOX - Performance Comparison
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Returns By Period
In the year-to-date period, ABHYX achieves a 1.21% return, which is significantly higher than FNSOX's 0.23% return.
ABHYX
- 1D
- -0.35%
- 1M
- -2.15%
- 6M
- 0.61%
- YTD
- 1.21%
- 1Y
- 6.52%
- 3Y*
- 4.69%
- 5Y*
- 0.30%
- 10Y*
- 2.61%
- ALL TIME*
- 4.10%
FNSOX
- 1D
- 0.00%
- 1M
- -0.30%
- 6M
- 0.08%
- YTD
- 0.23%
- 1Y
- 2.15%
- 3Y*
- 4.44%
- 5Y*
- 1.53%
- 10Y*
- —
- ALL TIME*
- 2.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ABHYX vs. FNSOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 1.21% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 1.66% |
FNSOX Fidelity Short-Term Bond Index Fund | 0.23% | 6.01% | 3.90% | 4.90% | -5.76% | -1.25% | 4.28% | 4.95% | 1.14% | -0.22% |
Correlation
The correlation between ABHYX and FNSOX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2017 | 0.47 |
The correlation between ABHYX and FNSOX has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.
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Return for Risk
ABHYX vs. FNSOX — Risk / Return Rank
ABHYX
FNSOX
ABHYX vs. FNSOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Municipal Fund (ABHYX) and Fidelity Short-Term Bond Index Fund (FNSOX). 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 | FNSOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.29 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.04 | +0.37 |
| Martin ratioReturn relative to average drawdown | 8.39 | 5.85 | +2.54 |
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Drawdowns
ABHYX vs. FNSOX - Drawdown Comparison
The maximum ABHYX drawdown since its inception was -26.34%, which is greater than FNSOX's maximum drawdown of -8.92%. Use the drawdown chart below to compare losses from any high point for ABHYX and FNSOX.
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Drawdown Indicators
| ABHYX | FNSOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.34% | -8.92% | -17.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -1.47% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -1.51% | -5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -8.77% | -9.77% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | — | — |
Current DrawdownCurrent decline from peak | -2.15% | -0.73% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -1.71% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.51% | +0.39% |
Volatility
ABHYX vs. FNSOX - Volatility Comparison
American Century High-Yield Municipal Fund (ABHYX) has a higher volatility of 1.06% compared to Fidelity Short-Term Bond Index Fund (FNSOX) at 0.44%. This indicates that ABHYX's price experiences larger fluctuations and is considered to be riskier than FNSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABHYX | FNSOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.44% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 1.61% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.35% | 2.07% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.97% | 2.90% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 2.47% | +2.52% |
ABHYX vs. FNSOX - Expense Ratio Comparison
ABHYX has a 0.59% expense ratio, which is higher than FNSOX's 0.03% expense ratio.
Dividends
ABHYX vs. FNSOX - Dividend Comparison
ABHYX's dividend yield for the trailing twelve months is around 4.00%, more than FNSOX's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.00% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
FNSOX Fidelity Short-Term Bond Index Fund | 3.36% | 3.22% | 2.80% | 1.74% | 0.81% | 0.80% | 1.54% | 2.61% | 2.04% | 0.34% | 0.00% | 0.00% |
Frequently Asked Questions
ABHYX and FNSOX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (1.06%) compared to FNSOX (0.44%). In terms of maximum drawdown, ABHYX dropped -26.34% vs FNSOX's -8.92%.
ABHYX currently has the higher Sharpe Ratio (2.27 vs 1.46), 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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