ABHYX vs. ISHYX
ABHYX (American Century High-Yield Municipal Fund) and ISHYX (Invesco Short Duration High Yield Municipal Fund) are both High Yield Muni funds. Over the past 10 years, ABHYX returned 2.79%/yr vs 2.75%/yr for ISHYX. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.
Performance
ABHYX vs. ISHYX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ABHYX having a 2.50% return and ISHYX slightly lower at 2.40%. Both investments have delivered pretty close results over the past 10 years, with ABHYX having a 2.79% annualized return and ISHYX not far behind at 2.75%.
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%
ISHYX
- 1D
- -0.11%
- 1M
- 1.25%
- YTD
- 2.40%
- 6M
- 2.90%
- 1Y
- 6.60%
- 3Y*
- 4.81%
- 5Y*
- 1.67%
- 10Y*
- 2.75%
ABHYX vs. ISHYX - 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% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 2.40% | 3.92% | 6.43% | 3.58% | -8.99% | 5.96% | -0.31% | 7.84% | 2.27% | 8.04% |
Correlation
The correlation between ABHYX and ISHYX is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.81 |
The correlation between ABHYX and ISHYX has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
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Return for Risk
ABHYX vs. ISHYX — Risk / Return Rank
ABHYX
ISHYX
ABHYX vs. ISHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Municipal Fund (ABHYX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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 | ISHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.81 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 3.58 | -1.10 |
| Martin ratioReturn relative to average drawdown | 8.43 | 13.48 | -5.05 |
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Drawdowns
ABHYX vs. ISHYX - Drawdown Comparison
The maximum ABHYX drawdown since its inception was -26.34%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for ABHYX and ISHYX.
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Drawdown Indicators
| ABHYX | ISHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.34% | -13.64% | -12.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -1.89% | -1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.40% | -4.03% | -3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -12.03% | -6.51% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -13.64% | -4.90% |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -2.63% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.50% | +0.43% |
Volatility
ABHYX vs. ISHYX - Volatility Comparison
American Century High-Yield Municipal Fund (ABHYX) has a higher volatility of 0.87% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.67%. This indicates that ABHYX's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABHYX | ISHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.67% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.43% | 1.71% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 2.30% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.95% | 3.10% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 3.33% | +1.65% |
ABHYX vs. ISHYX - Expense Ratio Comparison
Both ABHYX and ISHYX have an expense ratio of 0.59%.
Dividends
ABHYX vs. ISHYX - Dividend Comparison
ABHYX's dividend yield for the trailing twelve months is around 4.31%, less than ISHYX's 4.64% 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% |
ISHYX Invesco Short Duration High Yield Municipal Fund | 4.64% | 4.65% | 4.40% | 3.38% | 3.99% | 3.58% | 3.58% | 3.45% | 3.59% | 3.51% | 3.60% | 0.00% |
Frequently Asked Questions
ABHYX and ISHYX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (0.87%) compared to ISHYX (0.67%). In terms of maximum drawdown, ABHYX dropped -26.34% vs ISHYX's -13.64%.
ISHYX currently has the higher Sharpe Ratio (2.95 vs 2.36), 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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