ABTYX vs. PRFHX
ABTYX (AB High Income Municipal Portfolio) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, ABTYX returned 2.89%/yr vs 3.06%/yr for PRFHX. Their correlation of 0.82 suggests significant overlap in exposure. ABTYX charges 0.53%/yr vs 0.63%/yr for PRFHX.
Performance
ABTYX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, ABTYX achieves a 2.23% return, which is significantly lower than PRFHX's 2.99% return. Over the past 10 years, ABTYX has underperformed PRFHX with an annualized return of 2.89%, while PRFHX has yielded a comparatively higher 3.06% annualized return.
ABTYX
- 1D
- 0.29%
- 1M
- 1.15%
- YTD
- 2.23%
- 6M
- 2.62%
- 1Y
- 8.58%
- 3Y*
- 5.33%
- 5Y*
- 0.69%
- 10Y*
- 2.89%
PRFHX
- 1D
- 0.18%
- 1M
- 1.06%
- YTD
- 2.99%
- 6M
- 3.78%
- 1Y
- 11.23%
- 3Y*
- 6.47%
- 5Y*
- 1.83%
- 10Y*
- 3.06%
ABTYX vs. PRFHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABTYX AB High Income Municipal Portfolio | 2.23% | 5.88% | 4.64% | 5.49% | -15.49% | 5.73% | 5.08% | 11.31% | 1.02% | 10.22% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 2.99% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between ABTYX and PRFHX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2010 | 0.82 |
The correlation between ABTYX and PRFHX shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ABTYX vs. PRFHX — Risk / Return Rank
ABTYX
PRFHX
ABTYX vs. PRFHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB High Income Municipal Portfolio (ABTYX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.
| ABTYX | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.83 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 4.17 | -1.95 |
| Martin ratioReturn relative to average drawdown | 7.49 | 15.49 | -8.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ABTYX | PRFHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 3.44 | -1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.38 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.66 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 1.29 | -0.31 |
Drawdowns
ABTYX vs. PRFHX - Drawdown Comparison
The maximum ABTYX drawdown since its inception was -21.44%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for ABTYX and PRFHX.
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Drawdown Indicators
| ABTYX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.44% | -24.76% | +3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.82% | -2.75% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.37% | -6.91% | -2.46% |
Max Drawdown (5Y)Largest decline over 5 years | -21.44% | -18.81% | -2.63% |
Max Drawdown (10Y)Largest decline over 10 years | -21.44% | -18.81% | -2.63% |
Current DrawdownCurrent decline from peak | -0.42% | 0.00% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -2.77% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.73% | +0.40% |
Volatility
ABTYX vs. PRFHX - Volatility Comparison
AB High Income Municipal Portfolio (ABTYX) has a higher volatility of 1.53% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 1.14%. This indicates that ABTYX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABTYX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 1.14% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.37% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.95% | 3.35% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.06% | 4.89% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.63% | 4.65% | +0.98% |
ABTYX vs. PRFHX - Expense Ratio Comparison
ABTYX has a 0.53% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Dividends
ABTYX vs. PRFHX - Dividend Comparison
ABTYX's dividend yield for the trailing twelve months is around 4.61%, less than PRFHX's 5.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABTYX AB High Income Municipal Portfolio | 4.61% | 5.93% | 4.15% | 3.10% | 3.91% | 2.59% | 3.70% | 4.27% | 4.60% | 4.20% | 4.48% | 4.69% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.47% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
ABTYX and PRFHX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABTYX has higher volatility (1.53%) compared to PRFHX (1.14%). In terms of maximum drawdown, ABTYX dropped -21.44% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.44 vs 2.16), 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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