ACBPX vs. BCHYX

Last updated Jun 23, 2026

ACBPX (American Century Diversified Bond Fund) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - ACBPX is a Intermediate Core Bond fund managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 10 years, ACBPX returned 1.38%/yr vs 2.39%/yr for BCHYX. A 0.58 correlation means they provide meaningful diversification when combined. ACBPX charges 0.39%/yr vs 0.49%/yr for BCHYX.

Performance

ACBPX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Diversified Bond Fund (ACBPX) and American Century California High Yield Municipal Fund (BCHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACBPX achieves a 0.35% return, which is significantly lower than BCHYX's 2.32% return. Over the past 10 years, ACBPX has underperformed BCHYX with an annualized return of 1.38%, while BCHYX has yielded a comparatively higher 2.39% annualized return.

ACBPX

• 1D: 0.22%
• 1M: 0.92%
• YTD: 0.35%
• 6M: 0.85%
• 1Y: 4.98%
• 3Y*: 3.72%
• 5Y*: -0.40%
• 10Y*: 1.38%

BCHYX

• 1D: 0.10%
• 1M: 2.01%
• YTD: 2.32%
• 6M: 2.87%
• 1Y: 8.00%
• 3Y*: 4.79%
• 5Y*: 0.74%
• 10Y*: 2.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACBPX vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACBPX American Century Diversified Bond Fund	0.35%	7.42%	0.80%	4.66%	-14.28%	-0.65%	8.26%	8.59%	-1.25%	3.49%
BCHYX American Century California High Yield Municipal Fund	2.32%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%

Correlation

The correlation between ACBPX and BCHYX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.58

The correlation between ACBPX and BCHYX shifts across timeframes, from 0.56 (10 years) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ACBPX vs. BCHYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACBPX

ACBPX Risk / Return Rank: 24
ACBPX Sharpe Ratio Rank: 24
ACBPX Sortino Ratio Rank: 26
ACBPX Omega Ratio Rank: 23
ACBPX Calmar Ratio Rank: 25
ACBPX Martin Ratio Rank: 21

BCHYX

BCHYX Risk / Return Rank: 72
BCHYX Sharpe Ratio Rank: 81
BCHYX Sortino Ratio Rank: 89
BCHYX Omega Ratio Rank: 89
BCHYX Calmar Ratio Rank: 55
BCHYX Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACBPX vs. BCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Diversified Bond Fund (ACBPX) 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.

	ACBPX	BCHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.44	-1.14
Sortino ratio: Return per unit of downside risk	1.98	4.01	-2.03
Omega ratio: Gain probability vs. loss probability	1.23	1.60	-0.36
Calmar ratio: Return relative to maximum drawdown	1.75	2.71	-0.96
Martin ratio: Return relative to average drawdown	4.90	9.38	-4.47

ACBPX vs. BCHYX - Sharpe Ratio Comparison

The current ACBPX Sharpe Ratio is 1.30, which is lower than the BCHYX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ACBPX and BCHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACBPX vs. BCHYX - Drawdown Comparison

The maximum ACBPX drawdown since its inception was -18.99%, roughly equal to the maximum BCHYX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for ACBPX and BCHYX.

Drawdown Indicators

	ACBPX	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-18.99%	-18.35%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.97%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	-7.69%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-18.99%	-18.35%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-18.99%	-18.35%	-0.64%
Current Drawdown Current decline from peak	-3.56%	0.00%	-3.56%
Average Drawdown Average peak-to-trough decline	-3.37%	-2.38%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.85%	+0.19%

Volatility

ACBPX vs. BCHYX - Volatility Comparison

American Century Diversified Bond Fund (ACBPX) has a higher volatility of 1.25% compared to American Century California High Yield Municipal Fund (BCHYX) at 0.81%. This indicates that ACBPX'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.

Volatility by Period

	ACBPX	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.81%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.35%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.29%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	4.87%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	4.81%	+0.23%

ACBPX vs. BCHYX - Expense Ratio Comparison

ACBPX has a 0.39% expense ratio, which is lower than BCHYX's 0.49% expense ratio.

Dividends

ACBPX vs. BCHYX - Dividend Comparison

ACBPX's dividend yield for the trailing twelve months is around 4.57%, more than BCHYX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACBPX American Century Diversified Bond Fund	4.57%	4.60%	3.89%	3.32%	2.07%	2.60%	4.57%	2.48%	2.83%	2.30%	2.63%	2.88%
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

Can I hold both ACBPX and BCHYX in my portfolio?

ACBPX and BCHYX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACBPX or BCHYX?

ACBPX has higher volatility (1.25%) compared to BCHYX (0.81%). In terms of maximum drawdown, ACBPX dropped -18.99% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

BCHYX currently has the higher Sharpe Ratio (2.44 vs 1.30), 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.