ACEYX vs. AWF

Last updated Jul 14, 2026

ACEYX (AB All China Equity Portfolio) and AWF (AllianceBernstein Global High Income Closed Fund) are both mutual funds - ACEYX is a China Equities fund managed by AllianceBernstein, while AWF is a High Yield Bonds fund actively managed by AllianceBernstein. Over the past 5 years, ACEYX returned -2.56%/yr vs 3.85%/yr for AWF. At a 0.26 correlation, their price movements are largely independent. ACEYX charges 1.25%/yr vs 1.00%/yr for AWF.

Performance

ACEYX vs. AWF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB All China Equity Portfolio (ACEYX) and AllianceBernstein Global High Income Closed Fund (AWF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACEYX achieves a -1.97% return, which is significantly lower than AWF's -1.22% return.

ACEYX

• 1D: -0.99%
• 1M: -1.09%
• 6M: -7.35%
• YTD: -1.97%
• 1Y: 14.09%
• 3Y*: 12.69%
• 5Y*: -2.56%
• 10Y*: —

AWF

• 1D: -0.68%
• 1M: 0.64%
• 6M: -1.19%
• YTD: -1.22%
• 1Y: -1.11%
• 3Y*: 8.80%
• 5Y*: 3.85%
• 10Y*: 5.47%

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

ACEYX vs. AWF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ACEYX AB All China Equity Portfolio	-1.97%	33.91%	17.44%	-10.96%	-26.65%	-14.65%	25.38%	37.67%	-21.60%
AWF AllianceBernstein Global High Income Closed Fund	-1.22%	7.54%	14.30%	18.37%	-16.62%	9.95%	4.40%	23.40%	-6.31%

Correlation

The correlation between ACEYX and AWF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.26

Return for Risk

ACEYX vs. AWF — Risk / Return Rank

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

ACEYX

ACEYX Risk / Return Rank: 14
ACEYX Sharpe Ratio Rank: 14
ACEYX Sortino Ratio Rank: 13
ACEYX Omega Ratio Rank: 14
ACEYX Calmar Ratio Rank: 16
ACEYX Martin Ratio Rank: 12

AWF

AWF Risk / Return Rank: 3
AWF Sharpe Ratio Rank: 3
AWF Sortino Ratio Rank: 2
AWF Omega Ratio Rank: 2
AWF Calmar Ratio Rank: 3
AWF Martin Ratio Rank: 3

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.

ACEYX vs. AWF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB All China Equity Portfolio (ACEYX) and AllianceBernstein Global High Income Closed Fund (AWF). 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.

	ACEYX	AWF	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-0.13	+0.87
Sortino ratio: Return per unit of downside risk	1.10	-0.12	+1.22
Omega ratio: Gain probability vs. loss probability	1.14	0.99	+0.15
Calmar ratio: Return relative to maximum drawdown	1.02	-0.11	+1.13
Martin ratio: Return relative to average drawdown	2.34	-0.24	+2.58

ACEYX vs. AWF - Sharpe Ratio Comparison

The current ACEYX Sharpe Ratio is 0.74, which is higher than the AWF Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of ACEYX and AWF, 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

ACEYX vs. AWF - Drawdown Comparison

The maximum ACEYX drawdown since its inception was -57.58%, roughly equal to the maximum AWF drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for ACEYX and AWF.

Drawdown Indicators

	ACEYX	AWF	Difference
Max Drawdown Largest peak-to-trough decline	-57.58%	-55.54%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-10.19%	-3.95%
Max Drawdown (3Y) Largest decline over 3 years	-21.83%	-11.12%	-10.71%
Max Drawdown (5Y) Largest decline over 5 years	-49.46%	-25.25%	-24.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.12%	—
Current Drawdown Current decline from peak	-27.28%	-5.34%	-21.94%
Average Drawdown Average peak-to-trough decline	-27.73%	-12.29%	-15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	4.61%	+1.54%

Volatility

ACEYX vs. AWF - Volatility Comparison

AB All China Equity Portfolio (ACEYX) has a higher volatility of 6.34% compared to AllianceBernstein Global High Income Closed Fund (AWF) at 2.12%. This indicates that ACEYX's price experiences larger fluctuations and is considered to be riskier than AWF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACEYX	AWF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	2.12%	+4.22%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	7.48%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	8.87%	+10.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.42%	12.12%	+11.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	15.18%	+8.38%

ACEYX vs. AWF - Expense Ratio Comparison

ACEYX has a 1.25% expense ratio, which is higher than AWF's 1.00% expense ratio.

Dividends

ACEYX vs. AWF - Dividend Comparison

ACEYX's dividend yield for the trailing twelve months is around 5.07%, less than AWF's 7.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACEYX AB All China Equity Portfolio	5.07%	4.97%	3.75%	2.17%	1.39%	1.81%	0.43%	1.13%	0.00%	0.00%	0.00%	0.00%
AWF AllianceBernstein Global High Income Closed Fund	7.74%	7.81%	7.47%	7.33%	10.30%	6.48%	6.68%	6.62%	7.97%	6.03%	7.73%	10.28%

Frequently Asked Questions

Can I hold both ACEYX and AWF in my portfolio?

ACEYX and AWF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACEYX or AWF?

ACEYX has higher volatility (6.34%) compared to AWF (2.12%). In terms of maximum drawdown, ACEYX dropped -57.58% vs AWF's -55.54%.

Which has better risk-adjusted returns?

ACEYX currently has the higher Sharpe Ratio (0.74 vs -0.13), 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.