ACGYX vs. ALCAX
ACGYX (AB Income Fund) and ALCAX (AB Municipal Income Fund California Portfolio) are both mutual funds - ACGYX is a Intermediate Core-Plus Bond fund managed by AllianceBernstein, while ALCAX is a Municipal Bonds fund managed by AllianceBernstein. Over the past 10 years, ACGYX returned 1.82%/yr vs 1.93%/yr for ALCAX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. ACGYX charges 0.54%/yr vs 0.75%/yr for ALCAX.
Performance
ACGYX vs. ALCAX - Performance Comparison
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Returns By Period
In the year-to-date period, ACGYX achieves a -0.71% return, which is significantly lower than ALCAX's 0.54% return. Over the past 10 years, ACGYX has underperformed ALCAX with an annualized return of 1.82%, while ALCAX has yielded a comparatively higher 1.93% annualized return.
ACGYX
- 1D
- -0.48%
- 1M
- -1.57%
- 6M
- -0.71%
- YTD
- -0.71%
- 1Y
- 3.19%
- 3Y*
- 4.40%
- 5Y*
- -0.66%
- 10Y*
- 1.82%
- ALL TIME*
- 2.11%
ALCAX
- 1D
- -0.10%
- 1M
- -1.61%
- 6M
- 0.16%
- YTD
- 0.54%
- 1Y
- 5.87%
- 3Y*
- 3.78%
- 5Y*
- 0.78%
- 10Y*
- 1.93%
- ALL TIME*
- 4.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ACGYX AB Income Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
ACGYX vs. ALCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACGYX AB Income Fund | -0.71% | 7.86% | 2.07% | 6.16% | -15.45% | -1.30% | 6.88% | 11.25% | -1.21% | 6.33% |
ALCAX AB Municipal Income Fund California Portfolio | 0.54% | 4.84% | 2.41% | 6.38% | -8.98% | 1.71% | 4.86% | 7.05% | 0.54% | 5.54% |
Correlation
The correlation between ACGYX and ALCAX is 0.62, 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. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016 | 0.57 |
The correlation between ACGYX and ALCAX shifts across timeframes, from 0.57 (all time) to 0.72 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ACGYX vs. ALCAX — Risk / Return Rank
ACGYX
ALCAX
ACGYX vs. ALCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Income Fund (ACGYX) and AB Municipal Income Fund California Portfolio (ALCAX). 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.
| ACGYX | ALCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.50 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.00 | -1.14 |
| Martin ratioReturn relative to average drawdown | 2.36 | 6.35 | -3.98 |
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Drawdowns
ACGYX vs. ALCAX - Drawdown Comparison
The maximum ACGYX drawdown since its inception was -21.58%, which is greater than ALCAX's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for ACGYX and ALCAX.
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Drawdown Indicators
| ACGYX | ALCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -14.67% | -6.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.36% | -2.90% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -5.82% | -4.64% | -1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -14.31% | -7.27% |
Max Drawdown (10Y)Largest decline over 10 years | -21.58% | -14.31% | -7.27% |
Current DrawdownCurrent decline from peak | -3.49% | -1.61% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -1.79% | -3.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 0.91% | +0.31% |
Volatility
ACGYX vs. ALCAX - Volatility Comparison
AB Income Fund (ACGYX) has a higher volatility of 1.16% compared to AB Municipal Income Fund California Portfolio (ALCAX) at 0.92%. This indicates that ACGYX's price experiences larger fluctuations and is considered to be riskier than ALCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACGYX | ALCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.92% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.55% | 2.17% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 2.77% | +1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.53% | 3.86% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.48% | 3.85% | +1.63% |
ACGYX vs. ALCAX - Expense Ratio Comparison
ACGYX has a 0.54% expense ratio, which is lower than ALCAX's 0.75% expense ratio.
Dividends
ACGYX vs. ALCAX - Dividend Comparison
ACGYX's dividend yield for the trailing twelve months is around 5.00%, more than ALCAX's 3.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACGYX AB Income Fund | 5.00% | 5.02% | 5.38% | 4.04% | 3.99% | 2.95% | 3.80% | 4.50% | 4.54% | 5.84% | 3.23% | 0.00% |
ALCAX AB Municipal Income Fund California Portfolio | 3.39% | 4.38% | 3.15% | 2.84% | 2.43% | 1.61% | 2.74% | 3.35% | 3.63% | 3.21% | 3.38% | 3.37% |
Frequently Asked Questions
ACGYX and ALCAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACGYX has higher volatility (1.16%) compared to ALCAX (0.92%). In terms of maximum drawdown, ACGYX dropped -21.58% vs ALCAX's -14.67%.
ALCAX currently has the higher Sharpe Ratio (2.10 vs 0.66), 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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