AFB vs. AWF
AFB (AllianceBernstein National Municipal Income Fund) and AWF (AllianceBernstein Global High Income Closed Fund) are both mutual funds - AFB is a Municipal Bonds fund actively managed by AllianceBernstein, while AWF is a High Yield Bonds fund actively managed by AllianceBernstein. Both are actively managed. Over the past 10 years, AFB returned 1.28%/yr vs 5.40%/yr for AWF. Their 0.25 correlation means their historical movements had little consistent relationship. AFB charges 1.56%/yr vs 1.00%/yr for AWF.
Performance
AFB vs. AWF - Performance Comparison
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Returns By Period
In the year-to-date period, AFB achieves a 3.80% return, which is significantly higher than AWF's -1.31% return. Over the past 10 years, AFB has underperformed AWF with an annualized return of 1.28%, while AWF has yielded a comparatively higher 5.40% annualized return.
AFB
- 1D
- 0.00%
- 1M
- -4.48%
- 6M
- 1.64%
- YTD
- 3.80%
- 1Y
- 12.65%
- 3Y*
- 5.99%
- 5Y*
- -2.27%
- 10Y*
- 1.28%
- ALL TIME*
- 4.34%
AWF
- 1D
- 0.50%
- 1M
- -0.59%
- 6M
- -1.56%
- YTD
- -1.31%
- 1Y
- -1.92%
- 3Y*
- 8.78%
- 5Y*
- 3.59%
- 10Y*
- 5.40%
- ALL TIME*
- 6.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $822.44K | $826.88K | $1.03M | |
| $2.79M | $3.34M | $3.76M |
AFB vs. AWF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 3.80% | 4.41% | 4.10% | 7.41% | -25.93% | 7.25% | 7.80% | 20.13% | -5.43% | 6.15% |
AWF AllianceBernstein Global High Income Closed Fund | -1.31% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
Correlation
The correlation between AFB and AWF is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2002 | 0.25 |
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Return for Risk
AFB vs. AWF — Risk / Return Rank
AFB
AWF
AFB vs. AWF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein National Municipal Income Fund (AFB) 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.
| AFB | AWF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.97 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | -0.19 | +2.32 |
| Martin ratioReturn relative to average drawdown | 7.20 | -0.40 | +7.60 |
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Drawdowns
AFB vs. AWF - Drawdown Comparison
The maximum AFB drawdown since its inception was -50.98%, smaller than the maximum AWF drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for AFB and AWF.
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Drawdown Indicators
| AFB | AWF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.98% | -55.54% | +4.56% |
Max Drawdown (1Y)Largest decline over 1 year | -5.96% | -10.19% | +4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -15.10% | -11.12% | -3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -25.25% | -9.92% |
Max Drawdown (10Y)Largest decline over 10 years | -35.17% | -40.12% | +4.95% |
Current DrawdownCurrent decline from peak | -11.61% | -5.43% | -6.18% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -12.27% | +3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 4.81% | -3.05% |
Volatility
AFB vs. AWF - Volatility Comparison
AllianceBernstein National Municipal Income Fund (AFB) has a higher volatility of 2.66% compared to AllianceBernstein Global High Income Closed Fund (AWF) at 1.77%. This indicates that AFB'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.
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Volatility by Period
| AFB | AWF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 1.77% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 7.47% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.30% | 8.48% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 12.09% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.24% | 15.18% | -3.94% |
AFB vs. AWF - Expense Ratio Comparison
AFB has a 1.56% expense ratio, which is higher than AWF's 1.00% expense ratio.
Dividends
AFB vs. AWF - Dividend Comparison
AFB's dividend yield for the trailing twelve months is around 5.37%, less than AWF's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 5.37% | 4.72% | 3.83% | 3.62% | 5.26% | 4.32% | 4.18% | 3.93% | 4.53% | 4.71% | 5.34% | 5.80% |
AWF AllianceBernstein Global High Income Closed Fund | 7.75% | 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
AFB and AWF have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFB has higher volatility (2.66%) compared to AWF (1.77%). In terms of maximum drawdown, AFB dropped -50.98% vs AWF's -55.54%.
AFB currently has the higher Sharpe Ratio (1.53 vs -0.23), 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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