AFB vs. HULAX
AFB (AllianceBernstein National Municipal Income Fund) and HULAX (Hawaiian Tax Free Trust) are both Municipal Bonds funds. Over the past 10 years, AFB returned 1.53%/yr vs 0.97%/yr for HULAX. At a 0.28 correlation, their price movements are largely independent. AFB charges 1.56%/yr vs 0.86%/yr for HULAX.
Performance
AFB vs. HULAX - Performance Comparison
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Returns By Period
In the year-to-date period, AFB achieves a 7.53% return, which is significantly higher than HULAX's 1.27% return. Over the past 10 years, AFB has outperformed HULAX with an annualized return of 1.53%, while HULAX has yielded a comparatively lower 0.97% annualized return.
AFB
- 1D
- -0.53%
- 1M
- 3.84%
- YTD
- 7.53%
- 6M
- 8.03%
- 1Y
- 17.26%
- 3Y*
- 6.85%
- 5Y*
- -1.45%
- 10Y*
- 1.53%
HULAX
- 1D
- 0.09%
- 1M
- 1.48%
- YTD
- 1.27%
- 6M
- 1.61%
- 1Y
- 5.78%
- 3Y*
- 2.52%
- 5Y*
- 0.22%
- 10Y*
- 0.97%
AFB vs. HULAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 7.53% | 4.41% | 4.10% | 7.41% | -25.93% | 7.25% | 7.80% | 20.13% | -5.43% | 6.15% |
HULAX Hawaiian Tax Free Trust | 1.27% | 3.80% | 0.62% | 3.03% | -7.03% | -0.27% | 3.54% | 4.89% | 0.61% | 2.55% |
Correlation
The correlation between AFB and HULAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2002 | 0.28 |
The correlation between AFB and HULAX shifts across timeframes, from 0.28 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AFB vs. HULAX — Risk / Return Rank
AFB
HULAX
AFB vs. HULAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein National Municipal Income Fund (AFB) and Hawaiian Tax Free Trust (HULAX). 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 | HULAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.63 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.40 | +0.51 |
| Martin ratioReturn relative to average drawdown | 10.95 | 8.27 | +2.68 |
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Drawdowns
AFB vs. HULAX - Drawdown Comparison
The maximum AFB drawdown since its inception was -50.98%, which is greater than HULAX's maximum drawdown of -12.97%. Use the drawdown chart below to compare losses from any high point for AFB and HULAX.
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Drawdown Indicators
| AFB | HULAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.98% | -12.97% | -38.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.96% | -2.42% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -16.32% | -5.64% | -10.68% |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | -11.27% | -23.90% |
Max Drawdown (10Y)Largest decline over 10 years | -35.17% | -11.30% | -23.87% |
Current DrawdownCurrent decline from peak | -8.44% | -0.30% | -8.14% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -1.90% | -7.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 0.70% | +0.88% |
Volatility
AFB vs. HULAX - Volatility Comparison
AllianceBernstein National Municipal Income Fund (AFB) has a higher volatility of 2.72% compared to Hawaiian Tax Free Trust (HULAX) at 0.64%. This indicates that AFB's price experiences larger fluctuations and is considered to be riskier than HULAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFB | HULAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 0.64% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 6.05% | 1.80% | +4.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 2.32% | +5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 2.89% | +8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 2.91% | +8.35% |
AFB vs. HULAX - Expense Ratio Comparison
AFB has a 1.56% expense ratio, which is higher than HULAX's 0.86% expense ratio.
Dividends
AFB vs. HULAX - Dividend Comparison
AFB's dividend yield for the trailing twelve months is around 5.07%, more than HULAX's 2.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 5.07% | 4.72% | 3.83% | 3.62% | 5.26% | 4.32% | 4.18% | 3.93% | 4.53% | 4.71% | 5.34% | 5.80% |
HULAX Hawaiian Tax Free Trust | 2.73% | 2.55% | 1.66% | 1.72% | 1.23% | 1.40% | 1.90% | 2.19% | 2.03% | 2.00% | 2.07% | 2.29% |
Frequently Asked Questions
AFB and HULAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFB has higher volatility (2.72%) compared to HULAX (0.64%). In terms of maximum drawdown, AFB dropped -50.98% vs HULAX's -12.97%.
HULAX currently has the higher Sharpe Ratio (2.51 vs 2.15), 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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