AFB vs. SHNJX

Last updated Jun 4, 2026

AFB (AllianceBernstein National Municipal Income Fund) and SHNJX (Western Asset New Jersey Municipals Fund) are both Municipal Bonds funds. Over the past 10 years, AFB returned 1.60%/yr vs 2.25%/yr for SHNJX. At a 0.22 correlation, their price movements are largely independent. AFB charges 1.56%/yr vs 0.80%/yr for SHNJX.

Performance

AFB vs. SHNJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianceBernstein National Municipal Income Fund (AFB) and Western Asset New Jersey Municipals Fund (SHNJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFB achieves a 6.20% return, which is significantly higher than SHNJX's 1.77% return. Over the past 10 years, AFB has underperformed SHNJX with an annualized return of 1.60%, while SHNJX has yielded a comparatively higher 2.25% annualized return.

AFB

• 1D: -0.09%
• 1M: 1.72%
• YTD: 6.20%
• 6M: 5.81%
• 1Y: 15.69%
• 3Y*: 7.29%
• 5Y*: -1.26%
• 10Y*: 1.60%

SHNJX

• 1D: 0.17%
• 1M: 0.70%
• YTD: 1.77%
• 6M: 2.23%
• 1Y: 7.49%
• 3Y*: 3.94%
• 5Y*: 1.12%
• 10Y*: 2.25%

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

AFB vs. SHNJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFB AllianceBernstein National Municipal Income Fund	6.20%	4.41%	4.10%	7.41%	-25.93%	7.25%	7.80%	20.13%	-5.43%	6.15%
SHNJX Western Asset New Jersey Municipals Fund	1.77%	4.30%	2.75%	6.22%	-9.69%	3.58%	3.96%	7.11%	0.81%	5.51%

Correlation

The correlation between AFB and SHNJX 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	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 30, 2002	0.22

The correlation between AFB and SHNJX shifts across timeframes, from 0.22 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

AFB vs. SHNJX — Risk / Return Rank

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

AFB

AFB Risk / Return Rank: 50
AFB Sharpe Ratio Rank: 46
AFB Sortino Ratio Rank: 59
AFB Omega Ratio Rank: 50
AFB Calmar Ratio Rank: 48
AFB Martin Ratio Rank: 48

SHNJX

SHNJX Risk / Return Rank: 79
SHNJX Sharpe Ratio Rank: 86
SHNJX Sortino Ratio Rank: 91
SHNJX Omega Ratio Rank: 91
SHNJX Calmar Ratio Rank: 70
SHNJX Martin Ratio Rank: 58

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.

AFB vs. SHNJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein National Municipal Income Fund (AFB) and Western Asset New Jersey Municipals Fund (SHNJX). 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.

	AFB	SHNJX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.82	-0.81
Sortino ratio: Return per unit of downside risk	3.26	4.49	-1.23
Omega ratio: Gain probability vs. loss probability	1.39	1.69	-0.30
Calmar ratio: Return relative to maximum drawdown	2.64	3.23	-0.59
Martin ratio: Return relative to average drawdown	9.98	11.57	-1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFB vs. SHNJX - Sharpe Ratio Comparison

The current AFB Sharpe Ratio is 2.01, which is comparable to the SHNJX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of AFB and SHNJX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AFB	SHNJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.82	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.29	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.55	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.29	-0.96

Drawdowns

AFB vs. SHNJX - Drawdown Comparison

The maximum AFB drawdown since its inception was -50.98%, which is greater than SHNJX's maximum drawdown of -14.33%. Use the drawdown chart below to compare losses from any high point for AFB and SHNJX.

Drawdown Indicators

	AFB	SHNJX	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-14.33%	-36.65%
Max Drawdown (1Y) Largest decline over 1 year	-5.96%	-2.29%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.32%	-5.92%	-10.40%
Max Drawdown (5Y) Largest decline over 5 years	-35.17%	-13.75%	-21.42%
Max Drawdown (10Y) Largest decline over 10 years	-35.17%	-14.33%	-20.84%
Current Drawdown Current decline from peak	-9.57%	0.00%	-9.57%
Average Drawdown Average peak-to-trough decline	-8.98%	-1.75%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	0.64%	+0.94%

Volatility

AFB vs. SHNJX - Volatility Comparison

AllianceBernstein National Municipal Income Fund (AFB) has a higher volatility of 2.64% compared to Western Asset New Jersey Municipals Fund (SHNJX) at 1.05%. This indicates that AFB's price experiences larger fluctuations and is considered to be riskier than SHNJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFB	SHNJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	1.05%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	1.93%	+3.80%
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	2.65%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	3.83%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.24%	4.14%	+7.10%

AFB vs. SHNJX - Expense Ratio Comparison

AFB has a 1.56% expense ratio, which is higher than SHNJX's 0.80% expense ratio.

Dividends

AFB vs. SHNJX - Dividend Comparison

AFB's dividend yield for the trailing twelve months is around 5.02%, more than SHNJX's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFB AllianceBernstein National Municipal Income Fund	5.02%	4.72%	3.83%	3.62%	5.26%	4.32%	4.18%	3.93%	4.53%	4.71%	5.34%	5.80%
SHNJX Western Asset New Jersey Municipals Fund	2.89%	3.88%	3.15%	2.75%	2.38%	2.10%	2.76%	3.32%	3.69%	3.95%	3.76%	3.81%

Frequently Asked Questions

Can I hold both AFB and SHNJX in my portfolio?

AFB and SHNJX 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.

Which is riskier, AFB or SHNJX?

AFB has higher volatility (2.64%) compared to SHNJX (1.05%). In terms of maximum drawdown, AFB dropped -50.98% vs SHNJX's -14.33%.

Which has better risk-adjusted returns?

SHNJX currently has the higher Sharpe Ratio (2.82 vs 2.01), 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.