AFTEX vs. VKMMX
AFTEX (American Funds Tax Exempt Bond Fund) and VKMMX (Invesco Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, AFTEX returned 2.07%/yr vs 2.05%/yr for VKMMX. Their correlation of 0.84 suggests significant overlap in exposure. AFTEX charges 0.50%/yr vs 0.81%/yr for VKMMX.
Performance
AFTEX vs. VKMMX - Performance Comparison
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Returns By Period
In the year-to-date period, AFTEX achieves a 1.58% return, which is significantly lower than VKMMX's 2.55% return. Both investments have delivered pretty close results over the past 10 years, with AFTEX having a 2.07% annualized return and VKMMX not far behind at 2.05%.
AFTEX
- 1D
- -0.08%
- 1M
- 1.56%
- YTD
- 1.58%
- 6M
- 2.02%
- 1Y
- 6.50%
- 3Y*
- 4.02%
- 5Y*
- 0.92%
- 10Y*
- 2.07%
VKMMX
- 1D
- 0.08%
- 1M
- 2.18%
- YTD
- 2.55%
- 6M
- 2.91%
- 1Y
- 7.38%
- 3Y*
- 3.94%
- 5Y*
- 0.42%
- 10Y*
- 2.05%
AFTEX vs. VKMMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFTEX American Funds Tax Exempt Bond Fund | 1.58% | 4.88% | 2.28% | 5.96% | -9.68% | 1.87% | 4.73% | 7.42% | 0.78% | 5.83% |
VKMMX Invesco Municipal Income Fund | 2.55% | 3.03% | 3.01% | 6.50% | -12.49% | 3.63% | 4.66% | 8.67% | 0.24% | 6.33% |
Correlation
The correlation between AFTEX and VKMMX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 1990 | 0.84 |
The correlation between AFTEX and VKMMX has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.
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Return for Risk
AFTEX vs. VKMMX — Risk / Return Rank
AFTEX
VKMMX
AFTEX vs. VKMMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Tax Exempt Bond Fund (AFTEX) and Invesco Municipal Income Fund (VKMMX). 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.
| AFTEX | VKMMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.51 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.52 | -0.13 |
| Martin ratioReturn relative to average drawdown | 8.30 | 8.15 | +0.16 |
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Drawdowns
AFTEX vs. VKMMX - Drawdown Comparison
The maximum AFTEX drawdown since its inception was -14.55%, smaller than the maximum VKMMX drawdown of -21.20%. Use the drawdown chart below to compare losses from any high point for AFTEX and VKMMX.
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Drawdown Indicators
| AFTEX | VKMMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.55% | -21.20% | +6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.95% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -7.99% | +2.78% |
Max Drawdown (5Y)Largest decline over 5 years | -14.55% | -17.97% | +3.42% |
Max Drawdown (10Y)Largest decline over 10 years | -14.55% | -17.97% | +3.42% |
Current DrawdownCurrent decline from peak | -0.42% | 0.00% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -2.61% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.91% | -0.11% |
Volatility
AFTEX vs. VKMMX - Volatility Comparison
The current volatility for American Funds Tax Exempt Bond Fund (AFTEX) is 0.73%, while Invesco Municipal Income Fund (VKMMX) has a volatility of 0.87%. This indicates that AFTEX experiences smaller price fluctuations and is considered to be less risky than VKMMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFTEX | VKMMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.87% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.99% | 2.51% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.61% | 3.49% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.76% | 4.96% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 4.80% | -1.01% |
AFTEX vs. VKMMX - Expense Ratio Comparison
AFTEX has a 0.50% expense ratio, which is lower than VKMMX's 0.81% expense ratio.
Dividends
AFTEX vs. VKMMX - Dividend Comparison
AFTEX's dividend yield for the trailing twelve months is around 3.01%, less than VKMMX's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFTEX American Funds Tax Exempt Bond Fund | 3.01% | 3.98% | 2.90% | 2.22% | 1.75% | 2.31% | 2.43% | 2.83% | 2.86% | 3.30% | 2.90% | 3.21% |
VKMMX Invesco Municipal Income Fund | 4.04% | 5.16% | 4.06% | 3.12% | 3.42% | 3.05% | 2.86% | 3.80% | 4.07% | 3.62% | 4.14% | 4.22% |
Frequently Asked Questions
AFTEX and VKMMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VKMMX has higher volatility (0.87%) compared to AFTEX (0.73%). In terms of maximum drawdown, AFTEX dropped -14.55% vs VKMMX's -21.20%.
AFTEX currently has the higher Sharpe Ratio (2.54 vs 2.13), 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.
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