AFTFX vs. CCSTX
AFTFX (American Funds Tax-Exempt Bond Fund of America Class F-1) and CCSTX (Capital Group California Short-Term Municipal Fund) are both Municipal Bonds funds from Capital Group. Over the past 10 years, AFTFX returned 1.85%/yr vs 1.18%/yr for CCSTX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. AFTFX charges 0.63%/yr vs 0.30%/yr for CCSTX.
Performance
AFTFX vs. CCSTX - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with AFTFX at 0.49% and CCSTX at 0.49%. Over the past 10 years, AFTFX has outperformed CCSTX with an annualized return of 1.85%, while CCSTX has yielded a comparatively lower 1.18% annualized return.
AFTFX
- 1D
- 0.32%
- 1M
- -1.35%
- 6M
- 0.25%
- YTD
- 0.49%
- 1Y
- 5.84%
- 3Y*
- 3.39%
- 5Y*
- 0.53%
- 10Y*
- 1.85%
- ALL TIME*
- 3.50%
CCSTX
- 1D
- 0.20%
- 1M
- -0.38%
- 6M
- 0.00%
- YTD
- 0.49%
- 1Y
- 2.26%
- 3Y*
- 2.84%
- 5Y*
- 1.15%
- 10Y*
- 1.18%
- ALL TIME*
- 0.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
AFTFX vs. CCSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFTFX American Funds Tax-Exempt Bond Fund of America Class F-1 | 0.49% | 3.77% | 2.22% | 6.41% | -9.23% | 1.96% | 4.64% | 7.09% | 0.66% | 5.43% |
CCSTX Capital Group California Short-Term Municipal Fund | 0.49% | 4.09% | 2.05% | 2.50% | -2.91% | -0.15% | 2.35% | 3.02% | 1.41% | 1.20% |
Correlation
The correlation between AFTFX and CCSTX is 0.58, 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. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010 | 0.57 |
The correlation between AFTFX and CCSTX shifts across timeframes, from 0.57 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AFTFX vs. CCSTX — Risk / Return Rank
AFTFX
CCSTX
AFTFX vs. CCSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Exempt Bond Fund of America Class F-1 (AFTFX) and Capital Group California Short-Term Municipal Fund (CCSTX). 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.
| AFTFX | CCSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.55 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.02 | +0.11 |
| Martin ratioReturn relative to average drawdown | 7.29 | 5.28 | +2.01 |
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Drawdowns
AFTFX vs. CCSTX - Drawdown Comparison
The maximum AFTFX drawdown since its inception was -13.99%, which is greater than CCSTX's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for AFTFX and CCSTX.
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Drawdown Indicators
| AFTFX | CCSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.99% | -5.09% | -8.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -1.17% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | -1.79% | -3.28% |
Max Drawdown (5Y)Largest decline over 5 years | -13.99% | -5.08% | -8.91% |
Max Drawdown (10Y)Largest decline over 10 years | -13.99% | -5.09% | -8.90% |
Current DrawdownCurrent decline from peak | -1.67% | -0.66% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -0.88% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.45% | +0.35% |
Volatility
AFTFX vs. CCSTX - Volatility Comparison
American Funds Tax-Exempt Bond Fund of America Class F-1 (AFTFX) has a higher volatility of 0.94% compared to Capital Group California Short-Term Municipal Fund (CCSTX) at 0.45%. This indicates that AFTFX's price experiences larger fluctuations and is considered to be riskier than CCSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFTFX | CCSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.45% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 0.97% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 1.21% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.77% | 1.57% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.78% | 1.58% | +2.20% |
AFTFX vs. CCSTX - Expense Ratio Comparison
AFTFX has a 0.63% expense ratio, which is higher than CCSTX's 0.30% expense ratio.
Dividends
AFTFX vs. CCSTX - Dividend Comparison
AFTFX's dividend yield for the trailing twelve months is around 2.98%, more than CCSTX's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFTFX American Funds Tax-Exempt Bond Fund of America Class F-1 | 2.98% | 2.92% | 2.84% | 2.62% | 2.25% | 2.39% | 2.34% | 2.52% | 2.75% | 2.93% | 3.02% | 3.10% |
CCSTX Capital Group California Short-Term Municipal Fund | 2.35% | 2.30% | 2.13% | 1.54% | 0.72% | 1.02% | 1.45% | 1.40% | 1.30% | 0.90% | 0.00% | 0.00% |
Frequently Asked Questions
AFTFX and CCSTX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFTFX has higher volatility (0.94%) compared to CCSTX (0.45%). In terms of maximum drawdown, AFTFX dropped -13.99% vs CCSTX's -5.09%.
AFTFX currently has the higher Sharpe Ratio (2.20 vs 1.97), 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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