AHIDX vs. BCHYX

Last updated Jun 4, 2026

AHIDX (American Century High Income R6) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - AHIDX is a High Yield Bonds fund actively managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 5 years, AHIDX returned 3.62%/yr vs 0.75%/yr for BCHYX. At a 0.35 correlation, their price movements are largely independent. AHIDX charges 0.53%/yr vs 0.49%/yr for BCHYX.

Performance

AHIDX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century High Income R6 (AHIDX) and American Century California High Yield Municipal Fund (BCHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHIDX achieves a 1.57% return, which is significantly lower than BCHYX's 2.11% return.

AHIDX

• 1D: 0.12%
• 1M: 0.45%
• YTD: 1.57%
• 6M: 2.14%
• 1Y: 7.75%
• 3Y*: 8.55%
• 5Y*: 3.62%
• 10Y*: —

BCHYX

• 1D: 0.21%
• 1M: 0.96%
• YTD: 2.11%
• 6M: 2.45%
• 1Y: 8.12%
• 3Y*: 4.79%
• 5Y*: 0.75%
• 10Y*: 2.44%

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

AHIDX vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AHIDX American Century High Income R6	1.57%	8.92%	7.55%	12.09%	-12.54%	5.74%	8.24%	12.64%	-2.60%	0.76%
BCHYX American Century California High Yield Municipal Fund	2.11%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	1.64%

Correlation

The correlation between AHIDX and BCHYX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 9, 2017	0.35

The correlation between AHIDX and BCHYX shifts across timeframes, from 0.35 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

AHIDX vs. BCHYX — Risk / Return Rank

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

AHIDX

AHIDX Risk / Return Rank: 75
AHIDX Sharpe Ratio Rank: 61
AHIDX Sortino Ratio Rank: 85
AHIDX Omega Ratio Rank: 80
AHIDX Calmar Ratio Rank: 66
AHIDX Martin Ratio Rank: 83

BCHYX

BCHYX Risk / Return Rank: 67
BCHYX Sharpe Ratio Rank: 69
BCHYX Sortino Ratio Rank: 84
BCHYX Omega Ratio Rank: 86
BCHYX Calmar Ratio Rank: 50
BCHYX Martin Ratio Rank: 44

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.

AHIDX vs. BCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century High Income R6 (AHIDX) and American Century California High Yield Municipal Fund (BCHYX). 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.

	AHIDX	BCHYX	Difference
Sharpe ratio Return per unit of total volatility	2.32	2.42	-0.10
Sortino ratio Return per unit of downside risk	4.12	3.97	+0.15
Omega ratio Gain probability vs. loss probability	1.53	1.58	-0.05
Calmar ratio Return relative to maximum drawdown	3.14	2.71	+0.43
Martin ratio Return relative to average drawdown	15.49	9.38	+6.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AHIDX vs. BCHYX - Sharpe Ratio Comparison

The current AHIDX Sharpe Ratio is 2.32, which is comparable to the BCHYX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of AHIDX and BCHYX, 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

	AHIDX	BCHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.42	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.15	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.20	-0.43

Drawdowns

AHIDX vs. BCHYX - Drawdown Comparison

The maximum AHIDX drawdown since its inception was -21.59%, which is greater than BCHYX's maximum drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for AHIDX and BCHYX.

Drawdown Indicators

	AHIDX	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-21.59%	-18.35%	-3.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.97%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-4.05%	-7.69%	+3.64%
Max Drawdown (5Y) Largest decline over 5 years	-16.42%	-18.35%	+1.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.35%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.93%	-2.38%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.86%	-0.35%

Volatility

AHIDX vs. BCHYX - Volatility Comparison

American Century High Income R6 (AHIDX) and American Century California High Yield Municipal Fund (BCHYX) have volatilities of 1.15% and 1.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHIDX	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	1.21%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	2.38%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	3.34%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	4.87%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.99%	4.81%	+1.18%

AHIDX vs. BCHYX - Expense Ratio Comparison

AHIDX has a 0.53% expense ratio, which is higher than BCHYX's 0.49% expense ratio.

Dividends

AHIDX vs. BCHYX - Dividend Comparison

AHIDX's dividend yield for the trailing twelve months is around 6.80%, more than BCHYX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHIDX American Century High Income R6	6.80%	6.74%	6.65%	4.84%	5.00%	5.40%	5.42%	5.60%	5.66%	1.58%	0.00%	0.00%
BCHYX American Century California High Yield Municipal Fund	3.96%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%

Frequently Asked Questions

Can I hold both AHIDX and BCHYX in my portfolio?

AHIDX and BCHYX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHIDX or BCHYX?

BCHYX has higher volatility (1.21%) compared to AHIDX (1.15%). In terms of maximum drawdown, AHIDX dropped -21.59% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

BCHYX currently has the higher Sharpe Ratio (2.42 vs 2.32), 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.