AHYB vs. TAXF

Last updated Jun 5, 2026

AHYB (American Century Select High Yield ETF) and TAXF (American Century Diversified Municipal Bond ETF) are both exchange-traded funds - AHYB is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (BB), while TAXF is a Municipal Bonds fund actively managed by American Century. AHYB is passively managed, while TAXF is actively managed. Over the past 3 years, AHYB returned 8.04%/yr vs 4.13%/yr for TAXF. At a 0.42 correlation, their price movements are largely independent. AHYB charges 0.45%/yr vs 0.29%/yr for TAXF.

Performance

AHYB vs. TAXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Select High Yield ETF (AHYB) and American Century Diversified Municipal Bond ETF (TAXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHYB achieves a 1.31% return, which is significantly lower than TAXF's 2.03% return.

AHYB

• 1D: 0.18%
• 1M: 0.40%
• YTD: 1.31%
• 6M: 2.00%
• 1Y: 6.50%
• 3Y*: 8.04%
• 5Y*: —
• 10Y*: —

TAXF

• 1D: 0.07%
• 1M: 0.81%
• YTD: 2.03%
• 6M: 2.38%
• 1Y: 8.10%
• 3Y*: 4.13%
• 5Y*: 1.09%
• 10Y*: —

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

AHYB vs. TAXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AHYB American Century Select High Yield ETF	1.31%	8.96%	6.32%	11.69%	-10.26%	0.84%
TAXF American Century Diversified Municipal Bond ETF	2.03%	4.30%	1.74%	7.33%	-9.64%	0.44%

Correlation

The correlation between AHYB and TAXF is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021	0.42

Return for Risk

AHYB vs. TAXF — Risk / Return Rank

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

AHYB

AHYB Risk / Return Rank: 62
AHYB Sharpe Ratio Rank: 59
AHYB Sortino Ratio Rank: 63
AHYB Omega Ratio Rank: 64
AHYB Calmar Ratio Rank: 56
AHYB Martin Ratio Rank: 69

TAXF

TAXF Risk / Return Rank: 75
TAXF Sharpe Ratio Rank: 83
TAXF Sortino Ratio Rank: 87
TAXF Omega Ratio Rank: 90
TAXF Calmar Ratio Rank: 57
TAXF 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.

AHYB vs. TAXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Select High Yield ETF (AHYB) and American Century Diversified Municipal Bond ETF (TAXF). 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.

	AHYB	TAXF	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.67	-0.72
Sortino ratio: Return per unit of downside risk	2.91	3.86	-0.96
Omega ratio: Gain probability vs. loss probability	1.38	1.58	-0.19
Calmar ratio: Return relative to maximum drawdown	2.71	2.78	-0.07
Martin ratio: Return relative to average drawdown	12.65	10.02	+2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AHYB vs. TAXF - Sharpe Ratio Comparison

The current AHYB Sharpe Ratio is 1.95, which is comparable to the TAXF Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of AHYB and TAXF, 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

	AHYB	TAXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.67	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.62	-0.08

Drawdowns

AHYB vs. TAXF - Drawdown Comparison

The maximum AHYB drawdown since its inception was -14.76%, which is greater than TAXF's maximum drawdown of -13.93%. Use the drawdown chart below to compare losses from any high point for AHYB and TAXF.

Drawdown Indicators

	AHYB	TAXF	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-13.93%	-0.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-2.93%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.89%	-5.53%	+1.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.93%	—
Current Drawdown Current decline from peak	-0.13%	-0.41%	+0.28%
Average Drawdown Average peak-to-trough decline	-3.46%	-3.14%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.81%	-0.29%

Volatility

AHYB vs. TAXF - Volatility Comparison

American Century Select High Yield ETF (AHYB) has a higher volatility of 1.05% compared to American Century Diversified Municipal Bond ETF (TAXF) at 0.99%. This indicates that AHYB's price experiences larger fluctuations and is considered to be riskier than TAXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHYB	TAXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.99%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.24%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	3.05%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	4.20%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	4.65%	+2.49%

AHYB vs. TAXF - Expense Ratio Comparison

AHYB has a 0.45% expense ratio, which is higher than TAXF's 0.29% expense ratio.

Dividends

AHYB vs. TAXF - Dividend Comparison

AHYB's dividend yield for the trailing twelve months is around 6.00%, more than TAXF's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AHYB American Century Select High Yield ETF	6.00%	5.80%	5.87%	5.28%	5.06%	0.60%	0.00%	0.00%	0.00%
TAXF American Century Diversified Municipal Bond ETF	3.77%	3.68%	3.38%	2.93%	2.05%	1.58%	2.13%	2.64%	0.69%

Frequently Asked Questions

Can I hold both AHYB and TAXF in my portfolio?

AHYB and TAXF have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHYB or TAXF?

AHYB has higher volatility (1.05%) compared to TAXF (0.99%). In terms of maximum drawdown, AHYB dropped -14.76% vs TAXF's -13.93%.

Which ETF is better, AHYB or TAXF?

On 3-year performance, AHYB leads with 8.04% vs 4.13% for TAXF. On fees, TAXF is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AHYB or TAXF?

Over the 3-year period, AHYB has performed better with a 8.04% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AHYB or TAXF?

TAXF is cheaper with a 0.29% expense ratio, compared with 0.45% for AHYB.

Which ETF pays a higher dividend yield, AHYB or TAXF?

AHYB has the higher dividend yield at 6.00%, compared with 3.77% for TAXF.

What is the main difference between AHYB and TAXF?

AHYB is categorized as High Yield Bonds, while TAXF is Municipal Bonds. Their fees differ too: 0.45% for AHYB and 0.29% for TAXF.

Which has better risk-adjusted returns?

TAXF currently has the higher Sharpe Ratio (2.67 vs 1.95), 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.