ALCAX vs. AGDAX
Compare and contrast key facts about AB Municipal Income Fund California Portfolio (ALCAX) and AB High Income Fund (AGDAX).
ALCAX is managed by AllianceBernstein. It was launched on Dec 28, 1986. AGDAX is managed by AllianceBernstein. It was launched on Feb 25, 1994.
Performance
ALCAX vs. AGDAX - Performance Comparison
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ALCAX vs. AGDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALCAX AB Municipal Income Fund California Portfolio | -0.31% | 4.84% | 2.41% | 6.38% | -8.98% | 1.71% | 4.86% | 7.05% | 0.54% | 5.54% |
AGDAX AB High Income Fund | -1.36% | 8.06% | 7.36% | 13.63% | -12.45% | 3.87% | 2.91% | 13.71% | -5.29% | 7.94% |
Returns By Period
In the year-to-date period, ALCAX achieves a -0.31% return, which is significantly higher than AGDAX's -1.36% return. Over the past 10 years, ALCAX has underperformed AGDAX with an annualized return of 2.09%, while AGDAX has yielded a comparatively higher 4.65% annualized return.
ALCAX
- 1D
- 0.29%
- 1M
- -2.16%
- YTD
- -0.31%
- 6M
- 1.02%
- 1Y
- 3.44%
- 3Y*
- 3.60%
- 5Y*
- 1.12%
- 10Y*
- 2.09%
AGDAX
- 1D
- 0.44%
- 1M
- -1.85%
- YTD
- -1.36%
- 6M
- -0.10%
- 1Y
- 5.65%
- 3Y*
- 8.09%
- 5Y*
- 3.56%
- 10Y*
- 4.65%
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ALCAX vs. AGDAX - Expense Ratio Comparison
ALCAX has a 0.75% expense ratio, which is lower than AGDAX's 0.84% expense ratio.
Return for Risk
ALCAX vs. AGDAX — Risk / Return Rank
ALCAX
AGDAX
ALCAX vs. AGDAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Fund California Portfolio (ALCAX) and AB High Income Fund (AGDAX). 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.
| ALCAX | AGDAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 1.54 | -0.72 |
Sortino ratioReturn per unit of downside risk | 1.11 | 2.18 | -1.06 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.99 | -0.98 |
Martin ratioReturn relative to average drawdown | 3.15 | 8.03 | -4.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ALCAX | AGDAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 1.54 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.73 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.83 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.87 | +0.39 |
Correlation
The correlation between ALCAX and AGDAX is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ALCAX vs. AGDAX - Dividend Comparison
ALCAX's dividend yield for the trailing twelve months is around 3.36%, less than AGDAX's 6.33% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALCAX AB Municipal Income Fund California Portfolio | 3.36% | 4.38% | 3.15% | 2.84% | 2.43% | 1.61% | 2.74% | 3.35% | 3.63% | 3.21% | 3.38% | 3.37% |
AGDAX AB High Income Fund | 6.33% | 6.85% | 5.89% | 6.53% | 6.79% | 4.95% | 5.86% | 6.27% | 7.47% | 5.84% | 6.25% | 7.42% |
Drawdowns
ALCAX vs. AGDAX - Drawdown Comparison
The maximum ALCAX drawdown since its inception was -14.67%, smaller than the maximum AGDAX drawdown of -45.59%. Use the drawdown chart below to compare losses from any high point for ALCAX and AGDAX.
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Drawdown Indicators
| ALCAX | AGDAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.67% | -45.59% | +30.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -3.17% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -16.96% | +2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -14.31% | -25.82% | +11.51% |
Current DrawdownCurrent decline from peak | -2.43% | -2.19% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -4.49% | +2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.78% | +0.68% |
Volatility
ALCAX vs. AGDAX - Volatility Comparison
The current volatility for AB Municipal Income Fund California Portfolio (ALCAX) is 1.15%, while AB High Income Fund (AGDAX) has a volatility of 1.31%. This indicates that ALCAX experiences smaller price fluctuations and is considered to be less risky than AGDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALCAX | AGDAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.31% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 2.31% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 3.82% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 4.89% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.83% | 5.65% | -1.82% |