ALCAX vs. AGDAX

Last updated Jun 26, 2026

ALCAX (AB Municipal Income Fund California Portfolio) and AGDAX (AB High Income Fund) are both mutual funds - ALCAX is a Municipal Bonds fund managed by AllianceBernstein, while AGDAX is a High Yield Bonds fund managed by AllianceBernstein. Over the past 10 years, ALCAX returned 2.07%/yr vs 4.61%/yr for AGDAX. At a 0.27 correlation, their price movements are largely independent. ALCAX charges 0.75%/yr vs 0.84%/yr for AGDAX.

Performance

ALCAX vs. AGDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Municipal Income Fund California Portfolio (ALCAX) and AB High Income Fund (AGDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ALCAX having a 1.61% return and AGDAX slightly higher at 1.64%. Over the past 10 years, ALCAX has underperformed AGDAX with an annualized return of 2.07%, while AGDAX has yielded a comparatively higher 4.61% annualized return.

ALCAX

• 1D: 0.09%
• 1M: 1.17%
• YTD: 1.61%
• 6M: 2.10%
• 1Y: 6.67%
• 3Y*: 4.21%
• 5Y*: 1.19%
• 10Y*: 2.07%

AGDAX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 1.64%
• 6M: 2.34%
• 1Y: 6.44%
• 3Y*: 8.80%
• 5Y*: 3.61%
• 10Y*: 4.61%

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

ALCAX vs. AGDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALCAX AB Municipal Income Fund California Portfolio	1.61%	4.84%	2.41%	6.38%	-8.98%	1.71%	4.86%	7.05%	0.54%	5.54%
AGDAX AB High Income Fund	1.64%	8.06%	7.36%	13.63%	-12.45%	3.87%	2.91%	13.71%	-5.29%	7.94%

Correlation

The correlation between ALCAX and AGDAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.27

The correlation between ALCAX and AGDAX shifts across timeframes, from 0.27 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ALCAX vs. AGDAX — Risk / Return Rank

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

ALCAX

ALCAX Risk / Return Rank: 72
ALCAX Sharpe Ratio Rank: 88
ALCAX Sortino Ratio Rank: 91
ALCAX Omega Ratio Rank: 92
ALCAX Calmar Ratio Rank: 48
ALCAX Martin Ratio Rank: 41

AGDAX

AGDAX Risk / Return Rank: 72
AGDAX Sharpe Ratio Rank: 67
AGDAX Sortino Ratio Rank: 85
AGDAX Omega Ratio Rank: 82
AGDAX Calmar Ratio Rank: 51
AGDAX Martin Ratio Rank: 73

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.

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.

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.

	ALCAX	AGDAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.99	+0.50
Sortino ratio: Return per unit of downside risk	3.95	3.51	+0.44
Omega ratio: Gain probability vs. loss probability	1.63	1.45	+0.18
Calmar ratio: Return relative to maximum drawdown	2.31	2.40	-0.09
Martin ratio: Return relative to average drawdown	7.53	11.65	-4.12

ALCAX vs. AGDAX - Sharpe Ratio Comparison

The current ALCAX Sharpe Ratio is 2.48, which is comparable to the AGDAX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ALCAX and AGDAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	ALCAX	AGDAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-45.59%	+30.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.76%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	-4.24%	-0.81%
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 Drawdown Current decline from peak	-0.55%	-0.43%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.79%	-4.46%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.57%	+0.32%

Volatility

ALCAX vs. AGDAX - Volatility Comparison

The current volatility for AB Municipal Income Fund California Portfolio (ALCAX) is 0.73%, while AB High Income Fund (AGDAX) has a volatility of 0.96%. 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.

Volatility by Period

	ALCAX	AGDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.96%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	2.62%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	3.35%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	4.94%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	5.63%	-1.79%

ALCAX vs. AGDAX - Expense Ratio Comparison

ALCAX has a 0.75% expense ratio, which is lower than AGDAX's 0.84% expense ratio.

Dividends

ALCAX vs. AGDAX - Dividend Comparison

ALCAX's dividend yield for the trailing twelve months is around 3.34%, less than AGDAX's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGDAX AB High Income Fund	6.71%	6.85%	5.89%	6.53%	6.79%	4.95%	5.86%	6.27%	7.47%	5.84%	6.25%	7.42%
ALCAX AB Municipal Income Fund California Portfolio	3.34%	4.38%	3.15%	2.84%	2.43%	1.61%	2.74%	3.35%	3.63%	3.21%	3.38%	3.37%

Frequently Asked Questions

Can I hold both ALCAX and AGDAX in my portfolio?

ALCAX and AGDAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALCAX or AGDAX?

AGDAX has higher volatility (0.96%) compared to ALCAX (0.73%). In terms of maximum drawdown, ALCAX dropped -14.67% vs AGDAX's -45.59%.

Which has better risk-adjusted returns?

ALCAX currently has the higher Sharpe Ratio (2.48 vs 1.99), 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.