ALCAX vs. CMF
Compare and contrast key facts about AB Municipal Income Fund California Portfolio (ALCAX) and iShares California Muni Bond ETF (CMF).
ALCAX is managed by AllianceBernstein. It was launched on Dec 28, 1986. CMF is a passively managed fund by iShares that tracks the performance of the S&P California AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Performance
ALCAX vs. CMF - Performance Comparison
Loading graphics...
ALCAX vs. CMF - 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% |
CMF iShares California Muni Bond ETF | -0.28% | 3.36% | 1.65% | 5.71% | -8.27% | 0.78% | 4.50% | 6.94% | 0.99% | 4.63% |
Returns By Period
In the year-to-date period, ALCAX achieves a -0.31% return, which is significantly lower than CMF's -0.28% return. Over the past 10 years, ALCAX has outperformed CMF with an annualized return of 2.09%, while CMF has yielded a comparatively lower 1.75% 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%
CMF
- 1D
- 0.28%
- 1M
- -1.85%
- YTD
- -0.28%
- 6M
- 1.33%
- 1Y
- 4.15%
- 3Y*
- 2.54%
- 5Y*
- 0.64%
- 10Y*
- 1.75%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
ALCAX vs. CMF - Expense Ratio Comparison
ALCAX has a 0.75% expense ratio, which is higher than CMF's 0.25% expense ratio.
Return for Risk
ALCAX vs. CMF — Risk / Return Rank
ALCAX
CMF
ALCAX vs. CMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Fund California Portfolio (ALCAX) and iShares California Muni Bond ETF (CMF). 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 | CMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.93 | -0.11 |
Sortino ratioReturn per unit of downside risk | 1.11 | 1.16 | -0.04 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.14 | -0.14 |
Martin ratioReturn relative to average drawdown | 3.15 | 3.54 | -0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| ALCAX | CMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.93 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.15 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.35 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.39 | +0.87 |
Correlation
The correlation between ALCAX and CMF is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ALCAX vs. CMF - Dividend Comparison
ALCAX's dividend yield for the trailing twelve months is around 3.36%, more than CMF's 2.97% 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% |
CMF iShares California Muni Bond ETF | 2.97% | 2.94% | 2.78% | 2.29% | 1.91% | 1.58% | 1.80% | 2.03% | 2.17% | 2.09% | 2.21% | 2.55% |
Drawdowns
ALCAX vs. CMF - Drawdown Comparison
The maximum ALCAX drawdown since its inception was -14.67%, smaller than the maximum CMF drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for ALCAX and CMF.
Loading graphics...
Drawdown Indicators
| ALCAX | CMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.67% | -16.45% | +1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -3.84% | -0.73% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -12.45% | -1.86% |
Max Drawdown (10Y)Largest decline over 10 years | -14.31% | -14.57% | +0.26% |
Current DrawdownCurrent decline from peak | -2.43% | -2.14% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -4.80% | +3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.24% | +0.22% |
Volatility
ALCAX vs. CMF - Volatility Comparison
The current volatility for AB Municipal Income Fund California Portfolio (ALCAX) is 1.15%, while iShares California Muni Bond ETF (CMF) has a volatility of 1.53%. This indicates that ALCAX experiences smaller price fluctuations and is considered to be less risky than CMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| ALCAX | CMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.53% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 2.01% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 4.48% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 4.17% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.83% | 5.07% | -1.24% |