ALCAX vs. NJTFX
ALCAX (AB Municipal Income Fund California Portfolio) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, ALCAX returned 2.07%/yr vs 2.39%/yr for NJTFX. A 0.78 correlation means they provide meaningful diversification when combined. ALCAX charges 0.75%/yr vs 0.56%/yr for NJTFX.
Performance
ALCAX vs. NJTFX - Performance Comparison
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Returns By Period
In the year-to-date period, ALCAX achieves a 1.61% return, which is significantly lower than NJTFX's 2.11% return. Over the past 10 years, ALCAX has underperformed NJTFX with an annualized return of 2.07%, while NJTFX has yielded a comparatively higher 2.39% 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%
NJTFX
- 1D
- 0.09%
- 1M
- 1.17%
- YTD
- 2.11%
- 6M
- 2.81%
- 1Y
- 9.10%
- 3Y*
- 4.80%
- 5Y*
- 1.57%
- 10Y*
- 2.39%
ALCAX vs. NJTFX - 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% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 2.11% | 5.00% | 4.01% | 7.17% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Correlation
The correlation between ALCAX and NJTFX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 1991 | 0.78 |
The correlation between ALCAX and NJTFX shifts across timeframes, from 0.76 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ALCAX vs. NJTFX — Risk / Return Rank
ALCAX
NJTFX
ALCAX vs. NJTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Fund California Portfolio (ALCAX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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 | NJTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.92 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 3.52 | -1.21 |
| Martin ratioReturn relative to average drawdown | 7.53 | 13.33 | -5.80 |
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Drawdowns
ALCAX vs. NJTFX - Drawdown Comparison
The maximum ALCAX drawdown since its inception was -14.67%, roughly equal to the maximum NJTFX drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for ALCAX and NJTFX.
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Drawdown Indicators
| ALCAX | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.67% | -15.19% | +0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.59% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -5.69% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -15.19% | +0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -14.31% | -15.19% | +0.88% |
Current DrawdownCurrent decline from peak | -0.55% | 0.00% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -1.79% | -1.81% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.68% | +0.21% |
Volatility
ALCAX vs. NJTFX - Volatility Comparison
AB Municipal Income Fund California Portfolio (ALCAX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) have volatilities of 0.73% and 0.71%, 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.
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Volatility by Period
| ALCAX | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.71% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 1.96% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 2.66% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 3.99% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.84% | 3.86% | -0.02% |
ALCAX vs. NJTFX - Expense Ratio Comparison
ALCAX has a 0.75% expense ratio, which is higher than NJTFX's 0.56% expense ratio.
Dividends
ALCAX vs. NJTFX - Dividend Comparison
ALCAX's dividend yield for the trailing twelve months is around 3.34%, less than NJTFX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 4.44% | 4.44% | 4.27% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
Frequently Asked Questions
ALCAX and NJTFX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALCAX has higher volatility (0.73%) compared to NJTFX (0.71%). In terms of maximum drawdown, ALCAX dropped -14.67% vs NJTFX's -15.19%.
NJTFX currently has the higher Sharpe Ratio (3.43 vs 2.48), 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.
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