AMAAX vs. AGDAX

Last updated Jun 6, 2026

AMAAX (AB Municipal Income Fund II Massachusetts Portfolio) and AGDAX (AB High Income Fund) are both mutual funds - AMAAX is a Municipal Bonds fund managed by AllianceBernstein, while AGDAX is a High Yield Bonds fund managed by AllianceBernstein. Over the past 10 years, AMAAX returned 1.76%/yr vs 4.59%/yr for AGDAX. At a 0.27 correlation, their price movements are largely independent. AMAAX charges 0.77%/yr vs 0.84%/yr for AGDAX.

Performance

AMAAX vs. AGDAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AMAAX achieves a 1.69% return, which is significantly lower than AGDAX's 1.78% return. Over the past 10 years, AMAAX has underperformed AGDAX with an annualized return of 1.76%, while AGDAX has yielded a comparatively higher 4.59% annualized return.

AMAAX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 1.69%
• 6M: 2.08%
• 1Y: 6.51%
• 3Y*: 3.48%
• 5Y*: 0.55%
• 10Y*: 1.76%

AGDAX

• 1D: 0.00%
• 1M: 0.13%
• YTD: 1.78%
• 6M: 2.20%
• 1Y: 7.21%
• 3Y*: 8.85%
• 5Y*: 3.69%
• 10Y*: 4.59%

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

AMAAX vs. AGDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMAAX AB Municipal Income Fund II Massachusetts Portfolio	1.69%	4.13%	1.27%	5.21%	-9.82%	2.15%	4.88%	6.96%	0.09%	4.50%
AGDAX AB High Income Fund	1.78%	8.06%	7.36%	13.63%	-12.45%	3.87%	2.91%	13.71%	-5.29%	7.94%

Correlation

The correlation between AMAAX and AGDAX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.27

The correlation between AMAAX and AGDAX shifts across timeframes, from 0.27 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

AMAAX vs. AGDAX — Risk / Return Rank

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

AMAAX

AMAAX Risk / Return Rank: 70
AMAAX Sharpe Ratio Rank: 78
AMAAX Sortino Ratio Rank: 87
AMAAX Omega Ratio Rank: 88
AMAAX Calmar Ratio Rank: 50
AMAAX Martin Ratio Rank: 46

AGDAX

AGDAX Risk / Return Rank: 68
AGDAX Sharpe Ratio Rank: 58
AGDAX Sortino Ratio Rank: 82
AGDAX Omega Ratio Rank: 79
AGDAX Calmar Ratio Rank: 50
AGDAX Martin Ratio Rank: 70

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.

AMAAX vs. AGDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Fund II Massachusetts Portfolio (AMAAX) 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.

	AMAAX	AGDAX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.18	+0.33
Sortino ratio: Return per unit of downside risk	4.08	3.86	+0.22
Omega ratio: Gain probability vs. loss probability	1.61	1.51	+0.10
Calmar ratio: Return relative to maximum drawdown	2.62	2.62	0.00
Martin ratio: Return relative to average drawdown	9.35	12.89	-3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAAX vs. AGDAX - Sharpe Ratio Comparison

The current AMAAX Sharpe Ratio is 2.51, which is comparable to the AGDAX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of AMAAX 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.

Sharpe Ratios by Period

	AMAAX	AGDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.18	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.75	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.81	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.87	+0.29

Drawdowns

AMAAX vs. AGDAX - Drawdown Comparison

The maximum AMAAX drawdown since its inception was -14.20%, smaller than the maximum AGDAX drawdown of -45.59%. Use the drawdown chart below to compare losses from any high point for AMAAX and AGDAX.

Drawdown Indicators

	AMAAX	AGDAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-45.59%	+31.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.76%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	-4.24%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-14.20%	-16.96%	+2.76%
Max Drawdown (10Y) Largest decline over 10 years	-14.20%	-25.82%	+11.62%
Current Drawdown Current decline from peak	-0.12%	-0.29%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.93%	-4.47%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.56%	+0.14%

Volatility

AMAAX vs. AGDAX - Volatility Comparison

AB Municipal Income Fund II Massachusetts Portfolio (AMAAX) and AB High Income Fund (AGDAX) have volatilities of 1.00% and 1.01%, 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.

Volatility by Period

	AMAAX	AGDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.01%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	2.61%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.61%	3.33%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	4.93%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	5.65%	-1.77%

AMAAX vs. AGDAX - Expense Ratio Comparison

AMAAX has a 0.77% expense ratio, which is lower than AGDAX's 0.84% expense ratio.

Dividends

AMAAX vs. AGDAX - Dividend Comparison

AMAAX's dividend yield for the trailing twelve months is around 3.33%, less than AGDAX's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGDAX AB High Income Fund	6.70%	6.85%	5.89%	6.53%	6.79%	4.95%	5.86%	6.27%	7.47%	5.84%	6.25%	7.42%
AMAAX AB Municipal Income Fund II Massachusetts Portfolio	3.33%	4.28%	3.01%	2.62%	2.33%	1.70%	2.53%	3.12%	3.16%	3.14%	3.16%	3.20%

Frequently Asked Questions

Can I hold both AMAAX and AGDAX in my portfolio?

AMAAX and AGDAX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAAX or AGDAX?

AGDAX has higher volatility (1.01%) compared to AMAAX (1.00%). In terms of maximum drawdown, AMAAX dropped -14.20% vs AGDAX's -45.59%.

Which has better risk-adjusted returns?

AMAAX currently has the higher Sharpe Ratio (2.51 vs 2.18), 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.