AMHIX vs. AFTEX

Last updated Jun 23, 2026

AMHIX (American High-Income Municipal Bond Fund) and AFTEX (American Funds Tax Exempt Bond Fund) are both mutual funds - AMHIX is a High Yield Muni fund managed by American Funds, while AFTEX is a Municipal Bonds fund managed by American Funds. Over the past 10 years, AMHIX returned 3.22%/yr vs 2.13%/yr for AFTEX. Their correlation of 0.89 suggests significant overlap in exposure. AMHIX charges 0.63%/yr vs 0.50%/yr for AFTEX.

Performance

AMHIX vs. AFTEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American High-Income Municipal Bond Fund (AMHIX) and American Funds Tax Exempt Bond Fund (AFTEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMHIX achieves a 2.43% return, which is significantly higher than AFTEX's 1.66% return. Over the past 10 years, AMHIX has outperformed AFTEX with an annualized return of 3.22%, while AFTEX has yielded a comparatively lower 2.13% annualized return.

AMHIX

• 1D: 0.06%
• 1M: 1.83%
• YTD: 2.43%
• 6M: 2.91%
• 1Y: 8.01%
• 3Y*: 6.11%
• 5Y*: 1.67%
• 10Y*: 3.22%

AFTEX

• 1D: 0.08%
• 1M: 1.64%
• YTD: 1.66%
• 6M: 2.01%
• 1Y: 6.67%
• 3Y*: 4.13%
• 5Y*: 0.92%
• 10Y*: 2.13%

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

AMHIX vs. AFTEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMHIX American High-Income Municipal Bond Fund	2.43%	5.70%	6.19%	7.18%	-12.59%	5.28%	4.39%	8.88%	1.59%	8.89%
AFTEX American Funds Tax Exempt Bond Fund	1.66%	4.88%	2.28%	5.96%	-9.68%	1.87%	4.73%	7.42%	0.78%	5.83%

Correlation

The correlation between AMHIX and AFTEX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 26, 1994	0.89

The correlation between AMHIX and AFTEX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

AMHIX vs. AFTEX — Risk / Return Rank

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

AMHIX

AMHIX Risk / Return Rank: 78
AMHIX Sharpe Ratio Rank: 89
AMHIX Sortino Ratio Rank: 93
AMHIX Omega Ratio Rank: 92
AMHIX Calmar Ratio Rank: 63
AMHIX Martin Ratio Rank: 54

AFTEX

AFTEX Risk / Return Rank: 70
AFTEX Sharpe Ratio Rank: 85
AFTEX Sortino Ratio Rank: 90
AFTEX Omega Ratio Rank: 91
AFTEX Calmar Ratio Rank: 44
AFTEX Martin Ratio Rank: 42

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.

AMHIX vs. AFTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund (AMHIX) and American Funds Tax Exempt Bond Fund (AFTEX). 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.

	AMHIX	AFTEX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.58	+0.11
Sortino ratio: Return per unit of downside risk	4.34	4.06	+0.29
Omega ratio: Gain probability vs. loss probability	1.65	1.64	+0.01
Calmar ratio: Return relative to maximum drawdown	2.91	2.43	+0.49
Martin ratio: Return relative to average drawdown	10.34	8.42	+1.92

AMHIX vs. AFTEX - Sharpe Ratio Comparison

The current AMHIX Sharpe Ratio is 2.68, which is comparable to the AFTEX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of AMHIX and AFTEX, 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

AMHIX vs. AFTEX - Drawdown Comparison

The maximum AMHIX drawdown since its inception was -21.74%, which is greater than AFTEX's maximum drawdown of -14.55%. Use the drawdown chart below to compare losses from any high point for AMHIX and AFTEX.

Drawdown Indicators

	AMHIX	AFTEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.74%	-14.55%	-7.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.76%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-6.25%	-5.21%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-17.81%	-14.55%	-3.26%
Max Drawdown (10Y) Largest decline over 10 years	-17.81%	-14.55%	-3.26%
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-2.12%	-1.66%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.79%	-0.01%

Volatility

AMHIX vs. AFTEX - Volatility Comparison

American High-Income Municipal Bond Fund (AMHIX) has a higher volatility of 0.75% compared to American Funds Tax Exempt Bond Fund (AFTEX) at 0.71%. This indicates that AMHIX's price experiences larger fluctuations and is considered to be riskier than AFTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMHIX	AFTEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.71%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	1.99%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	2.60%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.84%	3.76%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	3.79%	+0.74%

AMHIX vs. AFTEX - Expense Ratio Comparison

AMHIX has a 0.63% expense ratio, which is higher than AFTEX's 0.50% expense ratio.

Dividends

AMHIX vs. AFTEX - Dividend Comparison

AMHIX's dividend yield for the trailing twelve months is around 3.88%, more than AFTEX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFTEX American Funds Tax Exempt Bond Fund	3.01%	3.98%	2.90%	2.22%	1.75%	2.31%	2.43%	2.83%	2.86%	3.30%	2.90%	3.21%
AMHIX American High-Income Municipal Bond Fund	3.88%	5.26%	3.80%	3.10%	2.53%	3.23%	3.40%	3.46%	3.67%	4.01%	3.55%	4.03%

Frequently Asked Questions

Can I hold both AMHIX and AFTEX in my portfolio?

With a correlation of 0.91, AMHIX and AFTEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AMHIX or AFTEX?

AMHIX has higher volatility (0.75%) compared to AFTEX (0.71%). In terms of maximum drawdown, AMHIX dropped -21.74% vs AFTEX's -14.55%.

Which has better risk-adjusted returns?

AMHIX currently has the higher Sharpe Ratio (2.68 vs 2.58), 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.