APGZX vs. ALCAX

Last updated Jun 3, 2026

APGZX (AB Large Cap Growth Fund Class Z) and ALCAX (AB Municipal Income Fund California Portfolio) are both mutual funds - APGZX is a Large Cap Growth Equities fund managed by AllianceBernstein, while ALCAX is a Municipal Bonds fund managed by AllianceBernstein. Over the past 10 years, APGZX returned 16.76%/yr vs 2.16%/yr for ALCAX. At a 0.05 correlation, their price movements are largely independent. APGZX charges 0.52%/yr vs 0.75%/yr for ALCAX.

Performance

APGZX vs. ALCAX - Performance Comparison

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

Returns By Period

In the year-to-date period, APGZX achieves a 6.42% return, which is significantly higher than ALCAX's 1.32% return. Over the past 10 years, APGZX has outperformed ALCAX with an annualized return of 16.76%, while ALCAX has yielded a comparatively lower 2.16% annualized return.

APGZX

• 1D: 0.33%
• 1M: 3.94%
• YTD: 6.42%
• 6M: 5.36%
• 1Y: 18.09%
• 3Y*: 19.68%
• 5Y*: 11.54%
• 10Y*: 16.76%

ALCAX

• 1D: -0.10%
• 1M: 0.49%
• YTD: 1.32%
• 6M: 1.71%
• 1Y: 6.78%
• 3Y*: 4.18%
• 5Y*: 1.14%
• 10Y*: 2.16%

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

APGZX vs. ALCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APGZX AB Large Cap Growth Fund Class Z	6.42%	13.26%	25.47%	35.12%	-28.74%	29.00%	34.47%	34.24%	2.30%	31.81%
ALCAX AB Municipal Income Fund California Portfolio	1.32%	4.84%	2.41%	6.38%	-8.98%	1.71%	4.86%	7.05%	0.54%	5.54%

Correlation

The correlation between APGZX and ALCAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.05

The correlation between APGZX and ALCAX shifts across timeframes, from 0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APGZX vs. ALCAX — Risk / Return Rank

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

APGZX

APGZX Risk / Return Rank: 17
APGZX Sharpe Ratio Rank: 20
APGZX Sortino Ratio Rank: 19
APGZX Omega Ratio Rank: 19
APGZX Calmar Ratio Rank: 12
APGZX Martin Ratio Rank: 16

ALCAX

ALCAX Risk / Return Rank: 59
ALCAX Sharpe Ratio Rank: 64
ALCAX Sortino Ratio Rank: 78
ALCAX Omega Ratio Rank: 85
ALCAX Calmar Ratio Rank: 36
ALCAX Martin Ratio Rank: 33

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.

APGZX vs. ALCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Large Cap Growth Fund Class Z (APGZX) and AB Municipal Income Fund California Portfolio (ALCAX). 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.

	APGZX	ALCAX	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.36	-1.03
Sortino ratio Return per unit of downside risk	1.89	3.71	-1.82
Omega ratio Gain probability vs. loss probability	1.24	1.58	-0.34
Calmar ratio Return relative to maximum drawdown	1.25	2.31	-1.06
Martin ratio Return relative to average drawdown	4.64	7.66	-3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APGZX vs. ALCAX - Sharpe Ratio Comparison

The current APGZX Sharpe Ratio is 1.33, which is lower than the ALCAX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of APGZX and ALCAX, 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

	APGZX	ALCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.36	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.30	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.56	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.27	-0.43

Drawdowns

APGZX vs. ALCAX - Drawdown Comparison

The maximum APGZX drawdown since its inception was -33.87%, which is greater than ALCAX's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for APGZX and ALCAX.

Drawdown Indicators

	APGZX	ALCAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.87%	-14.67%	-19.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.21%	-2.90%	-12.31%
Max Drawdown (3Y) Largest decline over 3 years	-21.57%	-5.05%	-16.52%
Max Drawdown (5Y) Largest decline over 5 years	-33.87%	-14.31%	-19.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-14.31%	-19.56%
Current Drawdown Current decline from peak	0.00%	-0.84%	+0.84%
Average Drawdown Average peak-to-trough decline	-6.03%	-1.79%	-4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	0.87%	+3.22%

Volatility

APGZX vs. ALCAX - Volatility Comparison

AB Large Cap Growth Fund Class Z (APGZX) has a higher volatility of 3.11% compared to AB Municipal Income Fund California Portfolio (ALCAX) at 1.01%. This indicates that APGZX's price experiences larger fluctuations and is considered to be riskier than ALCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APGZX	ALCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	1.01%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	2.04%	+8.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.37%	2.76%	+11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	3.84%	+16.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	3.85%	+15.82%

APGZX vs. ALCAX - Expense Ratio Comparison

APGZX has a 0.52% expense ratio, which is lower than ALCAX's 0.75% expense ratio.

Dividends

APGZX vs. ALCAX - Dividend Comparison

APGZX's dividend yield for the trailing twelve months is around 9.18%, more than ALCAX's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALCAX AB Municipal Income Fund California Portfolio	3.35%	4.38%	3.15%	2.84%	2.43%	1.61%	2.74%	3.35%	3.63%	3.21%	3.38%	3.37%
APGZX AB Large Cap Growth Fund Class Z	9.18%	9.77%	6.62%	1.69%	0.87%	7.19%	2.60%	3.49%	9.11%	3.78%	2.72%	0.00%

Frequently Asked Questions

Can I hold both APGZX and ALCAX in my portfolio?

APGZX and ALCAX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APGZX or ALCAX?

APGZX has higher volatility (3.11%) compared to ALCAX (1.01%). In terms of maximum drawdown, APGZX dropped -33.87% vs ALCAX's -14.67%.

Which has better risk-adjusted returns?

ALCAX currently has the higher Sharpe Ratio (2.36 vs 1.33), 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.