APUSX vs. ALCAX

Last updated Aug 4, 2026

APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) and ALCAX (AB Municipal Income Fund California Portfolio) are both Municipal Bonds funds. Over the past 5 years, APUSX returned 2.10%/yr vs 0.70%/yr for ALCAX. Their 0.25 correlation means their historical movements had little consistent relationship. APUSX charges 0.60%/yr vs 0.75%/yr for ALCAX.

Performance

APUSX vs. ALCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) 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, APUSX achieves a 0.90% return, which is significantly higher than ALCAX's 0.15% return.

APUSX

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.76%
• YTD: 0.90%
• 1Y: 2.01%
• 3Y*: 3.19%
• 5Y*: 2.10%
• 10Y*: —
• ALL TIME*: 1.60%

ALCAX

• 1D: -0.19%
• 1M: -1.99%
• 6M: -0.62%
• YTD: 0.15%
• 1Y: 4.56%
• 3Y*: 3.63%
• 5Y*: 0.70%
• 10Y*: 1.90%
• ALL TIME*: 4.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALCAX AB Municipal Income Fund California Portfolio	$0.00	$0.00	$0.00
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	$0.00	$0.00	$0.00

APUSX vs. ALCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.90%	3.88%	3.65%	2.63%	-0.18%	-0.40%	0.15%
ALCAX AB Municipal Income Fund California Portfolio	0.15%	4.84%	2.41%	6.38%	-8.98%	1.71%	4.86%

Correlation

The correlation between APUSX and ALCAX is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.25

Return for Risk

APUSX vs. ALCAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APUSX

APUSX Risk / Return Rank: 19
APUSX Sharpe Ratio Rank: 5
APUSX Sortino Ratio Rank: 6
APUSX Omega Ratio Rank: 59
APUSX Calmar Ratio Rank: 6
APUSX Martin Ratio Rank: 21

ALCAX

ALCAX Risk / Return Rank: 62
ALCAX Sharpe Ratio Rank: 75
ALCAX Sortino Ratio Rank: 77
ALCAX Omega Ratio Rank: 85
ALCAX Calmar Ratio Rank: 38
ALCAX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APUSX vs. ALCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) 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.

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.

	APUSX	ALCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.13	1.82	-1.69
Sortino ratio: Return per unit of downside risk	0.31	2.72	-2.41
Omega ratio: Gain probability vs. loss probability	1.29	1.42	-0.13
Calmar ratio: Return relative to maximum drawdown	0.20	1.72	-1.53
Martin ratio: Return relative to average drawdown	3.08	5.38	-2.30

APUSX vs. ALCAX - Sharpe Ratio Comparison

The current APUSX Sharpe Ratio is 0.13, which is lower than the ALCAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of APUSX 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.

Drawdowns

APUSX vs. ALCAX - Drawdown Comparison

The maximum APUSX drawdown since its inception was -10.36%, smaller than the maximum ALCAX drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for APUSX and ALCAX.

Drawdown Indicators

	APUSX	ALCAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.36%	-14.67%	+4.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-2.90%	-7.46%
Max Drawdown (3Y) Largest decline over 3 years	-10.36%	-4.61%	-5.75%
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	-14.31%	+3.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.31%	—
Current Drawdown Current decline from peak	-0.10%	-1.99%	+1.89%
Average Drawdown Average peak-to-trough decline	-0.29%	-1.79%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.93%	-0.28%

Volatility

APUSX vs. ALCAX - Volatility Comparison

The current volatility for Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) is 0.10%, while AB Municipal Income Fund California Portfolio (ALCAX) has a volatility of 0.86%. This indicates that APUSX experiences smaller price fluctuations and is considered to be less risky than ALCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APUSX	ALCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.86%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	2.19%	+13.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	2.78%	+12.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	3.86%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.23%	3.85%	+2.38%

APUSX vs. ALCAX - Expense Ratio Comparison

APUSX has a 0.60% expense ratio, which is lower than ALCAX's 0.75% expense ratio.

Dividends

APUSX vs. ALCAX - Dividend Comparison

APUSX's dividend yield for the trailing twelve months is around 2.19%, less than ALCAX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALCAX AB Municipal Income Fund California Portfolio	3.13%	4.38%	3.15%	2.84%	2.43%	1.61%	2.74%	3.35%	3.63%	3.21%	3.38%	3.37%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.19%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APUSX and ALCAX in my portfolio?

APUSX and ALCAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APUSX or ALCAX?

ALCAX has higher volatility (0.86%) compared to APUSX (0.10%). In terms of maximum drawdown, APUSX dropped -10.36% vs ALCAX's -14.67%.

Which has better risk-adjusted returns?

ALCAX currently has the higher Sharpe Ratio (1.82 vs 0.13), 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.