ASDVX vs. BCHYX

Last updated Jun 5, 2026

ASDVX (American Century Short Duration Strategic Income Fund) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - ASDVX is a Short-Term Bond fund managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 10 years, ASDVX returned 3.05%/yr vs 2.43%/yr for BCHYX. At a 0.36 correlation, their price movements are largely independent. ASDVX charges 0.53%/yr vs 0.49%/yr for BCHYX.

Performance

ASDVX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Short Duration Strategic Income Fund (ASDVX) and American Century California High Yield Municipal Fund (BCHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASDVX achieves a 1.08% return, which is significantly lower than BCHYX's 2.00% return. Over the past 10 years, ASDVX has outperformed BCHYX with an annualized return of 3.05%, while BCHYX has yielded a comparatively lower 2.43% annualized return.

ASDVX

• 1D: -0.11%
• 1M: 0.27%
• YTD: 1.08%
• 6M: 1.60%
• 1Y: 4.76%
• 3Y*: 5.74%
• 5Y*: 2.43%
• 10Y*: 3.05%

BCHYX

• 1D: -0.10%
• 1M: 0.85%
• YTD: 2.00%
• 6M: 2.34%
• 1Y: 7.66%
• 3Y*: 4.75%
• 5Y*: 0.71%
• 10Y*: 2.43%

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

ASDVX vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASDVX American Century Short Duration Strategic Income Fund	1.08%	6.30%	5.60%	5.78%	-6.48%	1.86%	5.47%	5.23%	0.27%	2.81%
BCHYX American Century California High Yield Municipal Fund	2.00%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%

Correlation

The correlation between ASDVX and BCHYX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jul 30, 2014	0.36

The correlation between ASDVX and BCHYX shifts across timeframes, from 0.36 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ASDVX vs. BCHYX — Risk / Return Rank

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

ASDVX

ASDVX Risk / Return Rank: 84
ASDVX Sharpe Ratio Rank: 73
ASDVX Sortino Ratio Rank: 94
ASDVX Omega Ratio Rank: 88
ASDVX Calmar Ratio Rank: 80
ASDVX Martin Ratio Rank: 85

BCHYX

BCHYX Risk / Return Rank: 66
BCHYX Sharpe Ratio Rank: 68
BCHYX Sortino Ratio Rank: 83
BCHYX Omega Ratio Rank: 84
BCHYX Calmar Ratio Rank: 50
BCHYX Martin Ratio Rank: 45

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.

ASDVX vs. BCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Short Duration Strategic Income Fund (ASDVX) and American Century California High Yield Municipal Fund (BCHYX). 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.

	ASDVX	BCHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.42	+0.01
Sortino ratio: Return per unit of downside risk	4.84	3.98	+0.86
Omega ratio: Gain probability vs. loss probability	1.63	1.58	+0.05
Calmar ratio: Return relative to maximum drawdown	3.51	2.71	+0.79
Martin ratio: Return relative to average drawdown	15.66	9.38	+6.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASDVX vs. BCHYX - Sharpe Ratio Comparison

The current ASDVX Sharpe Ratio is 2.43, which is comparable to the BCHYX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of ASDVX and BCHYX, 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

	ASDVX	BCHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.42	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.15	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.40	0.51	+0.89
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	1.20	-0.01

Drawdowns

ASDVX vs. BCHYX - Drawdown Comparison

The maximum ASDVX drawdown since its inception was -8.41%, smaller than the maximum BCHYX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for ASDVX and BCHYX.

Drawdown Indicators

	ASDVX	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-8.41%	-18.35%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-2.97%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-1.43%	-7.69%	+6.26%
Max Drawdown (5Y) Largest decline over 5 years	-8.41%	-18.35%	+9.94%
Max Drawdown (10Y) Largest decline over 10 years	-8.41%	-18.35%	+9.94%
Current Drawdown Current decline from peak	-0.11%	-0.10%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.23%	-2.38%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.86%	-0.54%

Volatility

ASDVX vs. BCHYX - Volatility Comparison

The current volatility for American Century Short Duration Strategic Income Fund (ASDVX) is 0.57%, while American Century California High Yield Municipal Fund (BCHYX) has a volatility of 1.21%. This indicates that ASDVX experiences smaller price fluctuations and is considered to be less risky than BCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASDVX	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	1.21%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	2.36%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	3.33%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.36%	4.87%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.18%	4.81%	-2.63%

ASDVX vs. BCHYX - Expense Ratio Comparison

ASDVX has a 0.53% expense ratio, which is higher than BCHYX's 0.49% expense ratio.

Dividends

ASDVX vs. BCHYX - Dividend Comparison

ASDVX's dividend yield for the trailing twelve months is around 4.78%, more than BCHYX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASDVX American Century Short Duration Strategic Income Fund	4.78%	4.86%	5.09%	4.78%	2.42%	3.20%	2.59%	2.86%	2.84%	2.36%	2.72%	3.50%
BCHYX American Century California High Yield Municipal Fund	3.96%	4.58%	4.41%	3.67%	2.55%	2.57%	3.07%	3.50%	3.52%	3.50%	3.59%	3.67%

Frequently Asked Questions

Can I hold both ASDVX and BCHYX in my portfolio?

ASDVX and BCHYX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASDVX or BCHYX?

BCHYX has higher volatility (1.21%) compared to ASDVX (0.57%). In terms of maximum drawdown, ASDVX dropped -8.41% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

ASDVX currently has the higher Sharpe Ratio (2.43 vs 2.42), 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.