ASQIX vs. BCHYX

Last updated Jun 4, 2026

ASQIX (American Century Small Company Fund) and BCHYX (American Century California High Yield Municipal Fund) are both mutual funds - ASQIX is a Small Cap Blend Equities fund managed by American Century, while BCHYX is a Municipal Bonds fund managed by American Century. Over the past 10 years, ASQIX returned 9.67%/yr vs 2.44%/yr for BCHYX. At a correlation of -0.09, they often move in opposite directions. ASQIX charges 0.85%/yr vs 0.49%/yr for BCHYX.

Performance

ASQIX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Small Company Fund (ASQIX) 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, ASQIX achieves a 20.09% return, which is significantly higher than BCHYX's 2.11% return. Over the past 10 years, ASQIX has outperformed BCHYX with an annualized return of 9.67%, while BCHYX has yielded a comparatively lower 2.44% annualized return.

ASQIX

• 1D: 0.76%
• 1M: 5.38%
• YTD: 20.09%
• 6M: 20.98%
• 1Y: 39.89%
• 3Y*: 17.99%
• 5Y*: 6.75%
• 10Y*: 9.67%

BCHYX

• 1D: 0.21%
• 1M: 0.96%
• YTD: 2.11%
• 6M: 2.45%
• 1Y: 8.12%
• 3Y*: 4.79%
• 5Y*: 0.75%
• 10Y*: 2.44%

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

ASQIX vs. BCHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASQIX American Century Small Company Fund	20.09%	12.93%	4.44%	21.29%	-21.34%	21.65%	16.42%	19.71%	-14.39%	10.58%
BCHYX American Century California High Yield Municipal Fund	2.11%	3.48%	4.07%	6.69%	-12.77%	3.82%	3.95%	9.92%	0.65%	8.50%

Correlation

The correlation between ASQIX and BCHYX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 3, 1998	-0.09

The correlation between ASQIX and BCHYX shifts across timeframes, from -0.09 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ASQIX vs. BCHYX — Risk / Return Rank

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

ASQIX

ASQIX Risk / Return Rank: 67
ASQIX Sharpe Ratio Rank: 60
ASQIX Sortino Ratio Rank: 58
ASQIX Omega Ratio Rank: 49
ASQIX Calmar Ratio Rank: 90
ASQIX Martin Ratio Rank: 80

BCHYX

BCHYX Risk / Return Rank: 67
BCHYX Sharpe Ratio Rank: 69
BCHYX Sortino Ratio Rank: 84
BCHYX Omega Ratio Rank: 86
BCHYX Calmar Ratio Rank: 50
BCHYX Martin Ratio Rank: 44

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.

ASQIX vs. BCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Small Company Fund (ASQIX) 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.

	ASQIX	BCHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.42	-0.15
Sortino ratio: Return per unit of downside risk	3.21	3.97	-0.77
Omega ratio: Gain probability vs. loss probability	1.38	1.58	-0.20
Calmar ratio: Return relative to maximum drawdown	4.69	2.71	+1.98
Martin ratio: Return relative to average drawdown	14.99	9.38	+5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASQIX vs. BCHYX - Sharpe Ratio Comparison

The current ASQIX Sharpe Ratio is 2.27, which is comparable to the BCHYX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of ASQIX 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

	ASQIX	BCHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.42	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.15	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.51	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.20	-0.82

Drawdowns

ASQIX vs. BCHYX - Drawdown Comparison

The maximum ASQIX drawdown since its inception was -63.58%, which is greater than BCHYX's maximum drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for ASQIX and BCHYX.

Drawdown Indicators

	ASQIX	BCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-63.58%	-18.35%	-45.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-2.97%	-5.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.78%	-7.69%	-18.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	-18.35%	-12.94%
Max Drawdown (10Y) Largest decline over 10 years	-45.59%	-18.35%	-27.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.68%	-2.38%	-9.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.86%	+1.93%

Volatility

ASQIX vs. BCHYX - Volatility Comparison

American Century Small Company Fund (ASQIX) has a higher volatility of 5.32% compared to American Century California High Yield Municipal Fund (BCHYX) at 1.21%. This indicates that ASQIX's price experiences larger fluctuations and is considered to be riskier than BCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASQIX	BCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	1.21%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	2.38%	+10.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	3.34%	+15.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	4.87%	+16.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	4.81%	+17.72%

ASQIX vs. BCHYX - Expense Ratio Comparison

ASQIX has a 0.85% expense ratio, which is higher than BCHYX's 0.49% expense ratio.

Dividends

ASQIX vs. BCHYX - Dividend Comparison

ASQIX's dividend yield for the trailing twelve months is around 2.07%, less than BCHYX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASQIX American Century Small Company Fund	2.07%	2.57%	0.30%	0.49%	0.55%	18.62%	0.51%	0.34%	13.12%	5.19%	0.37%	0.31%
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 ASQIX and BCHYX in my portfolio?

ASQIX and BCHYX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASQIX or BCHYX?

ASQIX has higher volatility (5.32%) compared to BCHYX (1.21%). In terms of maximum drawdown, ASQIX dropped -63.58% vs BCHYX's -18.35%.

Which has better risk-adjusted returns?

BCHYX currently has the higher Sharpe Ratio (2.42 vs 2.27), 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.