ASTEX vs. BOND

Last updated Jun 24, 2026

ASTEX (American Funds Short-Term Tax Exempt Bond Fund) and BOND (PIMCO Active Bond ETF) are both funds - ASTEX is a Municipal Bonds fund managed by American Funds, while BOND is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Over the past 10 years, ASTEX returned 1.54%/yr vs 2.17%/yr for BOND. At a 0.35 correlation, their price movements are largely independent. ASTEX charges 0.53%/yr vs 0.54%/yr for BOND.

Performance

ASTEX vs. BOND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Short-Term Tax Exempt Bond Fund (ASTEX) and PIMCO Active Bond ETF (BOND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASTEX achieves a 0.90% return, which is significantly higher than BOND's 0.82% return. Over the past 10 years, ASTEX has underperformed BOND with an annualized return of 1.54%, while BOND has yielded a comparatively higher 2.17% annualized return.

ASTEX

• 1D: -0.10%
• 1M: 0.52%
• YTD: 0.90%
• 6M: 1.18%
• 1Y: 3.61%
• 3Y*: 3.72%
• 5Y*: 1.56%
• 10Y*: 1.54%

BOND

• 1D: 0.16%
• 1M: 0.93%
• YTD: 0.82%
• 6M: 0.96%
• 1Y: 5.76%
• 3Y*: 5.13%
• 5Y*: 0.48%
• 10Y*: 2.17%

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

ASTEX vs. BOND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASTEX American Funds Short-Term Tax Exempt Bond Fund	0.90%	5.34%	2.46%	2.91%	-3.25%	-0.29%	2.91%	3.26%	0.94%	1.63%
BOND PIMCO Active Bond ETF	0.82%	8.39%	2.77%	6.48%	-14.57%	-0.77%	7.80%	8.54%	0.08%	4.76%

Correlation

The correlation between ASTEX and BOND is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012	0.35

The correlation between ASTEX and BOND shifts across timeframes, from 0.35 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ASTEX vs. BOND — Risk / Return Rank

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

ASTEX

ASTEX Risk / Return Rank: 76
ASTEX Sharpe Ratio Rank: 85
ASTEX Sortino Ratio Rank: 94
ASTEX Omega Ratio Rank: 96
ASTEX Calmar Ratio Rank: 60
ASTEX Martin Ratio Rank: 46

BOND

BOND Risk / Return Rank: 41
BOND Sharpe Ratio Rank: 43
BOND Sortino Ratio Rank: 44
BOND Omega Ratio Rank: 41
BOND Calmar Ratio Rank: 40
BOND Martin Ratio Rank: 38

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.

ASTEX vs. BOND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Short-Term Tax Exempt Bond Fund (ASTEX) and PIMCO Active Bond ETF (BOND). 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.

	ASTEX	BOND	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.46	+1.11
Sortino ratio: Return per unit of downside risk	4.56	2.13	+2.44
Omega ratio: Gain probability vs. loss probability	1.82	1.26	+0.56
Calmar ratio: Return relative to maximum drawdown	2.83	1.92	+0.92
Martin ratio: Return relative to average drawdown	9.10	5.79	+3.32

ASTEX vs. BOND - Sharpe Ratio Comparison

The current ASTEX Sharpe Ratio is 2.56, which is higher than the BOND Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ASTEX and BOND, 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

ASTEX vs. BOND - Drawdown Comparison

The maximum ASTEX drawdown since its inception was -5.73%, smaller than the maximum BOND drawdown of -19.71%. Use the drawdown chart below to compare losses from any high point for ASTEX and BOND.

Drawdown Indicators

	ASTEX	BOND	Difference
Max Drawdown Largest peak-to-trough decline	-5.73%	-19.71%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-3.01%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-1.90%	-6.12%	+4.22%
Max Drawdown (5Y) Largest decline over 5 years	-5.62%	-19.71%	+14.09%
Max Drawdown (10Y) Largest decline over 10 years	-5.73%	-19.71%	+13.98%
Current Drawdown Current decline from peak	-0.41%	-1.24%	+0.83%
Average Drawdown Average peak-to-trough decline	-0.70%	-3.50%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.00%	-0.60%

Volatility

ASTEX vs. BOND - Volatility Comparison

The current volatility for American Funds Short-Term Tax Exempt Bond Fund (ASTEX) is 0.36%, while PIMCO Active Bond ETF (BOND) has a volatility of 1.35%. This indicates that ASTEX experiences smaller price fluctuations and is considered to be less risky than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASTEX	BOND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	1.35%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	3.05%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	3.98%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.78%	5.78%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.65%	5.10%	-3.45%

ASTEX vs. BOND - Expense Ratio Comparison

ASTEX has a 0.53% expense ratio, which is lower than BOND's 0.54% expense ratio.

Dividends

ASTEX vs. BOND - Dividend Comparison

ASTEX's dividend yield for the trailing twelve months is around 2.75%, less than BOND's 5.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASTEX American Funds Short-Term Tax Exempt Bond Fund	2.75%	3.66%	2.53%	1.73%	0.78%	0.68%	1.31%	1.62%	1.44%	1.32%	0.97%	1.03%
BOND PIMCO Active Bond ETF	5.17%	5.11%	5.02%	4.06%	3.44%	2.58%	2.66%	3.38%	3.18%	2.87%	2.85%	4.14%

Frequently Asked Questions

Can I hold both ASTEX and BOND in my portfolio?

ASTEX and BOND have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASTEX or BOND?

BOND has higher volatility (1.35%) compared to ASTEX (0.36%). In terms of maximum drawdown, ASTEX dropped -5.73% vs BOND's -19.71%.

Which has better risk-adjusted returns?

ASTEX currently has the higher Sharpe Ratio (2.56 vs 1.46), 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.