ASTEX vs. NYAAX
ASTEX (American Funds Short-Term Tax Exempt Bond Fund) and NYAAX (American Funds Tax-Exempt Fund of New York) are both Municipal Bonds funds from American Funds. Over the past 10 years, ASTEX returned 1.49%/yr vs 1.64%/yr for NYAAX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. ASTEX charges 0.53%/yr vs 0.61%/yr for NYAAX.
Performance
ASTEX vs. NYAAX - Performance Comparison
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Returns By Period
In the year-to-date period, ASTEX achieves a 0.62% return, which is significantly lower than NYAAX's 0.72% return. Over the past 10 years, ASTEX has underperformed NYAAX with an annualized return of 1.49%, while NYAAX has yielded a comparatively higher 1.64% annualized return.
ASTEX
- 1D
- -0.10%
- 1M
- -0.60%
- 6M
- -0.09%
- YTD
- 0.62%
- 1Y
- 2.23%
- 3Y*
- 3.51%
- 5Y*
- 1.47%
- 10Y*
- 1.49%
- ALL TIME*
- 1.47%
NYAAX
- 1D
- -0.20%
- 1M
- -2.17%
- 6M
- 0.24%
- YTD
- 0.72%
- 1Y
- 5.83%
- 3Y*
- 3.36%
- 5Y*
- 0.16%
- 10Y*
- 1.64%
- ALL TIME*
- 2.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ASTEX vs. NYAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ASTEX American Funds Short-Term Tax Exempt Bond Fund | 0.62% | 5.34% | 2.46% | 2.91% | -3.25% | -0.29% | 2.91% | 3.26% | 0.94% | 1.63% |
NYAAX American Funds Tax-Exempt Fund of New York | 0.72% | 3.67% | 2.68% | 6.36% | -11.11% | 2.67% | 4.18% | 7.18% | 0.37% | 5.49% |
Correlation
The correlation between ASTEX and NYAAX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2010 | 0.65 |
The correlation between ASTEX and NYAAX shifts across timeframes, from 0.65 (all time) to 0.77 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ASTEX vs. NYAAX — Risk / Return Rank
ASTEX
NYAAX
ASTEX vs. NYAAX - 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 American Funds Tax-Exempt Fund of New York (NYAAX). 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 | NYAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.52 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.48 | -0.38 |
| Martin ratioReturn relative to average drawdown | 6.39 | 8.49 | -2.10 |
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Drawdowns
ASTEX vs. NYAAX - Drawdown Comparison
The maximum ASTEX drawdown since its inception was -5.73%, smaller than the maximum NYAAX drawdown of -16.40%. Use the drawdown chart below to compare losses from any high point for ASTEX and NYAAX.
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Drawdown Indicators
| ASTEX | NYAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.73% | -16.40% | +10.67% |
Max Drawdown (1Y)Largest decline over 1 year | -1.28% | -2.76% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -1.90% | -5.93% | +4.03% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -16.40% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -5.73% | -16.40% | +10.67% |
Current DrawdownCurrent decline from peak | -0.69% | -2.17% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -2.82% | +2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.80% | -0.38% |
Volatility
ASTEX vs. NYAAX - Volatility Comparison
The current volatility for American Funds Short-Term Tax Exempt Bond Fund (ASTEX) is 0.39%, while American Funds Tax-Exempt Fund of New York (NYAAX) has a volatility of 1.09%. This indicates that ASTEX experiences smaller price fluctuations and is considered to be less risky than NYAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ASTEX | NYAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 1.09% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.11% | 2.45% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.43% | 3.12% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.78% | 4.46% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.65% | 4.22% | -2.57% |
ASTEX vs. NYAAX - Expense Ratio Comparison
ASTEX has a 0.53% expense ratio, which is lower than NYAAX's 0.61% expense ratio.
Dividends
ASTEX vs. NYAAX - Dividend Comparison
ASTEX's dividend yield for the trailing twelve months is around 2.52%, less than NYAAX's 3.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASTEX American Funds Short-Term Tax Exempt Bond Fund | 2.52% | 3.66% | 2.53% | 1.73% | 0.78% | 0.68% | 1.31% | 1.62% | 1.44% | 1.32% | 0.97% | 1.03% |
NYAAX American Funds Tax-Exempt Fund of New York | 3.03% | 4.24% | 3.54% | 2.29% | 1.82% | 2.82% | 2.34% | 2.65% | 2.61% | 2.70% | 2.31% | 2.72% |
Frequently Asked Questions
ASTEX and NYAAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NYAAX has higher volatility (1.09%) compared to ASTEX (0.39%). In terms of maximum drawdown, ASTEX dropped -5.73% vs NYAAX's -16.40%.
NYAAX currently has the higher Sharpe Ratio (2.19 vs 1.87), 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.
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