ATOIX vs. MUC
ATOIX (abrdn Ultra Short Municipal Income Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, ATOIX returned 1.80%/yr vs 1.15%/yr for MUC. At a 0.09 correlation, their price movements are largely independent. ATOIX charges 0.44%/yr vs 2.14%/yr for MUC.
Performance
ATOIX vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, ATOIX achieves a 1.23% return, which is significantly lower than MUC's 7.11% return. Over the past 10 years, ATOIX has outperformed MUC with an annualized return of 1.80%, while MUC has yielded a comparatively lower 1.15% annualized return.
ATOIX
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.23%
- YTD
- 1.23%
- 1Y
- 3.01%
- 3Y*
- 3.05%
- 5Y*
- 2.35%
- 10Y*
- 1.80%
MUC
- 1D
- 0.46%
- 1M
- 3.12%
- 6M
- 4.54%
- YTD
- 7.11%
- 1Y
- 13.17%
- 3Y*
- 6.32%
- 5Y*
- -2.44%
- 10Y*
- 1.15%
ATOIX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ATOIX abrdn Ultra Short Municipal Income Fund | 1.23% | 3.33% | 3.14% | 3.27% | 0.87% | -0.04% | 0.88% | 1.40% | 1.54% | 2.24% |
MUC BlackRock MuniHoldings California Quality Fund | 7.11% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between ATOIX and MUC is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2002 | 0.09 |
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Return for Risk
ATOIX vs. MUC — Risk / Return Rank
ATOIX
MUC
ATOIX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Fund (ATOIX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| ATOIX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +14.69 | ||
| Omega ratioGain probability vs. loss probability | 10.92 | 1.31 | +9.61 |
| Calmar ratioReturn relative to maximum drawdown | 30.30 | 2.03 | +28.27 |
| Martin ratioReturn relative to average drawdown | 89.13 | 8.58 | +80.55 |
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Drawdowns
ATOIX vs. MUC - Drawdown Comparison
The maximum ATOIX drawdown since its inception was -1.46%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for ATOIX and MUC.
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Drawdown Indicators
| ATOIX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.46% | -48.97% | +47.51% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -6.53% | +6.43% |
Max Drawdown (3Y)Largest decline over 3 years | -0.10% | -14.51% | +14.41% |
Max Drawdown (5Y)Largest decline over 5 years | -0.37% | -38.29% | +37.92% |
Max Drawdown (10Y)Largest decline over 10 years | -0.43% | -38.29% | +37.86% |
Current DrawdownCurrent decline from peak | 0.00% | -14.05% | +14.05% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -9.92% | +9.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.56% | -1.53% |
Volatility
ATOIX vs. MUC - Volatility Comparison
The current volatility for abrdn Ultra Short Municipal Income Fund (ATOIX) is 0.22%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.66%. This indicates that ATOIX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ATOIX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 1.66% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 6.21% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.87% | 8.19% | -7.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 11.50% | -10.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.79% | 11.88% | -11.09% |
ATOIX vs. MUC - Expense Ratio Comparison
ATOIX has a 0.44% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
ATOIX vs. MUC - Dividend Comparison
ATOIX's dividend yield for the trailing twelve months is around 2.96%, less than MUC's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ATOIX abrdn Ultra Short Municipal Income Fund | 2.96% | 3.27% | 3.09% | 3.02% | 1.07% | 0.06% | 0.88% | 1.39% | 1.42% | 2.20% | 0.61% | 0.52% |
MUC BlackRock MuniHoldings California Quality Fund | 5.83% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Frequently Asked Questions
ATOIX and MUC have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (1.66%) compared to ATOIX (0.22%). In terms of maximum drawdown, ATOIX dropped -1.46% vs MUC's -48.97%.
ATOIX currently has the higher Sharpe Ratio (3.49 vs 1.62), 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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