AWF vs. ALCAX
Compare and contrast key facts about AllianceBernstein Global High Income Closed Fund (AWF) and AB Municipal Income Fund California Portfolio (ALCAX).
AWF is an actively managed fund by AllianceBernstein. It was launched on Jul 28, 1993. ALCAX is managed by AllianceBernstein. It was launched on Dec 28, 1986.
Performance
AWF vs. ALCAX - Performance Comparison
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AWF vs. ALCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | -3.52% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.35% | 7.77% |
ALCAX AB Municipal Income Fund California Portfolio | -0.59% | 4.84% | 2.41% | 6.38% | -8.98% | 1.71% | 4.86% | 7.05% | 0.54% | 5.54% |
Returns By Period
In the year-to-date period, AWF achieves a -3.52% return, which is significantly lower than ALCAX's -0.59% return. Over the past 10 years, AWF has outperformed ALCAX with an annualized return of 6.15%, while ALCAX has yielded a comparatively lower 2.06% annualized return.
AWF
- 1D
- 2.94%
- 1M
- -1.78%
- YTD
- -3.52%
- 6M
- -5.90%
- 1Y
- 1.90%
- 3Y*
- 9.54%
- 5Y*
- 4.56%
- 10Y*
- 6.15%
ALCAX
- 1D
- 0.19%
- 1M
- -2.71%
- YTD
- -0.59%
- 6M
- 0.82%
- 1Y
- 3.54%
- 3Y*
- 3.50%
- 5Y*
- 1.07%
- 10Y*
- 2.06%
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AWF vs. ALCAX - Expense Ratio Comparison
AWF has a 1.00% expense ratio, which is higher than ALCAX's 0.75% expense ratio.
Return for Risk
AWF vs. ALCAX — Risk / Return Rank
AWF
ALCAX
AWF vs. ALCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein Global High Income Closed Fund (AWF) and AB Municipal Income Fund California Portfolio (ALCAX). 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.
| AWF | ALCAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.17 | 0.91 | -0.74 |
Sortino ratioReturn per unit of downside risk | 0.29 | 1.24 | -0.95 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.25 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 1.00 | -0.81 |
Martin ratioReturn relative to average drawdown | 0.52 | 3.17 | -2.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AWF | ALCAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.91 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.28 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.54 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.26 | -0.95 |
Correlation
The correlation between AWF and ALCAX is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
AWF vs. ALCAX - Dividend Comparison
AWF's dividend yield for the trailing twelve months is around 7.73%, more than ALCAX's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | 7.73% | 7.81% | 7.47% | 7.33% | 10.30% | 6.48% | 6.68% | 6.62% | 7.97% | 6.03% | 7.73% | 10.28% |
ALCAX AB Municipal Income Fund California Portfolio | 3.37% | 4.38% | 3.15% | 2.84% | 2.43% | 1.61% | 2.74% | 3.35% | 3.63% | 3.21% | 3.38% | 3.37% |
Drawdowns
AWF vs. ALCAX - Drawdown Comparison
The maximum AWF drawdown since its inception was -55.54%, which is greater than ALCAX's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for AWF and ALCAX.
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Drawdown Indicators
| AWF | ALCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.54% | -14.67% | -40.87% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -4.57% | -5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -25.25% | -14.31% | -10.94% |
Max Drawdown (10Y)Largest decline over 10 years | -40.12% | -14.31% | -25.81% |
Current DrawdownCurrent decline from peak | -7.55% | -2.71% | -4.84% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -1.79% | -10.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 1.45% | +2.40% |
Volatility
AWF vs. ALCAX - Volatility Comparison
AllianceBernstein Global High Income Closed Fund (AWF) has a higher volatility of 4.56% compared to AB Municipal Income Fund California Portfolio (ALCAX) at 1.09%. This indicates that AWF's price experiences larger fluctuations and is considered to be riskier than ALCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AWF | ALCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 1.09% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 1.71% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.30% | 4.76% | +6.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.98% | 3.80% | +8.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 3.83% | +11.33% |