AWF vs. BUCK

Last updated Jun 20, 2026

AWF (AllianceBernstein Global High Income Closed Fund) and BUCK (Simplify Treasury Option Income ETF) are both funds - AWF is a High Yield Bonds fund actively managed by AllianceBernstein, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, AWF returned 9.40%/yr vs 5.28%/yr for BUCK. At a 0.11 correlation, their price movements are largely independent. AWF charges 1.00%/yr vs 0.35%/yr for BUCK.

Performance

AWF vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianceBernstein Global High Income Closed Fund (AWF) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AWF achieves a -1.84% return, which is significantly lower than BUCK's 2.16% return.

AWF

• 1D: 0.30%
• 1M: -0.24%
• YTD: -1.84%
• 6M: -1.66%
• 1Y: 0.30%
• 3Y*: 9.40%
• 5Y*: 3.96%
• 10Y*: 5.64%

BUCK

• 1D: 0.09%
• 1M: 0.30%
• YTD: 2.16%
• 6M: 2.31%
• 1Y: 7.06%
• 3Y*: 5.28%
• 5Y*: —
• 10Y*: —

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

AWF vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AWF AllianceBernstein Global High Income Closed Fund	-1.84%	7.54%	14.30%	18.37%	0.64%
BUCK Simplify Treasury Option Income ETF	2.16%	4.13%	7.25%	4.63%	0.59%

Correlation

The correlation between AWF and BUCK is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.11

Return for Risk

AWF vs. BUCK — Risk / Return Rank

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

AWF

AWF Risk / Return Rank: 3
AWF Sharpe Ratio Rank: 4
AWF Sortino Ratio Rank: 3
AWF Omega Ratio Rank: 3
AWF Calmar Ratio Rank: 3
AWF Martin Ratio Rank: 3

BUCK

BUCK Risk / Return Rank: 89
BUCK Sharpe Ratio Rank: 83
BUCK Sortino Ratio Rank: 87
BUCK Omega Ratio Rank: 89
BUCK Calmar Ratio Rank: 92
BUCK Martin Ratio Rank: 95

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.

AWF vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein Global High Income Closed Fund (AWF) and Simplify Treasury Option Income ETF (BUCK). 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.

	AWF	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	0.10	2.49	-2.39
Sortino ratio: Return per unit of downside risk	0.20	3.68	-3.48
Omega ratio: Gain probability vs. loss probability	1.03	1.54	-0.51
Calmar ratio: Return relative to maximum drawdown	0.08	5.70	-5.62
Martin ratio: Return relative to average drawdown	0.19	30.79	-30.60

AWF vs. BUCK - Sharpe Ratio Comparison

The current AWF Sharpe Ratio is 0.10, which is lower than the BUCK Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of AWF and BUCK, 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

AWF vs. BUCK - Drawdown Comparison

The maximum AWF drawdown since its inception was -55.54%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for AWF and BUCK.

Drawdown Indicators

	AWF	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-5.43%	-50.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.19%	-1.31%	-8.88%
Max Drawdown (3Y) Largest decline over 3 years	-11.12%	-5.43%	-5.69%
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.12%	—	—
Current Drawdown Current decline from peak	-5.94%	0.00%	-5.94%
Average Drawdown Average peak-to-trough decline	-12.30%	-0.49%	-11.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	0.24%	+4.20%

Volatility

AWF vs. BUCK - Volatility Comparison

AllianceBernstein Global High Income Closed Fund (AWF) has a higher volatility of 2.92% compared to Simplify Treasury Option Income ETF (BUCK) at 0.26%. This indicates that AWF's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AWF	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	0.26%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	1.38%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	2.99%	+5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	3.47%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	3.47%	+11.74%

AWF vs. BUCK - Expense Ratio Comparison

AWF has a 1.00% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

AWF vs. BUCK - Dividend Comparison

AWF's dividend yield for the trailing twelve months is around 7.74%, more than BUCK's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWF AllianceBernstein Global High Income Closed Fund	7.74%	7.81%	7.47%	7.33%	10.30%	6.48%	6.68%	6.62%	7.97%	6.03%	7.73%	10.28%
BUCK Simplify Treasury Option Income ETF	7.40%	7.59%	8.84%	4.84%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AWF and BUCK in my portfolio?

AWF and BUCK have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AWF or BUCK?

AWF has higher volatility (2.92%) compared to BUCK (0.26%). In terms of maximum drawdown, AWF dropped -55.54% vs BUCK's -5.43%.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.49 vs 0.10), 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.