AWF vs. PIAMX
AWF (AllianceBernstein Global High Income Closed Fund) and PIAMX (PIA High Yield (MACS) Fund) are both High Yield Bonds funds. Over the past 5 years, AWF returned 3.85%/yr vs 4.05%/yr for PIAMX. At a 0.39 correlation, their price movements are largely independent. AWF charges 1.00%/yr vs 0.20%/yr for PIAMX.
Performance
AWF vs. PIAMX - Performance Comparison
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Returns By Period
In the year-to-date period, AWF achieves a -1.22% return, which is significantly lower than PIAMX's 1.85% return.
AWF
- 1D
- -0.68%
- 1M
- 0.64%
- 6M
- -1.19%
- YTD
- -1.22%
- 1Y
- -1.11%
- 3Y*
- 8.80%
- 5Y*
- 3.85%
- 10Y*
- 5.47%
PIAMX
- 1D
- 0.00%
- 1M
- 0.67%
- 6M
- 1.10%
- YTD
- 1.85%
- 1Y
- 3.33%
- 3Y*
- 7.52%
- 5Y*
- 4.05%
- 10Y*
- —
AWF vs. PIAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AWF AllianceBernstein Global High Income Closed Fund | -1.22% | 7.54% | 14.30% | 18.37% | -16.62% | 9.95% | 4.40% | 23.40% | -11.21% |
PIAMX PIA High Yield (MACS) Fund | 1.85% | 2.34% | 11.23% | 16.38% | -10.93% | 7.82% | 9.05% | 11.77% | -2.63% |
Correlation
The correlation between AWF and PIAMX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2018 | 0.39 |
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Return for Risk
AWF vs. PIAMX — Risk / Return Rank
AWF
PIAMX
AWF vs. PIAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AllianceBernstein Global High Income Closed Fund (AWF) and PIA High Yield (MACS) Fund (PIAMX). 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 | PIAMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.20 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.83 | -0.94 |
| Martin ratioReturn relative to average drawdown | -0.24 | 2.47 | -2.72 |
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Drawdowns
AWF vs. PIAMX - Drawdown Comparison
The maximum AWF drawdown since its inception was -55.54%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for AWF and PIAMX.
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Drawdown Indicators
| AWF | PIAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.54% | -18.15% | -37.39% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -3.75% | -6.44% |
Max Drawdown (3Y)Largest decline over 3 years | -11.12% | -6.17% | -4.95% |
Max Drawdown (5Y)Largest decline over 5 years | -25.25% | -13.92% | -11.33% |
Max Drawdown (10Y)Largest decline over 10 years | -40.12% | — | — |
Current DrawdownCurrent decline from peak | -5.34% | 0.00% | -5.34% |
Average DrawdownAverage peak-to-trough decline | -12.29% | -2.31% | -9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 1.25% | +3.36% |
Volatility
AWF vs. PIAMX - Volatility Comparison
AllianceBernstein Global High Income Closed Fund (AWF) has a higher volatility of 2.12% compared to PIA High Yield (MACS) Fund (PIAMX) at 0.57%. This indicates that AWF's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AWF | PIAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 0.57% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 7.48% | 2.44% | +5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.87% | 3.10% | +5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.12% | 4.04% | +8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 4.21% | +10.97% |
AWF vs. PIAMX - Expense Ratio Comparison
AWF has a 1.00% expense ratio, which is higher than PIAMX's 0.20% expense ratio.
Dividends
AWF vs. PIAMX - Dividend Comparison
AWF's dividend yield for the trailing twelve months is around 7.74%, less than PIAMX's 7.83% 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% |
PIAMX PIA High Yield (MACS) Fund | 7.83% | 9.12% | 8.49% | 8.12% | 7.99% | 8.64% | 6.63% | 6.96% | 7.14% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AWF and PIAMX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AWF has higher volatility (2.12%) compared to PIAMX (0.57%). In terms of maximum drawdown, AWF dropped -55.54% vs PIAMX's -18.15%.
PIAMX currently has the higher Sharpe Ratio (1.00 vs -0.13), 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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