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BCHYX vs. FTABX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

BCHYX vs. FTABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century California High Yield Municipal Fund (BCHYX) and Fidelity Tax-Free Bond Fund (FTABX). The values are adjusted to include any dividend payments, if applicable.

-1.00%0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
3.99%
3.40%
BCHYX
FTABX

Returns By Period

In the year-to-date period, BCHYX achieves a 4.15% return, which is significantly higher than FTABX's 2.34% return. Over the past 10 years, BCHYX has outperformed FTABX with an annualized return of 3.04%, while FTABX has yielded a comparatively lower 2.47% annualized return.


BCHYX

YTD

4.15%

1M

-0.10%

6M

3.67%

1Y

9.28%

5Y (annualized)

1.25%

10Y (annualized)

3.04%

FTABX

YTD

2.34%

1M

-0.10%

6M

3.02%

1Y

6.94%

5Y (annualized)

1.23%

10Y (annualized)

2.47%

Key characteristics


BCHYXFTABX
Sharpe Ratio2.381.82
Sortino Ratio3.562.70
Omega Ratio1.561.42
Calmar Ratio0.870.85
Martin Ratio10.947.21
Ulcer Index0.85%0.91%
Daily Std Dev3.89%3.57%
Max Drawdown-17.63%-15.78%
Current Drawdown-2.73%-2.07%

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BCHYX vs. FTABX - Expense Ratio Comparison

BCHYX has a 0.49% expense ratio, which is higher than FTABX's 0.25% expense ratio.


BCHYX
American Century California High Yield Municipal Fund
Expense ratio chart for BCHYX: current value at 0.49% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.49%
Expense ratio chart for FTABX: current value at 0.25% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.25%

Correlation

-0.50.00.51.00.9

The correlation between BCHYX and FTABX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

BCHYX vs. FTABX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century California High Yield Municipal Fund (BCHYX) and Fidelity Tax-Free Bond Fund (FTABX). 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.


Sharpe ratio
The chart of Sharpe ratio for BCHYX, currently valued at 2.27, compared to the broader market-1.000.001.002.003.004.005.002.271.82
The chart of Sortino ratio for BCHYX, currently valued at 3.39, compared to the broader market0.005.0010.003.392.70
The chart of Omega ratio for BCHYX, currently valued at 1.54, compared to the broader market1.002.003.004.001.541.42
The chart of Calmar ratio for BCHYX, currently valued at 0.85, compared to the broader market0.005.0010.0015.0020.0025.000.850.85
The chart of Martin ratio for BCHYX, currently valued at 10.39, compared to the broader market0.0020.0040.0060.0080.00100.0010.397.21
BCHYX
FTABX

The current BCHYX Sharpe Ratio is 2.38, which is higher than the FTABX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BCHYX and FTABX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio1.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
2.27
1.82
BCHYX
FTABX

Dividends

BCHYX vs. FTABX - Dividend Comparison

BCHYX's dividend yield for the trailing twelve months is around 3.74%, more than FTABX's 2.99% yield.


TTM20232022202120202019201820172016201520142013
BCHYX
American Century California High Yield Municipal Fund
3.74%3.67%3.43%2.94%3.07%3.24%3.50%3.48%3.61%3.70%3.87%4.23%
FTABX
Fidelity Tax-Free Bond Fund
2.99%2.90%2.85%2.40%2.60%2.84%3.02%3.07%3.37%3.58%3.62%3.86%

Drawdowns

BCHYX vs. FTABX - Drawdown Comparison

The maximum BCHYX drawdown since its inception was -17.63%, which is greater than FTABX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for BCHYX and FTABX. For additional features, visit the drawdowns tool.


-7.00%-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%JuneJulyAugustSeptemberOctoberNovember
-2.73%
-2.07%
BCHYX
FTABX

Volatility

BCHYX vs. FTABX - Volatility Comparison

American Century California High Yield Municipal Fund (BCHYX) has a higher volatility of 1.91% compared to Fidelity Tax-Free Bond Fund (FTABX) at 1.77%. This indicates that BCHYX's price experiences larger fluctuations and is considered to be riskier than FTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.91%
1.77%
BCHYX
FTABX