CBTAX vs. AFB
CBTAX (Six Circles Tax Aware Bond Fund) and AFB (AllianceBernstein National Municipal Income Fund) are both Municipal Bonds funds. Over the past 5 years, CBTAX returned 1.35%/yr vs -1.12%/yr for AFB. At a 0.39 correlation, their price movements are largely independent. CBTAX charges 0.14%/yr vs 1.56%/yr for AFB.
Performance
CBTAX vs. AFB - Performance Comparison
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Returns By Period
In the year-to-date period, CBTAX achieves a 1.69% return, which is significantly lower than AFB's 6.96% return.
CBTAX
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 1.69%
- 6M
- 1.99%
- 1Y
- 6.88%
- 3Y*
- 4.08%
- 5Y*
- 1.35%
- 10Y*
- —
AFB
- 1D
- 0.72%
- 1M
- 1.99%
- YTD
- 6.96%
- 6M
- 6.47%
- 1Y
- 16.97%
- 3Y*
- 7.41%
- 5Y*
- -1.12%
- 10Y*
- 1.66%
CBTAX vs. AFB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBTAX Six Circles Tax Aware Bond Fund | 1.69% | 4.13% | 2.38% | 6.35% | -7.47% | 0.89% | 5.02% |
AFB AllianceBernstein National Municipal Income Fund | 6.96% | 4.41% | 4.10% | 7.41% | -25.93% | 7.25% | 18.54% |
Correlation
The correlation between CBTAX and AFB is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 20, 2020 | 0.39 |
The correlation between CBTAX and AFB shifts across timeframes, from 0.39 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBTAX vs. AFB — Risk / Return Rank
CBTAX
AFB
CBTAX vs. AFB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) and AllianceBernstein National Municipal Income Fund (AFB). 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.
| CBTAX | AFB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.42 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 2.86 | +0.24 |
| Martin ratioReturn relative to average drawdown | 11.02 | 10.80 | +0.22 |
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
| CBTAX | AFB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 2.17 | +1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | -0.10 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.33 | +0.32 |
Drawdowns
CBTAX vs. AFB - Drawdown Comparison
The maximum CBTAX drawdown since its inception was -12.12%, smaller than the maximum AFB drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for CBTAX and AFB.
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Drawdown Indicators
| CBTAX | AFB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.12% | -50.98% | +38.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.31% | -5.96% | +3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -4.99% | -16.32% | +11.33% |
Max Drawdown (5Y)Largest decline over 5 years | -12.12% | -35.17% | +23.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.17% | — |
Current DrawdownCurrent decline from peak | -0.30% | -8.92% | +8.62% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -8.98% | +6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.58% | -0.93% |
Volatility
CBTAX vs. AFB - Volatility Comparison
The current volatility for Six Circles Tax Aware Bond Fund (CBTAX) is 0.86%, while AllianceBernstein National Municipal Income Fund (AFB) has a volatility of 2.69%. This indicates that CBTAX experiences smaller price fluctuations and is considered to be less risky than AFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTAX | AFB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.69% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.65% | 5.76% | -4.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.19% | 7.88% | -5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.41% | 10.94% | -7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.16% | 11.24% | -8.08% |
CBTAX vs. AFB - Expense Ratio Comparison
CBTAX has a 0.14% expense ratio, which is lower than AFB's 1.56% expense ratio.
Dividends
CBTAX vs. AFB - Dividend Comparison
CBTAX's dividend yield for the trailing twelve months is around 3.53%, less than AFB's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 5.45% | 4.72% | 3.83% | 3.62% | 5.26% | 4.32% | 4.18% | 3.93% | 4.53% | 4.71% | 5.34% | 5.80% |
CBTAX Six Circles Tax Aware Bond Fund | 3.53% | 3.49% | 3.28% | 2.68% | 1.57% | 0.88% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBTAX and AFB have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFB has higher volatility (2.69%) compared to CBTAX (0.86%). In terms of maximum drawdown, CBTAX dropped -12.12% vs AFB's -50.98%.
CBTAX currently has the higher Sharpe Ratio (3.27 vs 2.17), 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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